Microfluidics refers to the science and technology of manipulating fluids on a small, sub-millimeter scale, according to Wikipedia. Used in engineering, physics, chemistry, nanotechnology and biotechnology fields, microfluidics, Wikipedia says, “advances in microfluidics technology are revolutionizing molecular biology procedures for enzymatic analysis…an emerging application area for biochips is clinical pathology, especially the immediate point-of-care diagnosis of diseases.”
A new report from Future Market Insights adds, “Microfluidics devices that provide economic advantages and accurate results continue to gain traction for point-of-care testing (POCT). Applications of microfluidics in drug delivery and diagnostics will continue to fuel the market for microfluidics over the next few years.”
And that growth, FMI reports, will grow from US$ 2.9 billion to “possibly crossUS$ 11 billionby the end of 2026.North Americais expected to contribute overUS$ 3 Bnto the total revenues in 2026. The collective share ofNorth AmericaandAsia Pacificwill be over 40%."
The report analyzes the global market for microfluidics from 2016 to 2026, predicting a Compound Annual Growth Rate of 14.4% during that period. Some of the factors driving the growth include the following:
• Increasing discretionary funding from national labs for R&D in the developed regions will remain a primary factor.
• Improving healthcare infrastructure and wide availability of affordable microfluidic devices or kits are also foreseen to boost the market growth in near future, especially in developing countries.
• Expansion of drug delivery sector will favor the market growth in near future.
• Consistent advancements in the fields of genomics and proteomics are also expected to benefit the sales of microfluidics-based devices and kits.
• Dynamic collaborations between key market players and active involvement of government entities will collectively foster the market through 2026.
• Based on material, ceramics will continue to be the most sought after material for microfluidic device or kit manufacturing. Ceramics segment is expected to remain dominance, accounting for over 42% market value share in 2026, followed by glass, polymer, and silicon.
• By application, POCT (point of care testing) segment is projected to retain dominance through 2026, accounting for over 33% share in terms of revenues. Clinical diagnostics and analytical testing will remain the next major segments in the global microfluidics market.
• On the basis of industry, in-vitro diagnostics, life science research, and pharmaceuticals are likely to be the key segments. In-vitro diagnostics segment is estimated to hold a share of over 35% in the total market revenues. The fastest-growing segment will be in-vitro diagnosis.
FMI says, “Almost all the leading companies serve point-of-care testing application and survive the competition with an individual differentiating strategy. Thermo Fisher Scientific Inc. and Abbott Laboratories, through active engagement in agreements and collaborations with leading regional companies, highlight a growing trend of strategic mergers and acquisitions among the top companies.”