Microfluidics Market: In-vitro Diagnostics to Dominate the Application Segment in the Global Market
On an upward growth trajectory, the global microfluidics market will chart a double digit growth over the forecast period of 2017 to 2025. And, multiple factors of growth would lead to this buoyancy. Some of the most notable factors include portability, increase in incidence of chronic diseases, and increasing need for testing (point-of-care). A case of faster timeline for analysis is also seen as a significant growth propeller in the market.
It is quite significant to note here that incidence of chronic illnesses is quite high in developed regions of the world as well as the developing ones. For instance, a deep dive into the United States of America clearly shows that about six in every ten people have one illness that falls into this category. Furthermore, some four in every ten people have at least two of such illnesses.
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Geriatric population is also a major factor of growth. Worldwide, the phenomenon is happening at a dizzying pace with about one in every six people ready to fall into the age group of 65 and above by the year of 2050. This, too, will be more pronounced phenomena in certain regions. Europe and North America fall into this category whereby this year number of people falling into this age group would be one in every four people. People aged 60 and above will also increase form approximately 960 million in 2017 to 2 billion in the year of 2050. These are age groups that see people particularly susceptible to illnesses and injuries.
Transparency Market Research anticipates growth in the global microfluidics market to be noted at a rate of 11.4% from 2016 to 2025. It states that one of the most notable reasons supporting growth in the market is an increase in demand for point of care devices. Glucometer and Pregnancy Kits to Boost the Microfluidics Market
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North America to Top the Regional Charts in the Global Microfluidics Market over the Forecast Period
Owing to a rapidly ageing population and an increase in reported cases of chronic illnesses, the North American region will lead the global landscape. Additionally, a robust healthcare infra and impressive reimbursement policies are also contributing towards keeping the regional market ahead of the curve. Besides, it is worth noting here the positive role played by high adoption of new and advanced therapeutics in the region towards growth.
United States of America would be a major growth propeller in the market, credit due to extensive research and development activities that are marking the nation. Demand for point of care diagnostics is also quite high ad increasing with each passing year. Demand for molecular diagnostics is also on an upward growth curve, helping the region contribute immensely to this growth.
Another region that will keep players attracted to its market landscape is that of Asia Pacific (APAC) with its large patient pool and government support directed towards improvement in medical outcomes.
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Fragmented, Competitive Vendor Landscape to be Noted in the Global Microfluidics Market over the Forecast Period
Players that are considered strong competition and are driving the market forward with their varied strategies directed towards growth are Danaher Corporation, PerkinElmer Inc., Agilent Technologies Inc., Bio-Rad Laboratories Inc., and Thermo Fisher Scientific Inc, among others.
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Technology plays a key role in determining the market share of the players that are operating the playfield. One of the reasons behind this is that product innovation stands at the center of all growth for market. Other strategies – organic and inorganic – often used include forging key alliances such as partnerships and collaborations and mergers and acquisitions. Resource combining is one of the biggest factors that lead to such alliances. Another factor is better market penetration and expansion of operations.
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