Wilmington, Delaware, United States, Transparency Market Research Inc.: Set to grow at a double digit growth rate, compounded annually, the global microfluidics market will be a hotbed of growth opportunities for market players between 2017 and 2025.
Wilmington, Delaware, United States, Transparency Market Research Inc.: Set to grow at a double digit growth rate, compounded annually, the global microfluidics market will be a hotbed of growth opportunities for market players between 2017 and 2025. And, as per experts, the growth propellers over the period include high incidence of chronic diseases, easy to carry and use device, growing need for point of care testing and a faster timeline for analysis completion.
Besides, rising geriatric population will help the global microfluidics market onto a higher trajectory over the forecast period. This demographic – aged 60 and over – will see an increase in numbers from 900 million to 2 billion from 2015 to 2050.
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The global microfluidics market has a large number of players in the vendor landscape, making it a fragmented landscape. Also, the presence of a large number of players makes the competition intense. Companies that hold a substantial share in the global microfluidics market include Danaher Corporation, PerkinElmer Inc., Agilent Technologies Inc., Bio-Rad Laboratories Inc., and Thermo Fisher Scientific Inc.
Most players are try to gain a larger market share by making use of technology. And, it is not surprising considering that product innovation would be at the heart of growth in the market landscape over the forecast period. Additionally, innovation at affordable prices will be key to growth.
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In-vitro Diagnostics to Dominate the Application Segment in the Global Microfluidics Market Report, over the Forecast Period
Basis application, the global microfluidics market report is sub-divided into biotech and pharmaceutical research, drug delivery, peripheral vascular diseases, in-vitro diagnostics, and wound care management. Here, in-vitro will lead the segment owing to rising demand for pregnancy kits and associated devices and instruments.
The report is further segmented by end users, materials, and products. By end-users, it is sub-segmented into diagnostic labs, academic research, home care settings, and hospitals. And, by materials, the segmentation is as follows – polymer-based and glass based.
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On the basis of product, the sub segments are reagents and cartridges, instrument, and chips. Cartridges and Reagents will dominate the segment over the forecast period growing acceptance for industries and laboratories for associated products.
North America to Hold Prominent Place in the Regional Segmentation of Global Microfluidics Market
The global microfluidics market reports, prepared by Transparency Market Research (TMR), is segmented region wise as follows – Europe, North America, Latin America, Asia Pacific (APAC), and Middle East and Africa.
A well-established health care system is at the core of North America’s regional highlights. Combine it with a robust framework for reimbursement and one witnesses a dominant region emerging as far as microfluidics is concerned. Some credit in making North America a dominant region in the microfluidics market over the forecast period also goes to higher adoption of new therapeutics. Additionally, the region is seeing early greying in terms of age with one in every four people set to be aged 65 and above by 2050. The same ratio of geriatrics to the rest of the population would be followed by Europe.
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It is also worth noting here that in the United States of America, focus on Research and Development (R&D) is sharp and point of care diagnostics and molecular diagnostics are widespread. And, this bodes well for the region in the years to come.
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