Microfluidics Market is Expected to Reach $10 Billion, Globally, by 2024 – Hexa Reports

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Asia Pacific is expected to witness fastest growth owing to the increasing aging population, repeated hospital visits, presence of untapped market, and the low cost of labor.

The global microfluidics market is expected to reach USD 10 billion by 2024, according to a new report by Grand View Research, Inc. The demand for this sector is expected to upsurge due to the introduction of improved technology, such as digital microfluidics, which enables on-chip biochemical analysis.

Industry players are introducing newer sampling technologies to meet the demand for screening a huge number of biological samples. For instance, in March 2014, Dolomite launched Mitos Dropix capable of generating miniature droplets to isolate contents. The patented droplet picking technology enables high-throughput sample screening.

Moreover, researchers are continuously striving to come up with improved sample droplet production techniques. For instance, Columbia University introduced the picoliter fluid dispensation technology. This lab-on-chip technology could deliver sample volume less than 50 nL. Integrating microfluidics with multiplexed sensing technology allows multiple sample analytical application.

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Further Key Findings From the Study Suggests:

In Vitro Diagnostic (IVD) segment dominated the application segment owing to the increasing adoption of microfluidics in this market. Moreover, the leaders in the diagnostics sector, such as Abbott, Roche, and Danaher are encouraging the use of newer microfluidics technologies, such as the monodisperse bubbles/drops.

Novel drug delivery system requires the administration of the drug in the form of nanoparticles, thereby reducing the onset of action. Devices such as microneedles, pumps, and inhalers are expected to experience fastest growth during the forecasted period.

Polymers had the largest revenue share in 2015. Polymers offer better temperature control as compared to glass. However, silicon material is expected to witness fastest growth owing to the dominance of point-of-care diagnostics in the microfluidics market. Moreover, the growing demands for faster results with minimally invasive tools are expected to boost growth of this sector.

North America dominated the market in 2015. It is attributed to the presence of strong research capital, introduction of improved sample volume screening techniques, and presence of dominant market players.

In June 2016, Roche received 510 (K) clearances for Elecsys BRAHMS PCT assay. With this launch, Roche became the only company to offer integrated solutions: the assessment and management of sepsis risk. The biomarker was developed to offer a solution for the 1.6 million annual hospitalizations.

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Asia Pacific is expected to witness fastest growth owing to the increasing aging population, repeated hospital visits, presence of untapped market, and the low cost of labor. These factors have attracted many international players to establish their research laboratories in India and China.

The industry is also experiencing many mergers and acquisitions between competitors. In July 2015, IDEX Corporation acquired CIDRA Precision Services, LLC. CIDRA Precision Services, LLC is a manufacturer of microfluidics devices and the acquisition is expected to accelerate IDEX growth in the microfluidics space.

Some key players are Illumina, Inc.; Agilent Technologies; Caliper Life Sciences (acquired by PerkinElmer, Inc.); Cepheid; Danaher Corporation; Life Technologies Corporation (acquired by Thermo Fisher Scientific, Inc.);Bio-Rad Laboratories, Inc.; Abbott Laboratories; F. Hoffmann-La Roche Ltd; and Fluidigm Corporation.

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