Microfluidic for healthcare application: Key market research findings
- The Americas dominate the market geographically
- The in-vitro diagnostics segment currently accounts for a majority of the market share
- Key vendors – Abbott Laboratories, Agilent Technologies, Becton, Dickinson and Company, Bio-Rad Laboratories, Rain Dance Technologies, and Roche Diagnostics
Technavio’s market research analysts predict the global microfluidic market for healthcare applications to grow at a CAGR of more than 20% between 2016 and 2020. The increase in research funding and government participation is the fundamental driving force behind the growth of the market. Unconventional methods of drug testing, safety, and efficacy are the biggest issues in drug testing industry. Testing is done using cheap and inaccurate methods such as in-vitro experiments or testing on animals, which often results in failure. The high failure rate of testing on animals have prompted governments of nations like the US and the UK to carry out large-scale funding for microfluidics research. During 2015, the Americas accounted for more than 49% of the overall market space to dominate the global microfluidic market for healthcare applications. The extensively developed healthcare system, microfluidic-based research programs initiated by the government, and the presence of leading market players in microfluidics will drive growth in the microfluidic market for healthcare applications in the Americas during the forecast period.
The new market research report from Technavio presents a breakdown and analysis of the microfluidic segments based on the application.
“The use of paper-based microfluidic devices is becoming increasingly popular in the market. Paper-based microfluidic devices will use hydrophobic channel walls printed on paper. These hydrophobic walls ensure that the speed and flow direction of the liquid is controlled. The use of paper to make such devices will reduce the cost of these devices drastically and will make them easy to dispose,” says Sunil Kumar Singh, Lead Analyst, Hardware & Semiconductor, Technavio Research.
By 2020, the pharmaceutical research segment will account for 47% of the market’s revenue to overtake the in-vitro diagnostics segment and become the key revenue generator in the market. The use of microfluidics in pharmaceutical research will help in the prediction of the effects of potential drugs on humans instead of testing them on cell lines and animals, as real-time monitoring of the drug effects can be done using microfluidic devices. Microfluidic systems are also being utilized in the production as well as the use of biopharmaceuticals.
The key vendors in the market comprise of Abbott Laboratories, Agilent Technologies, Becton, Dickinson and Company, Bio-Rad Laboratories, Rain Dance Technologies, and Roche Diagnostics. The microfluidic market for healthcare application is highly fragmented due to the presence of several prominent as well as small and local vendors. Since the local vendors have the capability to provide economical and high-quality products, they are anticipated to gain more market shares during the forecast period. The level of competition in the market is expected to intensify due to the development of new technologies and the upgradation of existing technologies.
A more detailed analysis is available in the Technavio report, Global Microfluidic Market for Healthcare Applications 2016-2020.
We can customize reports by other regions and specific segments upon request.
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