Microfluidics Market Expected to Grow at a CAGR 17.6% to 2018
News Jan 09, 2014
Research and Markets announced the addition of the "Microfluidics Market By Materials, Pharmaceuticals, Drug Delivery Devices, IVD - Global Trends & Forecast to 2018" report to their offering.
The global microfluidics market is valued at an estimated $1.59 billion in 2013 and is expected to grow at a CAGR of 17.6% in the next five years. The high growth in this market can be attributed to the rising demand for POC devices, quick return on investments provided by microfluidics devices which helps in cost reduction, and miniaturization of microfluidic chips.
The market is categorized into materials, products, and application segments. This report studies market estimations and trends for the above mentioned segments in three industries, namely, pharmaceutical, in-vitro diagnostics, and drug delivery devices. Factors such as the difficulty in incorporating emerging microfluidic technologies into existing workflows, and the complex and time consuming regulatory standards are hampering the growth of this market.
The market is expected to witness a high growth in the drug delivery devices segment, as these devices offer effective solutions for enhanced drug delivery through inhaler nozzles, micropumps, and micro needles. The micropumps market within the drug delivery devices segment is estimated to grow at the highest CAGR from 2013 to 2018; enhanced applications such as precise fluid control in nano and micro liter range are driving the growth of this market.
According to industry experts, the number of patent applications for microfluidics technology has increased from approximately 300 per year to around 4,000 per year. This increase in patent filings not only indicates the rising adoption of microfluidics technology across several applications but also the future opportunities in the competitive environment to capitalize the technology. Significant breakthroughs in nucleic acid analysis such as Human Genome project (HGP), and enhanced efficacy in applications such as drug discovery and Point-of-Care diagnosis are resulting in new patent filings.
North America accounts for the largest share of the global market, followed by Europe. However, Asia is expected to grow at the highest CAGR during the study period.