DUBLIN--(BUSINESS WIRE)--The "Microfluidics Market by Application, Component and Material - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
The microfluidics market is projected to reach USD 27.91 billion by 2023 from estimated USD 10.06 billion in 2018, at a CAGR of 22.6%.
This report analyzes the microfluidics market by application, component, material, and region. Based on application, the market is segmented into in vitro diagnostics, pharmaceutical and life science research, drug delivery, and laboratory testing. By application, in vitro diagnostics segment accounted for the largest share of the market in 2017.
High prevalence of infectious and lifestyle diseases, relatively lower turnaround times exhibited by POC testing and clinical diagnostics compared to central lab testing methods, rapid rise in aging population, and the introduction of technologically advanced products are some of the key factors attributed to the large share of this market during the forecast period.
Quick returns on investment coupled with the fast results and improved portability of the medical equipment embedded with microfluidics technology are the factors expected to drive the market during the forecast period. However, complex and time-consuming regulatory approvals process for the microfluidics technology into existing workflow is one of the factors restraining the growth of this market.
Asia Pacific is expected to witness the highest growth during the forecast period (2018 to 2023). A number of factors such as low labor and raw material costs, rapidly growing pharmaceutical and biotechnology industries, large population, and growth in investments due to favorable economic conditions (especially in China and India) are responsible for the high growth of the microfluidics market in this region.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Industry Insights
7 Microfluidics Market, By Application
8 Microfluidic Components Market
9 Microfluidics Market, By Region
10 Competitive Landscape
11 Company Profiles
- Abbott Laboratories
- Agilent Technologies
- Becton, Dickinson and Company
- Bio-Rad Laboratories
- Danaher Corporation
- Dolomite Microfluidics
- F. Hoffmann-La Roche
- Fluidigm Corporation
- Microfluidic Chipshop
- Micronit Microtechnologies
- Thermo Fisher Scientific
For more information about this report visit https://www.researchandmarkets.com/research/km2gn7/microfluidics?w=4