Microfluidics Market to Grow 22.6 Percent

The microfluidics market is expected to reach USD 27.91 billion by 2023 from an estimated USD 10.06 billion in 2018, at a CAGR of 22.6 percent, predicts MarketsandMarkets. The growing use of polymers is expected to lower the price of microfluidic products. This, in turn, will increase the adoption of microfluidic technologies, and thereby support the growth of the market. In addition to this, growing investments, favorable regulatory policies, and growth in healthcare and biotechnology industries in emerging Asian markets are expected to provide potential growth opportunities for players operating in the microfluidics market.

In 2017, the microfluidic chips segment accounted for the largest share of this market. Factors such as the growing demand for point-of-care testing, increasing use of personalized medicine for the treatment of various chronic diseases, rising number of drug discovery and life sciences research activities, growing need for high-speed diagnostics, and increased government funding are attributed to the large share of the microfluidic chips market. North America accounted for the largest share of the market in 2017, followed by Europe and Asia-Pacific.