Global Microfluidics Technology Market to Grow at a CAGR of 19% Through 2022 - Technavio
May. 17, 2018
LONDON--(BUSINESS WIRE)--May 17, 2018-- projects the to post a CAGR of close to 19% during the forecast period, 2018-2022. The increasing applications in molecular biology is expected to drive the market.
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Technavio has published a new market research report on the global microfluidics technology market from 2018-2022. (Photo: Business Wire)
Microfluidics has several applications in molecular biology such as enzymatic analysis like glucose and lactate assays, DNA analysis, and proteomic assays. These devices offer novel time-saving advantages to researchers using mass spectrometry for proteomic analysis. Thus, increasing applications of microfluidics in molecular biology will act as a key driver for the growth of the market.
In this report, Technavio highlights the growing use of microfluidics technology in cosmetics as one of the key trends to drive market growth:
Growing use of microfluidics technology in cosmetics
Microfluidics technology is increasingly being used in the cosmetics industry for product development and improvement. For instance, Capsum is the first cosmetic company in the world to use microfluidics technology. This company uses novel techniques such as cold manufacturing processes to assemble the drop-by-drop encapsulation of the finish products. Some of its key products based on microfluidics technology are SoftDrop, C-Bulles, and C-Pearls. SoftDrop consists of microdroplets of oil encapsulate in a self-assembled membrane. During application, the oil is released through imperceptible shearing forces Similarly, CHANEL collaborated with Capsum to gain technological expertise in microfluidics. CHANEL used microfluidics and launched a cream with camellia microdroplets.
According to a senior analyst at Technavio for research , “The demand for microfluidics technology is expected to increase with the increase in demand for cosmetic products, A significant rise in disposable income has been witnessed across the globe which is encouraging demand for premium beauty products, which is benefiting the market.”
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Market segmentation and analysis through 2022
This market research report segments the by application (in-vitro diagnostics, pharmaceutical and life science research, and others) and key regions (the Americas, APAC, and EMEA).
The in-vitro diagnostics segment generated the highest revenue in the global microfluidics technology market. One of the key reasons for this high revenue is the number of applications for microfluidics technology in POC testing and clinical diagnostics. The pharmaceutical and life science research segment was the second highest revenue generator in this market due to the high demand for research in fields such proteomic and genomic analysis. The others segment is rapidly growing due to the increasing adoption of microfluidics in drug synthesis, administration, dispensing, and laboratory testing.
In 2017, the Americas segment generated the highest revenue accounting for more than 45% share of the market. Top contributors in this region are the US, Canada, and Brazil. Factors that contribute to the high demand for microfluidics technology include significant investments in healthcare research in North America and adoption of microfluidics tools in academic research.
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