With 14.5% CAGR, point of care testing segment is the largest segment among the global microfluidics market application segments
By the end of 2026, the point of care testing segment is projected to reach more than US$ 3,000 Mn in revenue and is estimated to grow 3.9x by 2026 end as compared to that in 2016. The point of care testing segment is the largest segment among the different application segments in the global microfluidics market, which was estimated to create close to US$ 1,000 Mn or 33.2% share of the total market in 2016. This segment is anticipated to register a CAGR of 14.5% over the forecast period.
An increasing use of point of care testing devices is likely to drive the growth of the point of care testing segment
Increasing demand for microfluidics technology based point of care devices and kits in in-vitro diagnostics is expected to propel the growth of the point of care segment over the forecast period. Point of care testing devices have significant applications in the field of genomics and proteomics. For instance, these devices help identify the DNAs of microbes that are responsible for causing various diseases and are also used in protein analysis. A prominent feature of these devices is that these can be used at bedside, hospitals, in the delivery room, in intensive care units, in doctor’s offices, in emergency rooms, in pharmacies, at home for self-testing, and even in space owing to their size, disposability and integration of complex functions. An increasing use of point of care testing devices across various end-use industries is likely to drive the growth of the point of care testing segment during 2016 – 2026.
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Due to increase in price pressures in various countries, companies operating in the global microfluidics market have shifted their focus to developing low-cost diagnostic devices that can provide accurate results in less time. Hence, point of care microfluidics devices have gained traction over the years owing to benefits such as low cost of development and capability to generate accurate and reliable results rapidly. Furthermore, these devices occupy less space and need fewer volumes of samples for analysis than conventional diagnostic devices, thereby decreasing operational costs. The funding that drives the development of point of care technologies comes from multiple sources including the NIH and the U.S. Department of Defense (DOD), as well as private foundations such as the Bill and Melinda Gates Foundation and other pharmaceutical industry foundations / associations.
Point of care segment is expected to register high revenue growth in Western Europe
In North America, by application type, the point of care testing segment is expected to register high revenue growth and exhibit a market attractiveness index of 1.19 over the forecast period, while in Latin America, the point of care testing segment is projected to register high revenue growth and exhibit a market attractiveness index of 1.48 over the forecast period. In Western Europe, this segment is anticipated to register high revenue growth and exhibit a market attractiveness index of 1.6 between 2016 and 2026. In Eastern Europe, the point of care testing segment is predicted to register increased revenue growth and record a market attractiveness index of 1.46 over the coming decade; while in APEJ, Future Market Insights analysts estimate the point of care testing segment to register high revenue growth, exhibiting a market attractiveness index of 1.35 over the projected period.
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