Technological advancements and development of microfluidic 3D lab-on-a-chip devices to drive Australia microfluidics market
According to TechSci Research report, “Australia Microfluidics Market By Component Type (Microfluidic Chips, Microfluidic Sensors, Microfluidic Pumps, Microneedles, Others), By Material (Polymer, Glass, Silicon, PDMS, Other), By Application (In Vitro diagnostics (Point-of-Care Testing, Clinical Diagnostics, Environmental Testing, Industrial Testing, Agro Food Testing), Pharmaceutical Research (Lab Analytics, Microdispensing, Micro reaction), Drug Delivery (Inhaler Nozzles, Microneedles, Micropumps), By Region, Forecast & Opportunities, 2025”, the market is expected to grow at a significant CAGR during the forecast period. Key factors propelling the growth of the Australia microfluidics market include technological advancements in diagnostics devices, rising demand for point-of-care testing, and growing focus on data precision & accuracy. Moreover, the development of advanced lab-on-a-chip technologies has led to a surge in demand for microfluidics in Australia. Also, the introduction of a cost-effective mass-production process of diagnostic devices through lab-on-chip technologies is augmenting the Australia microfluidics market. On the other hand, low-volume sample analysis and high-throughput screening methodologies are further anticipated to fuel the market growth in the coming years.
Additionally, the growing adoption of vitro diagnostics is acting as a major growth factor for the microfluidics market in Australia. The evolution of microfluidics-based 3D cell culture systems such as organ-on-a-chip are also supporting the market growth. Furthermore, microfluidics offers several advantages including fast returns on investment and faster testing which are leading to their growing demand in Australia. Apart from that, the growing prevalence of chronic diseases and increasing requirements for molecular diagnosis is expected to drive the Australia microfluidics market through 2025.
However, the market might also face some restraints. Issues related to regulatory requirements for approval of microfluidics devices might pose a challenge for manufacturers.
The Australia microfluidics market is segmented based on component type, material, application, sector, end-user, and region. Based on the sector, the market is segmented into industrial and healthcare. Among them, the healthcare sector is undergoing the fastest growth and is anticipated to dominate the market through 2025 owing to the growing use of microfluidics techniques in laboratory analytical testing and point-of-care testing.
Based on end-user, the Australia microfluidics market is categorized into hospitals, industrial R&D, research laboratories, and academia. Among them, the hospital segment is expected to dominate the market during the forecast period as they provide closer monitoring and faster diagnosis which are leading to high demand from the hospital segment. Also, the rapid diagnosis of various chronic diseases is making the hospital segment the fastest-growing segment in Australia.
Major players operating in the Australia microfluidics market include Parker Hannifin (Australia) Pty Ltd, Becton Dickinson Pty Ltd, MiniFAB (Aust) Pty Ltd, Thermo Fisher Scientific Australia Pty Ltd, Roche Diagnostics Australia Pty Ltd, Bio-Rad Laboratories Pty., Ltd., Danaher Australia Holding Pty Ltd, Abbott Australasia Pty Limited and Commonwealth Scientific and Industrial Research Organisation (CSIRO). The companies are increasing their market presence in Australia by introducing new technologies at affordable prices
“The well-established healthcare system in Australia is making the country a lucrative market for microfluidic manufacturers. The government also offers better reimbursement policies which are boosting the growth of this market. Also, growing investment in R&D activities and increasing uses of microfluidic technology for various applications are key growth drivers for the Australia microfluidics market. The country is also witnessing high adoption of novel therapeutics among general masses which is a positive signal for companies dealing in microfluidics,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Australia Microfluidics Market By Component Type (Microfluidic Chips, Microfluidic Sensors, Microfluidic Pumps, Microneedles, Others), By Material (Polymer, Glass, Silicon, PDMS, Other), By Application (In Vitro diagnostics (Point-of-Care Testing, Clinical Diagnostics, Environmental Testing, Industrial Testing, Agro Food Testing), Pharmaceutical Research (Lab Analytics, Microdispensing, Micro reaction), Drug Delivery (Inhaler Nozzles, Microneedles, Micropumps), By Region, Forecast & Opportunities, 2025” has evaluated the future growth potential of Australia microfluidics market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in Australia