HOME › Research Insight › Favorable Economies in Asia (India, China, South Korea, and Singapore) are the New Revenue Pockets for the Microfluidics Market
Favorable Economies in Asia (India, China, South Korea, and Singapore) are the New Revenue Pockets for the Microfluidics Market
The adoption of microfluidic technology is increasing across the globe, due to emerging applications in the pharmaceutical, in-vitro diagnostics, and drug delivery industries. The microfluidic technology offers various advantages such as accuracy, reliability, reduced costs, quick return on investments, and enhanced profit margins. Moreover, market players are engaged in exploring various types of polymers, to enhance the compatibility of microfluidic products and reduce their manufacturing costs.
The drug delivery devices market showcases a lucrative growth potential; this market includes inhaler nozzles, microneedles, and micropumps. Among these segments, microneedles represent the new revenue pockets. For more than 150 years, syringes and hypodermic needles have played a prominent role in delivering drugs into patients. The advancements in microfluidics have led to the development of microneedle arrays, which greatly expands the range of drugs that can be delivered transdermally. The breakthrough discovery of injecting macromolecules transdermally is favoring the growth of the API (Active Pharmaceutical Ingredient) market, which in turn is propelling the growth of the microneedles market. Factors such as pain free drug delivery, reduced risk of infection, precise control of drug delivery, and enhanced penetration through tough tumors have presented an array of opportunities for the microneedles market to flourish in the coming years.
Growth in the microfluidics market is likely to be centered at India, China, Singapore, and South Korea. Major players are investing in Asia for strengthening their sales and distribution networks in small Asian cities. It is estimated that around 46% of the diabetic patients in South Korea remained undiagnosed in 2012, leading to an increase in adoption of microneedles for effective drug (insulin) delivery. Moreover, various researches are being carried out in the Asian region, to develop innovative products.
Companies such as Affymetrix, Inc. and Illumina, Inc. have shifted their manufacturing bases to Singapore. Illumina has made an investment of $20 million for its global manufacturing site in Singapore. In addition, the Institute of Bioengineering and Nanotechnology (IBN) research organization (based in Singapore) introduced a microfluidic 3D hepatocyte chip for toxicity screening in the drug development process in order to reduce costs. Thus, Singapore is now moving towards becoming a significant market for microfluidic technology. Low labor cost, low tax rates, and increasing demand from India and China for drug development are the factors that are encouraging market players to shift their facilities to Singapore and other Asian regions. These investments and the introduction of innovative products in the Asian market are likely to propel the growth of this market in the coming years.
Microfluidics Market By Materials (Polymers, Silicon, Glass), Pharmaceuticals (Microreactors, Toxicity Screening, Lab on Chip, Proteomic & Genomic Analysis) Drug Delivery Devices (Microneedles, Micropumps), IVD (POC) - Global Trends & Forecast to 2018
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