The Chinese government has created a strategic plan to comprehensively upgrade the country’s industrial sector and make China a major player that is independent from other countries. This plan, Made in China 2025, includes a focus on pharmaceuticals and medical devices.
Companies involved in these sectors will benefit from almost unlimited funding by 2025, with the goal to compete with foreign industries and retake significant market share. As a key tool for diagnostics and life sciences applications, microfluidic technology will likely benefit from this massive spend. The Chinese diagnostics market is currently dominated by large international companies like Roche and Abbott, but new Chinese companies are rising up to compete.
Yole Développement (Yole) expects that the market for microfluidic based products sold by Chinese players will grow at 28% CAGR between 2017 and 2023. The new report, Chinese Microfluidics Industry, is showing a $171m market in 2017. According to Yole’s analysts, this market should reach $754.1m in 2023.
In this new microfluidic report, the market research and strategy consulting company, Yole, proposes a comprehensive overview of the industry in China, taking into account real industrial concerns, all along the supply chain. Considering the Chinese and foreign players, this report details microfluidic applications and the associated ecosystem. Yole’s analysts identify local technologies and evaluate their ability to answer to the market needs, as well as this, the differences between Chinese and Western players are also highlighted.
How is the Chinese microfluidic ecosystem evolving? Why is the Chinese government supporting the microfluidic industry? What are the microfluidic business opportunities in China? Yole’s report offers a snapshot of the Chinese microfluidic industry.