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From Technologies to Market
Microfluidics Market Outlook
Lab On Chip Europe – 17 Mars 2015
Benjamin Roussel - Activity Leader MedTech
From Technologies to Market
© 2015© 2015
2
AGENDA OF THE PRESENTATION
Outlook of the
presentation
• Microfluidic Devices Market Data
• Gartner Hype Cycle & Product Life Cycle
• Microfluidic industry: signs of consolidation
©2015 | www.yole.fr | LOAC Europe 2015
Microfluidic Devices Market Data
©2015 | www.yole.fr | LOAC Europe 2015
4
MICROFLUIDIC DEVICES MARKET HAS REACHED $2.2 B IN 2014
Microfluidic is everywhere
©2015 | www.yole.fr | LOAC Europe 2015
But the market is highly fragmented
0
1000
2000
3000
4000
5000
6000
2013 2014 2015 2016 2017 2018
Mic
rofluid
ic D
evi
ces
Mar
ket
in $
M
Microfluidic Devices Market in $M
CAGR2013-2018=28%
New market
quantification is on
going and will be
published in MA 2015
5
MICROFLUIDIC DEVICES MARKET HAS REACHED $2.2 B IN 2014
But the market is highly fragmented
Microfluidic is everywhere
©2015 | www.yole.fr | LOAC Europe 2015
Microfluidic Applications
Clinical & Veterinary Diagnostics
Point of Care
diagnostics
Life Sciences Research
Analytical devices
Industrial & Environment
Drug Delivery
Flow Chemistry
6
MICROFLUIDIC DEVICES MARKET HAS REACHED $2.2 B IN 2014
But only two applications
contribute to almost 60% of
the market
23%
15%
35%
12%
4%
11%0%
2014 Microfluidic Devices Market
Splited by application
Clinical & veterinary diagnostics Point of Care diagnostics
Pharmaceutical and life science research Analytical devices
Industrial and environmental Drug Delivery
Micro Reaction Technology
TOT~ $2.2 B
©2015 | www.yole.fr | LOAC Europe 2015
But the market is highly segmented
Gartner Hype Cycle & Product Life Cycle
©2015 | www.yole.fr | LOAC Europe 2015
8
STATUS OF THE MICROFLUIDIC MARKET
Gartner Hype Cycle & Product Life Cycle
Technology
Trigger
Peak of Inflated
Expectations
Trough of
Disillusionment
Slope of
Enlightenment
Plateau of
Productivity
Time
Degr
ee o
f C
om
munity
Adoption
Early
adopters
Early
Majority
Late
Majority
LaggardsInnovators
CH
ASM
©2015 | www.yole.fr | LOAC Europe 2015
9
STATUS OF THE MICROFLUIDIC MARKET
Gartner Hype Cycle & Product Lige Cycle
Technology
Trigger
Peak of Inflated
Expectations
Trough of
Disillusionment
Slope of
Enlightenment
Plateau of
Productivity
Time
Degr
ee o
f C
om
munity
Adoption
Time
Large amount of
researches are
done
Start-ups creation
Fundraising
Some companies
fail
The market
growth is taking
longer than
expected
The technology is
now adopted in
the industry
The added value is
now recognized by
almost everyone
Manufacturing
tools become
mature
IPO, Acquisitions
occur
©2015 | www.yole.fr | LOAC Europe 2015
The market is taking off
10
STATUS OF THE MICROFLUIDIC MARKET
Gartner Hype Cycle & Product Lige Cycle
Technology
Trigger
Peak of Inflated
Expectations
Trough of
Disillusionment
Slope of
Enlightenment
Plateau of
Productivity
Time
Degr
ee o
f C
om
munity
Adoption
InnovatorsEarly
adopters
Early
Majority
Late
Majority
LaggardsCH
ASM
Microfluidic
Market
©2015 | www.yole.fr | LOAC Europe 2015
11
STATUS OF THE MICROFLUIDIC MARKET
There is no “one single microfluidic technology”
Microfluidic technologies
can have several forms
©2015 | www.yole.fr | LOAC Europe 2015
12
STATUS OF THE MICROFLUIDIC MARKET
Gartner Hype Cycle & Product Lige Cycle
Technology
Trigger
Peak of Inflated
Expectations
Trough of
Disillusionment
Slope of
Enlightenment
Plateau of
Productivity
Time
Degr
ee o
f C
om
munity
Adoption
Chips
POC
Omics
Chips
µReactors
MTP
Drug delivery
Target
enrichment
©2015 | www.yole.fr | LOAC Europe 2015
Paper
µFluidics
Touch
screenOrgan
on chip
13
MICROFLUIDIC DEVICES MARKET HAS REACHED $2.2 B IN 2014
Why should I used a microfluidic solutions ?
But the added value is not equal
in all the applications
Cost
advantages
Operational
Benefits
Enabler for
new
functions
Microfluidic is an enabling technology and will be use ONLY
if the perceived added value associated is high !
How to cross the GAP ?
©2015 | www.yole.fr | LOAC Europe 2015
Microfluidic now entering consolidation phase
©2015 | www.yole.fr | Name of the event
15
STATUS OF THE MICROFLUIDIC MARKET
There are signs of consolidation
There are signs of
consolidation
• Some companies are entering the stock market
• Several acquisitions occurred by large diagnostics companies
• The supply chain is more and more established and standards are underdiscussions
©2015 | www.yole.fr | LOAC Europe 2015
16
STATUS OF THE MICROFLUIDIC MARKET
Microfluidic in the Stock Market
Microfluidic based
companies are doing
good
0
500
1000
1500
2000
2011 2012 2013 2014
Illumina - Revenues in M$
0
50
100
150
200
2011 2012 2013 2014
Abaxis - Revenues in M$
0
100
200
300
400
500
2011 2012 2013 2014
Cepheid - Revenues in M$
0
50
100
150
2011 2012 2013 2014
Fluidigm - Revenues in M$
CAGR2011-2014= 15%
CAGR2011-2014= 5%
CAGR2011-2014= 15% CAGR2011-2014= 28%
©2015 | www.yole.fr | LOAC Europe 2015
17
0
5
10
15
20
25
2011 2012 2013 2014
Tearlab Corp - Revenues in M$
STATUS OF THE MICROFLUIDIC MARKET
Microfluidic in the Stock Market
Tearlab Corp. has
multiplied its turnover by 11 in 4 years
CAGR2011-2014= 75%
©2015 | www.yole.fr | LOAC Europe 2015
18
STATUS OF THE MICROFLUIDIC MARKET
Microfluidic in the Stock Market
Recent announcement
Who is next ?
©2015 | www.yole.fr | LOAC Europe 2015
19
STATUS OF THE MICROFLUIDIC MARKET
In 2011, the Top 15 Diagnostic companies were already involved in microfluidics
Microfluidic is widely use
©2015 | www.yole.fr | LOAC Europe 2015
Rank Company CountryRevenue Total 2011,
in $B
Revenue Diagnostics 2011,in $B
MicrosystemActivities
1 Roche CH 45.3 10.4 Yes2 Agilent US 6.6 6.6 Yes3 Thermo fischer US 11.7 5.5 Yes4 Siemens Medical D 16.2 5.0 Yes5 Abbott US 38.9 4.1 Yes6 Becton Dickinson US 7.8 3.8 Yes7 Life Technologies US 3.8 3.8 Yes8 Beckman Coulter (Danaher) US 3.7 3.7 Yes9 Alere (Inverness medical) US 2.6 2.6 Yes
10 Shimadzu JP 3.0 2.5 Yes11 BioRad US 2.1 2.1 Yes12 Johnson&Johnson US 65.0 2.1 Yes13 Perkin Elmer Life Science US 1.9 1.9 Yes14 BioMérieux FR 1.8 1.8 Yes15 Pall Corporation US 2.7 1.6 Yes
total 57.6Global Diagnostics
market65.3
88%*related to exchange rate at the end of the exercise date
20
STATUS OF THE MICROFLUIDIC MARKET
Numerous acquisitions occurred in the POC field
Microfluidic companies targeted by
major diagnostic companies
Top Diagnostics companiesDiagnostics companies founded onMicrofluidic technology
Acquisitions
Crossing the gap
Acquisitions
©2015 | www.yole.fr | LOAC Europe 2015
21
STATUS OF THE MICROFLUIDIC MARKET
The sequencing race
Microfluidic companies targeted by
major diagnostic companies
©2015 | www.yole.fr | LOAC Europe 2015
April 2014
January 2015
October 2014
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STATUS OF THE MICROFLUIDIC MARKET
The supply chain is now in place
Today several qualified
suppliers are available
©2015 | www.yole.fr | LOAC Europe 2015
Polymer
Glass
Small players Large players
Microfluidic consortium is trying to define
microfluidic design standards
23
INDUSTRIES EVOLVE THROUGH FOUR STAGES …
Microfluidic technology are today at the early Scale Stage (adapted from HBR 2002/Toshiba 2008)
An industry moves
through 4 stages in ~25
yearsOpening Stage
Scale Stage
Focus Stage
Balance & Alliance
• Generally begins
with single player
• Top 3 holds 10-30%
market share
• About building scale
thru consolidation
• Top 3 holds 15-45%
market share
• Ferocious
consolidation, key
players expand
• About 5-12 players
• Top 3 holds 35-70%
share
• Titans emerge
• Top 3 typically hold
70-90% market
share
The Microfluidic Industry today!
Who will be tomorrow’s
Microfluidics titans?
©2015 | www.yole.fr | LOAC Europe 2015
24
STATUS OF THE MICROFLUIDIC MARKET
Conclusions: focus on Fund Raising
Microfluidic companies
stay attractive for
investors
Tear Lab secures expensive $35M financing – March 2015
Biocartis raises EUR 64.5 million (approx. USD 85 million)- September 2014
Great Basin Completes Follow-on Public Offering, Raises $20.5M – Mars 2015
RainDance Technologies raises $35M in debt – September 2013
Oxford Nanopore announces £40 million ($64 million) fundraising – October 2013
©2015 | www.yole.fr | LOAC Europe 2015
25
STATUS OF THE MICROFLUIDIC MARKET
Thank you for your attention !
Visit our BOOTH
N°25
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