DUBLIN, Dec. 14, 2023 /PRNewswire/ — The “Global Microfluidics Market by Product (Device, Component (Chip, Sensor, Microneedle, Pump, Valve), Application (IVD (POC, Clinical, Vet), Research (Proteomic, Genomic, Cell-based, Capillary), Manufacturing), End User (Pharma, Hospital) – Forecast to 2028” report has been added to ResearchAndMarkets.com’s offering.
The global microfluidics market is projected to reach USD 58.8 billion by 2026 from USD 20.7 billion in 2021, growing at a CAGR of 23.2% during the forecast period.
The report analyzes the microfluidics market and aims at estimating the market size and future growth potential of this market based on various segments such as product type, application, end user and region. The report also includes a product portfolio matrix of various microfluidic products available in the market. The report also provides a competitive analysis of the key players in this market, along with their company profiles, product offerings, and key market strategies.
APAC is expected to grow at the highest rate of 25.5% in the forecast year. The rising geriatric population, growing per capita income, increasing investments in the healthcare industry by key market players, rising demand for advanced technologies, and expansion of private-sector hospitals to rural areas in various countries in the Asia Pacific are the major factors driving the growth of the microfluidics market in this region.
Microfluidic technologies offer quick analysis, reduced reagent consumption, and accurate test results and help in reducing the overall cost of the drug development process. In addition to these factors, the demand for microfluidics technology is increasing owing to the growing demand and adoption of PoC diagnostic devices, such as glucose monitoring and pregnancy test kits.
Based on product, the microfluidic-based devices segment holds the highest rate during the forecast period
Based on product, the microfluidics market is broadly classified into microfluidic-based devices and microfluidic components. In 2020, the microfluidic-based devices segment accounted for the highest rate of the microfluidics market by product.
The highest rate of this segment can majorly be attributed to the increasing adoption of technologically advanced microfluidic-based devices in pharmaceutical & life science research, increasing need for miniaturization of laboratory equipment, growing demand for microfluidic-based PoC testing, and the increasing use of microfluidic technology for drug discovery.
Based on type of product, the microfluidic chips segment holds the highest rate during the forecast period
The microfluidic components market, by type, is segmented into microfluidic chips, flow and pressure sensors, flow and pressure controllers, micropumps, microfluidic valves, microneedles, and other microfluidic components. The microfluidic chips segment accounted for the highest rate of the microfluidic components market in 2020.
The increasing demand for PoC testing, growing preference for personalized medicine, an increasing number of drug discovery and life science research activities, growing need for high-speed diagnostics, and increasing government funding are factors responsible for the growth of this segment in the microfluidic market.
Based on application, the in vitro diagnostics segment holds the highest share during the forecast period
In this report, the microfluidics market is broadly classified into three major application segments – in vitro diagnostics, pharmaceutical & life science research and manufacturing, and therapeutics. The in vitro diagnostics segment accounted for the largest share of 60.0% of the microfluidics market in 2020.
The large share of this segment is mainly attributed to the rising incidence of target diseases and the growing demand for PoC testing. The advantages of microfluidic devices over traditional devices (such as portability, compact size, increased frequency of testing, and accurate & quick analysis) have also driven the adoption of these devices in IVD applications.
Based on in vitro diagnostics applications, the clinical diagnostic segment holds the highest share during the forecast period
The in vitro diagnostics applications segment has been segmented into point-of-care testing, clinical diagnostics, and veterinary diagnostics. The clinical diagnostic testing segment accounted for the largest share of the IVD application segment in 2020, owing to the prevalence of infectious and lifestyle diseases, increased clinical testing due to the COVID-19 pandemic, and the introduction of technologically advanced products.
Premium Insights
- Rising Demand for Poct to Drive Global Microfluidics Market
- Ivd Held Largest Share of APAC Microfluidics Market in 2022
- China to Register Highest Growth Rate During Forecast Period
- North America to Dominate Microfluidics Market Throughout Forecast Period
- Emerging Economies to Register Higher Growth Rates Till 2028
Market Dynamics
Market Drivers
- Rising Demand for Point-Of-Care Testing
- Rising Technological Advancements
- Increasing Focus on Data Precision and Accuracy
- Highly Economical Solution
- Rapid Testing and Improved Portability Through Microfluidic Chip Miniaturization
Market Restraints
- Complex and Time-Consuming Regulatory Approval Process
- Incorporation of Microfluidics into Existing Workflows
Market Opportunities
- Emergence of Microfluidic-Based 3D Cell Culture Systems
- Growth Opportunities in Asia
- Expanding Applications of Drug Delivery Technologies Using Microfluidics
- Growing Applications of Microfluidics in Life Science & Pharmaceutical Industries
Market Challenges
- Standardization/Commercialization of Microfluidic Devices
Industry Trends
- Shifting Trend Toward E-Health Diagnostics with Integration of Microfluidics-Based Poc Devices
- Adoption of 3D Printing in Microfluidics
- Shifting Trend Towards Adoption of Polymers
- Universities Actively Investing in Microfluidic Startups
Technology Analysis
- Key Technologies
- Biorecognition Elements
- Material Science
- Microfabrication
- Direct-Write
- Complementary Technologies
- Mems
- Micropumps
- Microneedles
- Microsensors/Transducers
- Adjacent Technologies
- 3D Printing
- Lab-On-Fiber
- Key Conferences & Events
AI Integration in Microfluidics Market
- Artificial Intelligence and Microfluidics (Project Locai)
- Ai and Microfluidics to Barcode Individual Cells
- Artificial Intelligence-Controlled Microfluidic Devices for Fluid Automation and Bubble Removal of Immunoassays
Company Profiles
Key Players
- Danaher Corporation
- Illumina Inc.
- Biomerieux Sa
- Thermo Fisher Scientific Inc.
- Abbott Laboratories
- Parker Hannifin Corporation
- Smc Corporation
- Idex Corporation
- Fortive Corporation
- Perkinelmer, Inc.
- Agilent Technologies, Inc.
- Bio-Rad Laboratories, Inc.
- Becton, Dickinson and Company
- F. Hoffmann-La Roche Ltd.
- Standard Biotools Inc. (Previously Known as Fluidigm Corporation)
- Quidelortho Corporation
- Hologic Inc.
- Aignep S.P.A.
- Dolomite Microfluidics
- Elveflow
Other Players
- Nanostring Technologies
- Nortis Inc.
- Innovative Biochips, LLC
- Fluidic Analytics
- Ufluidix
For more information about this report visit https://www.researchandmarkets.com/r/r5mns9
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