The report titled 'Global Microfluidics Market - Growth, Share, Opportunities, and Competitive Analysis, 2023 - 2032' offers strategic visions into the global microfluidics market along with the market size (Revenue - US$ Billion).
The said research study covers in-depth analysis of multiple market segments based on component, material, application, and study across different topographies. The report is also inclusive of competitive profiling of the leading microfluidics vendors, and latest developments. The field of microfluidics has emerged as one of the most dynamically developing disciplines of micro-technology in the recent years. \
Microfluidics offers the mere benefits of miniaturization enabling portable and inexpensive devices, so far mostly for analytical and diagnostic purposes where also the costs per test and analysis times can be greatly reduced. The market need is normally the driving force behind successful commercialization of microfluidics market. The microfluidics market provides practical application of small fluid volumes for design of systems and development of solutions.
Microfluidics is an emerging technology with growing acceptability in healthcare applications. The key driver for the microfluidics market is the rising demand in point-of-care (POC) and in-vitro diagnostics. Application of microfluidics in HIV testing at POCs is expected to cut cost, thereby increase the demand for the technology.
The microfluidics market accounted for a market value of US$ 56.2 Bn, growing at a CAGR of more than 15.8% during the forecast period 2018 to 2024.
The demand for this sector is expected to increase due to the introduction of improved technology, such as digital microfluidics, which facilitates on-chip biochemical analysis. In addition, industry players are introducing newer sampling technologies to meet the demand for screening a huge number of biological samples. For example, in March 2014, Dolomite launched Mitos Dropix capable of generating miniature droplets to isolate contents. The patented droplet picking technology enables high-throughput sample screening. However, several regulatory standards that consume too much time for the approval process of microfluidics devices are projected to restrain the market growth during the projected period.
The global microfluidics market has been segmented based on component, material, application, and geography. Based on component, the global microfluidics market has been segmented into microfluidic chips, micropumps, microneedles, & others. On the basis of materials, the market has been segmented into polymer-based microfluidics, glass-based microfluidics, silicon-based microfluidics, and other material-based microfluidics. The market is also being segmented based on application such as pharmaceutical research, in vitro diagnostics, and drug delivery. Among various applications of microfluidics, the in vitro diagnostics application segment accounted for major share in the global microfluidics market in 2017 and this segment is further expected to remain dominant in the near future expanding at a CAGR of 15.5% from 2018 to 2024. Other application segments are also expected to showcase significant growth thereby boost the demand for microfluidics over the forecast period from 2022 to 2032.
Based on geography, the global microfluidics market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America comprises U.S., Canada, and Mexico whereas Europe would primarily cover Germany, France, UK, Italy, and Rest of Europe. The key countries included under Asia Pacific are China, Japan, India, Australia, and Rest of Asia Pacific. In Latin America, Brazil, Argentina, and Rest of Latin America are the key segments whereas in Middle East & Africa, South Africa and Rest of MEA are the key segments covered in the report.
North America accounted for largest share of global microfluidics market in 2017 owing to the growing incidence rate of various infectious diseases, availability of insurance coverage for laboratory testing procedures, sufficient reimbursements for medical devices, and presence of well-structured distribution channels in the region. Asia-Pacific region is the fastest-growing market owing to factors such as rising geriatric population, growing per capita income, rising investments in the healthcare industry by key market players, increasing demand for advanced technologies, and expansion of private-sector hospitals to rural areas in various countries.
The global microfluidics market is concentrated with leading manufacturers such as Danaher Corporation (U.S.) and PerkinElmer, Inc. (U.S.) having strong hold on the global market. Some of the key manufacturers of microfluidics in the global market include Thermo Fisher Scientific, Inc. (U.S.), Agilent Technologies, Inc. (U.S.), Bio-Rad Laboratories, Inc. (U.S.), and, Becton, Dickinson and Company (U.S.), among others.
Market Segmentation:
By component
- microfluidic chips
- micropumps
- microneedles
- others
By material
- polymer-based microfluidics
- glass-based microfluidics
- silicon-based microfluidics
- other material-based microfluidics
By application
- pharmaceutical research
- in vitro diagnostics
- drug delivery.
By geography
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
