Overview and Scope
Microfluidics refers to the science and technology of devices that process or manipulate small volumes of fluid (10-9 to 10-18L) through channels with a width of a few tens to several hundred micrometers. Microfluidic devices perform chemical analysis on small amounts of liquid, such as a droplet (blood). Microfluidics-based devices evolved as an alternative to conventional laboratory techniques, as they have the potential to carry out complete laboratory protocols on a single small chip.
Sizing and Forecast
The microfluidics market size has grown rapidly in recent years. It will grow from $8.01 billion in 2023 to $9.11 billion in 2024 at a compound annual growth rate (CAGR) of 13.7%. The growth in the historic period can be attributed to strong economic growth in emerging markets, increased incidences of chronic diseases, increased number of new infections and deaths due to coronavirus disease, increased healthcare expenditure.
The microfluidics market size is expected to see rapid growth in the next few years. It will grow to $15.59 billion in 2028 at a compound annual growth rate (CAGR) of 14.4%. The growth in the forecast period can be attributed to rising demand for point-of-care testing in the healthcare industry, increasing need of microfluidics and an increased number of clinical studies for cell-based therapies . Major trends in the forecast period include use of white blood cell isolation technology, product innovations, adoption of digital microfluidics platform, use of 3d printing in microfluidics, technological advancements, use of invitro diagnostics tests and strategic partnerships and collaborations.
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The microfluidics market covered in this report is segmented –
1) By Material: Silicon-Based Microfluidics, Glass-Based Microfluidics, Polymer-Based Microfluidics
2) By Application: Industrial & Environmental, Drug Delivery, Pharmaceutical & Life Science Research, Analysis, Clinical & Veterinary Diagnostics
North America was the largest region in the microfluidics market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the microfluidics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rising demand for advanced and better point-of-care testing in the healthcare industry is driving the microfluidics market. Point-of-care testing (POCT) allows doctors to identify and diagnose illnesses at or near the patient’s location faster than traditional lab testing. The microfluidics-based POC devices are portable and low-cost devices that are very precise and rapid. Countries across the globe are increasingly investing in POC testing capabilities to provide hassle-free testing services to the country’s residents, which is expected to boost demand for innovative microfluidics that are used in POC testing devices. In November 2021, the US Department of Health and Human Services (HHS) invested $650 million from the American Rescue Plan to boost manufacturing capacity for rapid point-of-care molecular tests for rapid and high-quality diagnostic testing. Therefore, the rising demand for point-of-care testing is expected to boost demand for microfluidics during the forecast period.
Key Industry Players
Major companies operating in the microfluidics market report are Thermo Fisher Scientific, Agilent Technologies, Illumina Inc, Bio-Rad Laboratories, Fluidigm Corporation, Dolomite Microfluidics, PerkinElmer, Inc., Biosurfit SA, Sphere Fluidics Limited, Micronit Micro Technologies B.V., Parker Hannifin Corp., Fluigent, Camozzi, Gems Sensors, Inc., Aignep S.P.A., SMC Corporation, Cellix Ltd, Elveflow, Microliquid, S.L., Danaher Corporation, BD, Absolute Ozone, FlowJEM, uFluidix, QuantWave Technologies Inc., Shelron Enterprises, Harvard Bioscience, Inc., Abaxis, Inc., OPKO Health, Inc., IDEX Health & Science LLC, Stämm, The Advanced Microfluidics and Microdevices Laboratory, Chromatotec Group, Abbott, Safarmex PTY Ltd
The microfluidics market report table of contents includes:
1. Executive Summary
2. Microfluidics Market Characteristics
3. Microfluidics Market Trends And Strategies
4. Microfluidics Market – Macro Economic Scenario
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32. Global Microfluidics Market Competitive Benchmarking
33. Global Microfluidics Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Microfluidics Market
35. Microfluidics Market Future Outlook and Potential Analysis
36. Appendix
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