The Microfluidics by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Microfluidics, 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.
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.
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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
Product innovations are contributing to the rapid growth of the microfluidics market. The companies operating in the microfluidics sector are developing innovative products to meet fast-growing industry demand and strengthen their market position. For instance, In March 2022, Miroculus, Inc., a California-based developer of personal lab automation solutions launched Micro Canvas, a digital microfluidics platform designed to automate complex next-generation sequencing platforms.
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
5. Global Microfluidics Market Size and Growth
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26. South America Microfluidics Market
27. Brazil Microfluidics Market
28. Middle East Microfluidics Market
29. Africa Microfluidics Market
30. Microfluidics Market Competitive Landscape And Company Profiles
Top Major Players:
- Thermo Fisher Scientific
- Agilent Technologies
- Illumina Inc
- Bio-Rad Laboratories
- Fluidigm Corporation
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