Globally, there were 19,282,789 new cases of cancer in 2020, with a projected increase to 28,887,940 cases by 2040, according to GLOBOCAN 2020. As a result, the prevalence of cancer worldwide and contemporary healthcare infrastructure have been key factors in market expansion. The diagnostic platforms of market participants have also been expanded to include POC on microfluidic devices. Microfluidics will experience a sizable expansion as a result of the expansion of POC diagnostics, which could lead to the creation of new devices.
According to Data Bridge Market Research, Microfluidics Market was USD 23.17 billion in 2022, is expected to reach USD 70.93 billion by 2030, at a CAGR of 15.01% during the forecast period 2023 to 2030.
"Miniaturization and portability surge market demand"
The miniaturization and portability of microfluidic devices are significant drivers in the global microfluidics market. The small size of these devices allows for easy integration of multiple functions, such as sample preparation, analysis, and detection, into a single compact system. This miniaturization enables portable and point-of-care diagnostics, where tests can be performed quickly and efficiently at the patient's location. The portability of microfluidic devices improves accessibility to healthcare, enhances convenience, and expands their applications in various settings.
What restraints the growth of the microfluidics market ?
" Limited scalability can impede the market growth”
The limited scalability of microfluidic systems refers to their difficulty in handling larger volumes of fluids compared to traditional fluid-handling methods. Microfluidic devices are designed for precise control and manipulation of small volumes, making them ideal for applications requiring high precision and sensitivity. However, industries that require larger sample sizes or higher throughput may face challenges in adopting microfluidics. This limitation can impact fields such as pharmaceutical manufacturing, where large-scale production and processing are necessary for commercial viability. Efforts are underway to address this scalability issue and expand the application of microfluidics in diverse industries.
Segmentation: Global Microfluidics Market
The microfluidics market is segmented on the basis of product type, material, technology, application, sector and end user
- On the basis of type, the microfluidics market is segmented into microfluidic-based devices and microfluidic components.
- On the basis of material, the microfluidics market is segmented into polymer, glass, silicon, metal, ceramics, pdms, other.
- On the basis of technology, the microfluidics market is segmented into medical/healthcare, non-medical.
- On the basis of application, the microfluidics market is segmented into in vitro diagnostics, point-of-care testing, clinical diagnostics, pharmaceutical research, lab analytics, microdispensing, microreaction, drug delivery, laboratory testing, analytical testing, high throughput screening.
- On the basis of sector, the microfluidics market is segmented into industrial, healthcare, in-vitro diagnostics, environmental research, clinical diagnostics.
- On the basis of end user (hospitals and diagnostic centers, academic and research institutes, pharmaceutical and biotechnology companies.
Regional Insights: North America dominates the Global Microfluidics Market
North America's dominance in the microfluidics market can be attributed to the region's strong research institutions and their active involvement in advancing the field of microfluidics. These institutions drive innovation and contribute to the development of novel microfluidic devices. Additionally, the presence of a robust ecosystem comprising academia, industry collaborations, and government support further strengthens North America's position in the microfluidics market, enabling continuous advancements and market leadership.
Asia-Pacific's expected high growth rate in the microfluidics market can be attributed to several factors. The region's governments are increasingly supporting the development of infrastructure and investing in research and development, fostering innovation in the microfluidics sector. Additionally, the region has been emphasizing the importance of intellectual property rights, encouraging companies to invest in and protect their innovations. These factors contribute to a conducive environment for the growth of the microfluidics market in Asia-Pacific.
To know more about the study, visit, https://www.databridgemarketresearch.com/ar/reports/global-microfluidics-market
Recent Developments in Global Microfluidics Market
- In 2021, The new Biomark X microfluidics platform from Fluidigm was unveiled. Biomark X accelerates outcomes with more data per run while streamlining processes to cut down on hands-on time.
- In 2021, Arizona-based provider of microarray solutions Applied Microarrays Inc. will be acquired by SCHOTT. The company's presence in the US as well as its bioscience capabilities will grow as a result.
The Prominent Key Players Operating in the Global Microfluidics Market Include:
- Danaher (U.S.)
- Thermo Fisher Scientific Inc. (U.S.)
- PerkinElmer Inc. (U.S.)
- Agilent Technologies Inc. (U.S.)
- Bio-Rad Laboratories Inc. (U.S.)
- BD (U.S.)
- Illumina, Inc. (U.S.)
- F. Hoffmann-La Roche (Switzerland)
- Fluidigm Corporation (U.S.)
- Dolomite Microfluidics (U.K.)
- QIAGEN (Germany)
- Abbott (U.S.)
- BIOMÉRIEUX (France)
- microfluidic ChipShop GmbH (Germany)
- Elveflow (France)
- Cellix Bio. (India)
- Micronit B.V. (Netherlands)
- PARKER HANNIFIN CORP (U.S.)
- Fortive (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of microfluidics market companies contact, https://www.databridgemarketresearch.com/ar/contact
Research Methodology: Global Microfluidics Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by dbmr research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include vendor positioning grid, market time line analysis, market overview and guide, company positioning grid, company market share analysis, standards of measurement, global vs regional and vendor share analysis. Please request analyst call in case of further inquiry.
