Microfluidics Market worth $41.1 billion | MarketsandMarkets
11 Sep 2023
AcquisitionDiagnostic Reagents
CHICAGO, Sept. 11, 2023 /PRNewswire/ -- The microfluidics industry is poised for remarkable growth in the near future, driven by its diverse applications across healthcare, biotechnology, and materials science. Miniaturized fluid-handling systems are revolutionizing diagnostics, drug development, and personalized medicine, offering unprecedented levels of precision and efficiency. With the ongoing development of lab-on-a-chip technologies, point-of-care devices, and microfluidic-based organ-on-a-chip models, we can expect rapid advancements in disease diagnosis, drug screening, and tissue engineering. Furthermore, the convergence of microfluidics with artificial intelligence and automation is paving the way for highly integrated, high-throughput solutions, promising to reshape industries and improve the overall quality of healthcare and scientific research in the coming years.
Microfluidics Market in terms of revenue was estimated to be worth $22.3 billion in 2023 and is poised to reach $41.1 billion by 2028, growing at a CAGR of 13.0% from 2023 to 2028 according to a new report by MarketsandMarkets™. Microfluidics technologies help lower the overall cost of the drug development process by offering quick analysis, reduced reagent consumption, as well as accurate outcomes from tests. Besides all of these factors, the demand for microfluidics technology is rising as a result of the growing usage and adoption of point-of-care diagnostics tools like glucose monitors and pregnancy test kits.
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Microfluidics Market
Scope:
The microfluidics market is further segmented based on the product, application, end-user, and region.
The microfluidic-based devices segment holds the largest market share during the forecast period.
The microfluidics market can be generally divided into components and devices that use microfluidic technology. The microfluidics market by product will be significantly dominated by the segment of microfluidic-based devices in 2022. The highest rate in this market can be largely attributed to the growing use of technologically advanced microfluidic-based devices in pharmaceutical and life science research, the growing demand for laboratory equipment miniaturization, the rising demand for microfluidic-based PoC testing, and the growing use of microfluidic technology for drug discovery.
The in-vitro diagnostic segment is expected to grow at the highest rate during the forecast period.
In vitro diagnostics, pharmaceuticals, life science research and manufacturing, and therapeutics are the three major application segments in which the microfluidics market is widely categorized in this study. The market for microfluidics in 2022 was dominated by the in vitro diagnostics segment. The significant share of this market can be largely attributed to the increase in target disease prevalence and the demand for PoC testing. The implementation of these devices in IVD applications has also been influenced by the advantages of microfluidics devices over conventional devices (such as portability, compact size, increased testing frequency, and accurate & rapid analysis).
In the end-user segment, hospitals & diagnostic centers are expected to grow at the highest share in the microfluidics market.
According to end users, the microfluidics market can be classified into three categories: academic & research institutes, pharmaceutical & biotechnology companies, and hospitals & diagnostic centers. The end users market in 2022 was dominated by the hospitals and diagnostic centers sector. The growing implementation of microfluidics technology for rapid identification of a wide range of chronic diseases, in addition to rising technological improvements, are factors contributing to the significant share of the market.
North America will continue to dominate the adhesion barriers market in 2028.
On the basis of region, the microfluidics market is segmented into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. North America has various advantages—an advanced healthcare system, high public and private healthcare spending rise in the geriatric population, rising prevalence of chronic and lifestyle diseases, and the significant presence of prominent players in the region are the major factors contributing to the growth of North America and the largest share of the microfluidics market APAC is known to grow at the highest rate. The growth in the market can be attributed to increasing R&D activities, rising government funding for drug discovery research, and high growth in the pharmaceutical and biotechnological industries.
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Microfluidics Market
Dynamics:
Drivers:
Rising technological advancement
Restraints:
Incorporation of microfluidics into existing workflows
Opportunities:
Expanding applications of drug delivery technologies using microfluidics
Challenge:
Standardization/ commercialization of microfluidic devices
Key Market Players:
The microfluidics market is a highly fragmented market with the presence of several multinational and local market players. Some of the prominent players include The prominent players in the global microfluidic components market include Parker-Hannifin Corporation (US), Danaher Corporation (US), Thermo Fisher Scientific (US), Fluigent SA (France), Agilent Technologies (US), Bio-Rad Laboratories, Inc. (US), Becton, Dickinson and Company (US), F. Hoffmann-La Roche (Switzerland), IDEX Corporation (US), Dolomite Microfluidics (UK), Cellix Ltd. (Ireland), Elveflow (France), PerkinElmer Inc. (US), Camozzi Automation Spa Società Unipersonale (Italy), Fortive Corporation (US), Aignep S.P.A. (Italy), SMC Corporation (Japan), Illumina, Inc. (US), Micronit Microtechnologies (Netherlands), and MicroLiquid (Spain).
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Microfluidics Market Advantages:
Miniaturization: Microfluidic devices enable the manipulation of tiny volumes of fluids on a microscale, allowing for precise control and reduced sample and reagent consumption, which can be cost-effective and environmentally friendly.
High Throughput: Despite their small size, microfluidic systems can handle multiple samples simultaneously, leading to high-throughput capabilities. This is especially valuable in applications like genomics and drug discovery.
Accuracy and Precision: Microfluidics provides exceptional control over fluid flow and mixing, leading to highly accurate and reproducible results, critical in fields like diagnostics and lab research.
Reduced Contamination: Microfluidic systems minimize the risk of contamination as they use sealed channels, reducing the chances of cross-contamination between samples.
Speed and Efficiency: Microfluidic devices can perform complex assays and experiments quickly due to their small dimensions and efficient fluid handling. This makes them ideal for point-of-care diagnostics and rapid screening applications.
Integration: Microfluidics can integrate multiple functions into a single device, such as sample preparation, analysis, and detection, streamlining workflows and reducing the need for extensive laboratory equipment.
Portability: The compact size and low power requirements of microfluidic devices make them suitable for portable and field-deployable applications, enhancing accessibility to healthcare and research in remote or resource-limited areas.
Customization: Microfluidic devices can be tailored to specific applications, allowing researchers and companies to design and fabricate custom solutions to address unique challenges.
Multidisciplinary Applications: Microfluidics finds applications across various fields, including biology, chemistry, physics, and engineering, fostering collaboration and innovation at the intersection of these disciplines.
Emerging Technologies: Ongoing advancements in microfabrication techniques, materials science, and automation are driving the development of novel microfluidic platforms, expanding their potential impact across industries.
These advantages make the microfluidics market a promising arena for innovation and growth, with applications spanning from healthcare and life sciences to environmental monitoring and beyond.
Recent Developments:
In July 2021, Abbott launched the Panbio COVID-19 Antigen Self-Test in India for the detection of the SARS-CoV-2 virus in adults and children with or without symptoms.
In June 2021, Danaher's Life science segment acquired Precision Nanosystems (PNI) to complement the former vaccines and therapeutics development business.
In February 2021, Thermofisher acquired the point-of-care molecular diagnostic company Mesa Biotech, Inc. This is expected to raise Thermofisher's revenue by approximately USD 200 million.
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