Microfluidic Devices Market Is Expected to Reach USD 158.1 Billion by 2031, Says Allied Market Research
Allied Market Research
6 min read
Allied Market Research
Increase in prevalence of infectious diseases and cancer, increase in product approvals and new product launches, rise in healthcare expenditure and improvement in healthcare facilities in developing nations and introduction of 3D printing technology in the manufacturing of microfluidic devices drive the growth of the global microfluidic devices market. Based on product, the microfluidic components segment was the largest in 2021 and would maintain its dominance through 2031.
Portland, OR, Sept. 07, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global microfluidic devices market generated $21.7 billion in 2021, and is estimated to reach $158.1 billion by 2031, witnessing a CAGR of 22.4% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario. The report is a helpful source of information for leading market players, new entrants, investors, and stakeholders in devising strategies for the future and taking steps to strengthen their position in the market.
Increase in prevalence of infectious diseases and cancer
Rise in geriatric population
Increase in product approvals and new product launches
Rise in healthcare expenditure and improvement in healthcare facilities in developing nations
Introduction of 3D printing technology in the manufacturing of microfluidic devices
Opportunities
Rise in R&D and advancement in technology for the development and manufacturing of microfluidic devices
Restraints
High operational cost associated with microfluidic devices
Impact of Covid-19 on Microfluidic Devices Market-
The COVID-19 pandemic had a negative impact on the growth of the microfluidics device market, owing to the implementation of lockdown in many countries and disruptions in supply chain.
However, the pandemic had a positive impact on the infectious disease diagnostic market as microfluidic devices have been used for the diagnosis of infectious diseases during the pandemic.
The market is anticipated to grow even more in the post-pandemic.
The report offers detailed segmentation of the global microfluidic devices market based on product, application, end user, and region. The report provides an analysis of each segment and sub-segment with the help of tables and figures. This analysis helps market players, investors and new entrants in determining the sub-segments to be tapped on to achieve growth in the coming years.
Based on product, the microfluidic components segment held the largest share in 2021, contributing to nearly three-fourths of the global microfluidic devices market, and is likely to maintain its leadership status during the forecast period. Moreover, the same segment is expected to manifest the highest CAGR of 22.5% from 2022 to 2031. The research also analyzes the microfluidic-based devices segment.
Based on application, the in-vitro diagnostics segment held the largest share in 2021, accounting for more than three-fifths of the global microfluidic devices market, and would rule the roost through 2031. The same segment is estimated to witness the fastest CAGR of 22.9% during the forecast period. The study also encompasses the segments such as pharmaceutical & life science research and manufacturing and therapeutics.
Based on end user, the hospitals & diagnostic centers segment was largest market in 2021, accounting for more than half of the global microfluidic devices market, and is likely to maintain its leadership status during the forecast period. The same segment is expected to manifest the highest CAGR of 22.8% from 2022 to 2031. The research also analyzes the segments such as academic & research institutes and pharmaceutical & biotechnology companies.
Based on region, North America accounted for the highest share in 2021, contributing to more than two-fifths of the global microfluidic devices market, and is likely to dominate the market during the forecasted timeframe. However, Asia-Pacific is projected to portray the fastest CAGR of 24.6% during the forecast period. The research also analyzes the regions including Europe and LAMEA.
Leading players of the global microfluidic devices market analyzed in the research include Lonza Group, Thermo Fisher Scientific Inc., Perkinelmer Inc., Biorad Laboratories, Inc., Illumina, Inc., Qiagen N.V., Fluidigm Corporation, Dolomite Microfluidics, bioMérieux SA, Abbott Laboratories, Danaher Corporation, SMC Corporation, Idex Corporation, Fortive Corporation, Agilent Technologies, Inc., Nanostring and Nortis Inc.
The report analyzes these key players of the global microfluidic devices market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
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“We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market.”
About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
