Microfluidics Market estimated to reach USD 21,931 Million by 2030, growing at a CAGR of 10.8% during the forecast period of 2023-2030 - claims MarketDigits in its recent study.
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PIONEERING MARKETDIGITS CONSULTING AND ADVISORY PRIVATE LIMITED
The Global Microfluidics Market was valued USD 6,351.9 Million in 2022 and projected to reach USD 21,931 Million by 2030, growing at a CAGR of 10.8% during the forecast period of 2023-2030.
Richmond, Nov. 15, 2023 (GLOBE NEWSWIRE) -- According to a research report "Microfluidics Market, by Material (Polymer, Glass, Silicon, Metal, Ceramics), Application (Point of care testing, Clinical Diagnostics, Drug Delivery, Analytical Testing, Genomics, Proteomics, Cell-based Analysis, Others), Industry (Pharmaceuticals, In-vitro Diagnostics, Environmental Research, Life Science Research, Clinical Diagnostics), and Region.
Global Microfluidics Market Report Scope:
Report
Details
Market size value in 2022
USD 6,351.9 Million
Market size value in 2030
USD 21,931 Million
CAGR (2023-2030)
10.8%
Forecast Period
2023–2030
Historic Data
2019
Forecast Units
Value (USD Million/USD Billion)
Segments Covered
Material, Industry, Application, End User and Region
TOC Covers in Depth & Breath on Microfluidics Market 160 - Market Data Tables 61 - List of Figures 210 - Pages
The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities & Product Offerings/Mapping), Technology Assessment (Developments & Economic Impact), Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional FootPrint by MarketDigits.
Market Overview
A Microfluidics encompasses the study of fluid behavior within micro-channels and the manufacturing of miniature devices that include chambers and pathways for fluid manipulation. This field focuses on handling extremely tiny fluid volumes, reaching as low as femtoliters (FL), which represents a minute fraction of a liter. The distinct characteristics of fluids at the micrometric scale set the stage for groundbreaking scientific experiments and novel innovations. In recent years, the microfluidics market has experienced substantial expansion, propelled by the widespread adoption of microfluidic devices and extensive research and development endeavors. The aging demographic, which is more prone to various health conditions, has generated a heightened need for point-of-care diagnostics. As a result, microfluidic systems have become indispensable for swift and precise testing.
Major vendors in the global Microfluidics Market - Thermo Fisher Scientific Inc, Hoffmann-La Roche Ltd, Abbott Laboratories, Bio-Rad Laboratories, Qiagen NV, Agilent Technologies, PerkinElmer Inc, Fluidigm Corporation, SCHOTT, Hologic. , and Others.
Expanding Applications in Life Sciences and Research
Microfluidics technology is finding a multitude of applications in life sciences and research, driving growth in the market. Researchers and scientists are increasingly utilizing microfluidic systems for tasks such as cell sorting, drug discovery, and DNA analysis. The precise control and manipulation of fluids and particles at the microscale enable innovative experiments and high-throughput screening processes. This has led to a surge in demand for microfluidic devices and instruments across the pharmaceutical, biotechnology, and academic research sectors. As the fields of genomics, proteomics, and drug development continue to expand, the versatility and efficiency of microfluidics are expected to play a pivotal role in advancing scientific discoveries.
Market Dynamics
Drivers:
Growing Technological Advancements In Healthcare Diagnostics
Miniaturization and Portability Demands
Expanding Applications in Life Sciences and Research
Opportunities:
Point-of-Care Testing and Personalized Medicine
Lab-on-a-Chip Integration and High-Throughput Screening
Microfluidics in Emerging Markets and Environmental Monitoring
Integration of Lab-on-a-Chip Integration and High-Throughput Screening
The significant market opportunity for the Global Microfluidics Market is the integration of lab-on-a-chip technology and the advancement of high-throughput screening (HTS). Miniaturized lab-on-a-chip platforms, equipped with microfluidic components, offer a versatile approach to conducting a wide range of analytical and diagnostic tests. These platforms are well-suited for applications in drug discovery, environmental monitoring, and life sciences research. High-throughput screening, enabled by microfluidics, accelerates drug development by allowing the rapid testing of thousands of compounds in a compact and automated format. The integration of lab-on-a-chip systems and HTS techniques enhances research efficiency and reduces costs, making microfluidics an appealing choice for pharmaceutical companies, research institutions, and government agencies. This opportunity is further amplified by the continuous need for novel drug discovery, disease understanding, and environmental analysis.
The market for Microfluidics is dominated by North America.
In 2022, the North American region dominated the Microfluidics Market with the highest market share. This growth is propelled by several pivotal factors. Notably, the United States is grappling with an upsurge in disease prevalence, necessitating the development of innovative diagnostic and research tools. Government initiatives and financial support from various institutions in the United States are further driving market expansion, particularly in the realms of research and clinical testing.
Moreover, the dynamic healthcare landscape in the United States is characterized by an intensified focus on Research and Development activities, bolstered by substantial support from both government bodies and non-governmental organizations, facilitating cutting-edge drug discovery research. Significant advancements within the pharmaceutical and biotechnology sectors are creating a fertile environment for the proliferation of microfluidics technologies. This amalgamation of factors positions the United States as a thriving nucleus for microfluidics innovation and augments it’s potential for market growth.
The Asia-Pacific region, encompassing countries like China, Japan, South Korea, and India, is experiencing remarkable growth. Investments in healthcare infrastructure, research and development, and pharmaceuticals are on the rise. The region's growing awareness of microfluidic technology's benefits in diagnostics and drug development is contributing to increased demand. Strong academic research and collaborations with global partners further fuel technological advancements.
Overall, while North America currently dominates the Microfluidics market, Asia-Pacific, with countries like China and India, is expected to witness substantial growth and become a key player in the coming years.
The standalone segment is anticipated to hold the largest market share during the forecast period
In 2022, the segment of point-of-care testing (POCT) is poised to revolutionize the healthcare landscape, its influence is particularly prominent in the fields of genomics and proteomics, where the potential for innovation is vast. POCT devices excel in swiftly detecting disease-causing bacterial DNA and conducting protein analysis. These applications transcend the limitations of conventional laboratories, offering the convenience and swiftness of testing right at the patient's bedside. They find utility in various settings, including hospitals, labor rooms, critical care units, doctors' offices, emergency rooms, pharmacies, and even in the comfort of one's own home. Moreover, these ingenious devices are not constrained by earthly boundaries and can even serve a purpose in space.
The growing adoption of POCT is being driven by diverse industries. With their user-friendly nature, disposability, and the ability to streamline complex procedures, these devices cater to a widening range of end-users. They are sought after by healthcare providers aiming for rapid results and individuals taking control of their health through self-testing. The democratization of diagnostics is reshaping the healthcare landscape, empowering individuals and fundamentally altering our approach to medical testing.
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