Microfluidics Market is Expected to Reach $41.1 billion | MarketsandMarkets.

Chicago, Sept. 26, 2023 (GLOBE NEWSWIRE) -- The microfluidics industry is poised for remarkable growth in the near future. With advancements in materials science, miniaturization technologies, and the integration of microfluidic systems into various applications, this industry is set to revolutionize fields such as healthcare, biotechnology, and diagnostics. Miniaturized lab-on-a-chip devices will enable rapid and cost-effective medical diagnostics, personalized medicine, and drug development, while also reducing the environmental impact of traditional laboratory processes. Additionally, microfluidics will play a pivotal role in enhancing point-of-care testing, making healthcare more accessible and efficient. As the synergy between microfluidics, nanotechnology, and artificial intelligence continues to expand, the potential for innovation and transformative solutions in the near future is boundless, promising to reshape industries and improve the quality of life for many.

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 latest report published by MarketsandMarkets™. The technology provides faster analysis, reduced consumption of reagents and standards, test accuracy, and reduction in drug development cost. Increasing demand and need for point-of-care (PoC) based test kits, such as those for glucose monitoring and pregnancy testing, also intend to boost the growth of the market from the demand side. However, the intense regulatory process and delayed approvals, along with the slow adoption of microfluidics-based equipment and processes among end users, are likely to restrain the market growth. The rise in the organ of chip and lab on chip concept and cell culture studies have created tremendous growth opportunities in this market. Expanding the reach of microfluidics in drug delivery approaches is also boosting the market.

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Microfluidics Market Scope:

Report Coverage	Details
Market Revenue in 2023	$22.3 billion
Estimated Value by 2028	$41.1 billion
Growth Rate	Poised to grow at a CAGR of 13.0%
Market Size Available for	2021–2028
Forecast Period	2023–2028
Forecast Units	Value (USD Billion)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	By product, application, end user and region.
Geographies Covered	North America US Canada Europe Germany France UK Italy Spain Rest of Europe Asia Pacific Japan China India Australia South Korea Rest of APAC Latin America Brazil Mexico Rest of LATAM Middle East and Africa
Report Highlights	Updated financial information / product portfolio of players
Key Market Opportunities	Expanding applications of drug delivery technologies using microfluidics
Key Market Drivers	Rising technological advancement

Microfluidics market major players covered in the report, such as:

• Parker Hannifin Corporation (US)
• SMC Corporation (Japan)
• Bio-Rad Laboratories, Inc. (US)
• Thermo Fisher Scientific Inc. (US)
• PerkinElmer, Inc. (US)
• Agilent Technologies, Inc. (US)
• Fluigent SA (France)
• Aignep S.P.A. (Italy)
• Camozzi Automation SPA Societá Unipersonale (Italy)
• Dolomite microfluidics (UK)
• Elveflow (France)
• Becton, Dickinson and Company (US)
• Illumina Inc. (US)
• F. Hoffmann-La Roche Ltd
• IDEX Corporation (US)
• Danaher Corporation (US)
• Cellix Limited (Ireland)
• Fortive Corporation (US)
• Fluidigm Corporation (US)
• Abbott Laboratories (US)
• and Among Others

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The research report categorizes the microfluidics market into the following segments and sub-segments:

Global microfluidics market, by Product Type

• Microfluidic-based devices
• Microfluidic Components
  • Microfluidic Chips
  • Flow & Pressure Sensors
  • Flow & Pressure Controllers
  • Microfluidic Valves
  • Micropumps
  • Microneedles
  • Other Components
• Material
  • Silicon
  • Polymer
  • Glass

Global microfluidics market, by Application

• In-vitro Diagnostics
  • Clinical Diagnostics
  • Point-of-care Testing
  • Veterinary Diagnostics
• Pharmaceutical & Life Science Research and Manufacturing
  • Lab Analytics
    • Proteomics
    • Genomics
    • Cell-based Assays
    • Capillary Electrophoresis
  • Microdispensing
  • Microreaction
• Therapeutics
  • Drug delivery
  • Wearable devices

Global microfluidics Market, by End User

• Hospitals & Diagnostic Centers
• Academic & Research Institutes
• Pharmaceutical and biotechnology Companies

By Country

• North America
  • US
  • Canada
• Europe
  • Germany
  • France
  • UK
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • South Korea
  • Rest of APAC
• Latin America
  • Brazil
  • Mexico
  • Rest of LATAM
• Middle East and Africa

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The key stakeholders in the Microfluidics market include:

• Senior Management
• Lab Technicians/Doctors
• Finance/Procurement Department

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.

Frequently Asked Questions (FAQs) of Microfluidics Market:

Which are the top industry players in the microfluidics market?
The prominent players in the microfluidics market include Thermofisher Scientific (US), Perkin Elmer (US), Beckton Dickinson, and Company (US), Agilent Technologies, Inc. (US), Bio-Rad (US), F. Hoffmann La-Roche, Ltd. (Switzerland), Danaher Corporation (Japan), Illumina, Inc. (US), Fluidigm Corporation (Switzerland), Abbott Laboratories (US), Biomérieux SA (France), Hologic (US), Quidel Corporation (US), SMC Corporation (Japan), Parker Hannifin Corporation (US), Idex  Corporation (US), Fortive Corporation (US), Aignep SPA (Italy), Dolomite Microfluidics (US), Elveflow (France), Ufluidix (China), Nanostring (US), Nortis Inc. (US), Innovative Biochips, LLC, (US), and Fluidic Analytics (UK). 

Which geographical region is growing at the highest rate in the microfluidics market?
APAC is growing at a faster rate in the microfluidics market due to the increase in the old population, growing per capita income, rise in investment in the healthcare industry, demand for rapid testing and point-of-care devices, and expansion of private hospitals in rural areas.

Which segment of application type is dominating the microfluidics market?
The IVD segment accounted for the largest share of the application segment. Increased adoption of advanced microfluidic-based technological equipment in life science research, need for minuscule-sized lab equipment, and rise in need for rapid testing devices to boost the market growth.

Which is the leading end-user segment with the highest share in the microfluidics market?
The highest share was accounted for by the hospital segment in the end-user market. Technological advancements such as the emergence of microchips, microneedles, and microchip capillary electrophoresis and greater utilization of these advancements in diagnosing many chronic and life-threatening diseases are expected to support the market growth. The rapid and early detection of cancer using microwell arrays and other microfluidic devices is one of the most promising applications of microfluidics in diagnostic centers and hospitals.

Which is the highest-growing product segment in the microfluidics market?
The microfluidic devices segment is expected to grow at a higher rate in the microfluidics market. Due to the growing demand for testing kits, rapid detection bioanalysis, efficient analytical tools, and the ability of microfluidic devices to ensure accuracy in results are the reasons for its continuous growth.

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Report Objectives:

• To define, describe, and forecast the global microfluidics market on the basis of product, application, end user and region.
• To provide detailed information regarding the major factors influencing the market growth (drivers, restraints, opportunities, and challenges)
• To analyze micro markets with respect to individual growth trends, future prospects, and contributions to the overall market
• To analyze the opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders
• To forecast the size of the microfluidics market with respect to six main regions (along with countries), namely, North America, Europe, Asia Pacific, Latin America and The Middle East and Africa
• To profile the key players in the global microfluidics market and comprehensively analyze their core competencies and market shares
• To track and analyze competitive developments such as acquisitions, product launches, regulatory approvals, and R&D activities of the leading players in the global microfluidics market

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