NEWARK, Del, May 12, 2022 (GLOBE NEWSWIRE) -- According to a recent study by Future Market Insights (FMI), the global microfluidics market is expected to witness high growth during the forecast period. The market is expected to grow from US$ 5.9 Bn in 2021 to over US$ 17.8 Bn by 2031. This reflects a cumulative CAGR of around 11.1% over the forecast period (2022-2031).
The flow of liquids through various microscopic channels or mediums such as nozzles, pumps or chips is based on a technology known as microfluidics. The products based on such technology can control and direct the fluids at the lowest dimensions which could range from ten to hundreds of micrometers.
Microfluidics helps facilitate many assays concurrently. Thus, increasing the throughput where a good level of spatiotemporal control is possible. This reduces the consumption and cost of precious fluids, chemical and biological assays. Numerous applications utilizes microfluidics based technology such as clinical diagnostics, analytical testing, point-of-care testing and drug delivery. Genomics, proteomics and cell-based analysis uses microfluidics technology-based instruments and chips during analytical testing.
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List of Key Players Covered in Microfluidics Market are:
- Thermo Fisher Scientific Inc
- F. Hoffmann-La Roche Ltd
- Abbott Laboratories
- Bio-Rad Laboratories Inc.
- Qiagen NV
- SCHOTT AG
- thinXXS Microtechnology
Microfluidics systems provides features such as ease of automation, reduction in the overall consumption of sample and reagents while reducing the analysis time. Thus, it can be considered as an attractive solution for various assays like chemical and biological assay. The system also allows to conduct assays parallel, thus decreasing the cost of the assays and time.
Microfluidics in 3D cell culture has recently enabled the development of microenvironments that facilitate differentiation of tissues and can also replicate the interface between 2 tissues. It can further facilitate spatiotemporal chemical gradients, as well as mechanical micro - environment of living organs. There is an ever-increasing demand for microfluidic lab-on-chip technology in the biomedical, pharmaceutical industries as well in anti-terrorism, environmental, food and military applications. To further add to this, the development of consumers, environmental and security markets, the speed, portability, availability and low costs of miniaturized biosensors have huge commercial potential.
Strategic collaborations among key players drive the microfluidics market to develop novel microfluidic platforms for drug discovery, portable diagnostic devices and others. The collaboration space is dominated by the players who have a strong product portfolio and patented technologies dedicated to clinical research and in-vitro diagnostics applications along with the local GMP certified manufacturing facilities.
In order to overcome difficulties associated with the fabrication included into the microfluidics devices, many companies are substituting the mixers in these devices with the bubbles at large. This can be the opportunity to improve the efficiency of the microfluidics devices creating a huge opportunity in the market.
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Key Takeaways from Microfluidics Study
- The ceramics segment is anticipated to hold the maximum share of 39.9% in 2022, expanding at 13.0% CAGR during the forecast period. Ceramics' superior chemical resistivity, flexibility, and strength make them ideal for producing microfluidics devices, as seen by their significant market share.
- The point of care testing segment is projected to account for 32.6% of the total market share in 2022 by application. In the fields of genomics and proteomics, point-of-care testing devices offer a lot of potential. These devices, for example, aid in the identification of the DNA of bacteria that cause various diseases and are also employed in protein analysis.
- In-vitro diagnostics and life science research together hold over 53% of the market in 2022 and this trend is expected to continue during the forecast period as well. The growing number of experiment carried out in life science research using microfluidics is rising. This is propelling the sector forward. Aside from that, with increasing diseases, is increasing the in-vitro diagnostics demand.
- North America is expected to account for about 25.4% of the global microfluidics market. The high frequency and growth in incidence of various diseases, and government funding for the research and clinical testing by various institutions in the North America will assist market expansion.
Who is winning?
The key market players covered by FMI include Thermo Fisher Scientific Inc., F. Hoffmann-La Roche Ltd, Abbott Laboratories, Bio-Rad Laboratories, Inc., Qiagen NV, SCHOTT AG and thinXXS Microtechnology.
Some of the leading manufacturers of the microfluidics market are focusing on the development of advanced and cost-effective products and undertaking acquisitions to increase global presence.
- In October 2021, Thermo Fisher Scientific Charts Digital PCR expansion after Combinati acquisition.
- In November 2019, MicroMedicine, Inc., launched the Sorterra Cell Isolation System, an automated, microfluidics-based cell isolation technology at the Society for Immunotherapy of Cancer (SITC) Meeting.
Want more insights?
Future Market Insights brings the comprehensive research report on forecasted revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2031. The global microfluidics market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader. The study provides compelling insights on microfluidics market segment based on material (polymer {polyvinyl chloride (PVC) non-polyvinyl chloride}, glass, silicon, metal and ceramics), application (point of care testing, clinical diagnostics, drug delivery and analytical testing {genomics, proteomics, cell based analysis and others}), and industry (pharmaceuticals, in-vitro diagnostics, environmental research, life science research, clinical diagnostics) across seven major regions.
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Detailed Table of Content:
- Executive Summary
- Global Market Outlook
- Demand Side Trends
- Supply Side Trends
- Analysis and Recommendations
- Market Overview
- Market Coverage / Taxonomy
- Market Definition / Scope / Limitations
- Key Market Trends
- Key Trends Impacting the Market
- Innovation / Key Development Trends
- New Launches / Approvals
- Market Background
- Macro-Economic Factors
- Global GDP Growth Outlook
- Global Healthcare Expenditure Outlook
- Emerging Countries Healthcare and Development Outlook
- Forecast Factors - Relevance & Impact
- Adoption of Microfluidics
- Historical growth of key players
- New product launches and approvals
- COVID-19 Impact
- Expansion by Leading Manufacturer in Emerging Geographies
- Market Dynamics
- Drivers
- Restraints
- Opportunity Analysis
- Macro-Economic Factors
- Market Context
- List of Manufacturer and Supplier
- Usage/ Adoption Analysis
- Promotional Strategies by Key Manufacturer
- Technological Advancements
- Regulatory Scenario
- Porter’s Analysis
- PESTLE Analysis
TOC Continued…
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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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