Dublin, Jan. 23, 2024 (GLOBE NEWSWIRE) -- The "Global Microfluidics Market Size, Share & Trends Analysis, 2024-2030" report has been added to ResearchAndMarkets.com's offering.
The global microfluidics industry is anticipated to witness substantial growth, with the market size forecasted to reach a staggering USD 71.90 billion by 2030, at a compound annual growth rate (CAGR) of 12.22% from 2024 to 2030. According to recent analysis, this robust expansion is fueled by several factors, including technological innovations, increased investment in research, and the rising demand for point-of-care diagnostics. An example of the technological strides in this field is the development of a wireless, smartphone-operated microfluidic chip by researchers from the University of Minnesota, which marks a significant step in disease diagnosis and management.
The microfluidics market has seen a marked preference for devices based on this technology, given their advantages in terms of reduced reagent usage, waste management, and enhanced processing speeds. Breaking new ground, fully automated and modular microfluidics systems offer lucrative growth opportunities for market players. The drug discovery sector, in particular, is leveraging advancements in microfluidics to curb costs and expedite development processes in anticipation of the revenue impacts from forthcoming patent expirations.
Incorporation of microfluidics in point-of-care (POC) diagnostics is revolutionizing the medical industry. This integration aims to achieve high sensitivity, stability, and accuracy in diagnostic tests while ensuring the technology remains affordable and minimally invasive. The advent of COVID-19 has underscored the indispensability of microfluidic applications in the rapid and efficient detection of infectious diseases, thereby bolstering the market’s growth.
Strategic acquisitions are reshaping the microfluidics landscape. Notable is Danaher Corporation's acquisition of Precision NanoSystems, which has fortified its life science portfolio with state-of-the-art nanoparticle manufacturing enabled by microfluidic technology. Nonetheless, the report identifies certain challenges, such as high operational costs and complex fabrication processes, that moderate the overall market expansion.
The report bifurcates the market dynamics into various segments and sub-segments:
- Medical applications are dominating the application segment, showcasing a projected CAGR of 12.56% from now through 2030.
- Material-wise, Polydimethylsiloxane (PDMS) leads the market, with expected growth at a CAGR of 13.59% within the forecast period.
- The lab-on-a-chip technology segment holds the lion’s share of the market, prognosticated to unveil a CAGR of 11.06%.
- Geographically, North America is at the forefront, commanding a market revenue share of 42.69% in 2023, with predicted growth at a CAGR of 10.57%.
This report offers a comprehensive examination of the global microfluidics market, presenting invaluable insights into the latest trends, market drivers, and potential challenges that stakeholders can leverage to formulate strategic business decisions. It underscores the pivotal role of microfluidics in healthcare innovation, particularly in enhancing the effectiveness and accessibility of diagnostics and analytical tools.
Companies Profiled
- Illumina, Inc.
- F. Hoffmann-La Roche Ltd.
- PerkinElmer, Inc.
- Agilent Technologies, Inc.
- Bio-Rad Laboratories, Inc.
- Danaher Corporation
- Abbott
- Thermo Fisher Scientific Inc.
- Standard BioTools, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/g84uhi
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
