Chicago, July 12, 2022 (GLOBE NEWSWIRE) -- According to the new market research report "Microfluidics Market by Product (Devices, Components (Chip, Sensor, Pump, Valve)), Application (IVD (POC, Clinical, Veterinary), Research, Manufacturing, Therapeutics), End User (Hospital, Diagnostic Center, Academic Institutes) - Global Forecast to 2026", is projected to reach USD 58.8 billion by 2026 from USD 20.7 billion in 2021, growing at a CAGR of 23.2% during the forecast period.
Browse and in-depth TOC on "Microfluidics Market"
280- Tables
66- Figures
335- Pages
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The Microfluidic technologies offer quick analysis, reduced reagent consumption, and accurate test results and help in reducing the overall cost of the drug development process. In addition to these factors, the demand for microfluidics technology is increasing owing to the growing demand and adoption of PoC diagnostic devices, such as glucose monitoring and pregnancy test kits. The factors such as regulatory approval process which are time consuming & complex and the level of acceptance of microfluidics in the existing workflow are restraining the growth of the market. Emergence of microfluidic based 3D cell cultures systems, growing Asian market, expanding applications of drug delivery technologies using microfluidics are some growth opportunities for microfluidics market.
Based on product, the microfluidic market is broadly classified into microfluidic-based devices and microfluidic components. In 2020, the microfluidic-based devices segment accounted for the highest CAGR of 21.8% of the microfluidics market by product. The large share of this segment can majorly be attributed to the increasing adoption of technologically advanced microfluidic-based devices in pharmaceutical & life science research, increasing need for miniaturization of laboratory equipment, growing demand for microfluidic-based PoC testing, and the increasing use of microfluidic technology for drug discovery.
The microfluidic components market, by type, is segmented into microfluidic chips, flow and pressure sensors, flow and pressure controllers, micropumps, microfluidic valves, microneedles, and other microfluidic components. The microfluidic chips segment accounted for a share of 58.4% of the microfluidic components market in 2020. The increasing demand for PoC testing, growing preference for personalized medicine, an increasing number of drug discovery and life science research activities, growing need for high-speed diagnostics, and increasing government funding are factors responsible for the growth of this segment in the microfluidic market.
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In this report, the microfluidics market is broadly classified into three major application segments—in vitro diagnostics, pharmaceutical & life science research and manufacturing, and therapeutics. The in vitro diagnostics segment accounted for the highest CAGR of 23.8% of the microfluidic market in 2020. The large share of this segment is mainly attributed to the rising incidence of target diseases and the growing demand for PoC testing. The advantages of microfluidic devices over traditional devices (such as portability, compact size, increased frequency of testing, and accurate & quick analysis) have also driven the adoption of these devices in IVD applications.
The in vitro diagnostics applications segment has been segmented into point-of-care testing, clinical diagnostics, and veterinary diagnostics. The clinical diagnostic testing segment accounted for the largest share 0f the IVD application segment in 2020, owing to the prevalence of infectious and lifestyle diseases, increased clinical testing due to the COVID-19 pandemic, and the introduction of technologically advanced products.
The microfluidics market is segmented into hospitals and diagnostic centers, academic & research institutes, and pharmaceutical & biotechnology companies based on end users. The hospitals and diagnostic centers segment accounted for the highest CAGR of 23.0% of the end users market in 2020. Factors attributing to the large share of the segment include the increasing use of microfluidic-based diagnostic devices, increasing adoption of microfluidic technology for the rapid diagnosis of various chronic diseases, and rising technological advancements
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Geographical Growth Scenario:
In 2020, North America accounted for the largest share—41.7%—of the global microfluidics market, followed by Europe, the Asia Pacific, and Latin America. North America has various additional advantages—investment initiatives by governments and the presence of high-quality infrastructure for clinical and laboratory research. However, the market in APAC is estimated to grow at the highest CAGR during the forecast period. The growth in the market can be attributed to increasing R&D activities, rising government funding for drug discovery research, and high growth in the pharmaceutical and biotechnological industries.
Key Players in the Microfluidics Market are:
- Parker Hannifin Corporation (US),
- SMC Corporation (Japan),
- IDEX Corporation (US),
- Fluigent SA (France),
- Aignep S.P.A. (Italy),
- Camozzi Automation SPA SocietáUnipersonale (Italy),
- Dolomite microfluidics (UK),
- Elveflow (France),
- Cellix Limited (Ireland),
- Fortive Corporation (US),
- Danaher Corporation (US),
- Thermo Fisher Scientific Inc. (US),
- Perkinelmer, Inc. (US),
- Agilent Technologies, Inc. (US),
- Bio-Rad Laboratories, Inc. (US),
- Becton, Dickinson and Company (US),
- Illumina Inc. (US),
- F. Hoffmann-La Roche Ltd. (Switzerland),
- Fluidigm Corporation (US) and
- Abbott Laboratories (US).
Due to the intense competition in the market, major market players are increasingly focusing on expanding their geographic presence into high-growth emerging markets and strengthening their competitiveness in the market by acquiring smaller players with desired technological capabilities or geographic presence.
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