According to the latest report published by Acute Market Reports “Microfluidics Market – (Application Type – Pharmaceutical Research and In-Vitro Diagnostics; Material Type – Polymer-based Microfluidics, Glass-based Microfluidics, Silicon-based Microfluidics and Others); Market Growth, Future Prospects and Competitive Analysis, 2021-2029” the market was valued at US$ 3.02 Bn in 2020, and is expected to reach US$ 24.2 Bn by 2029, expanding at a CAGR of 18.6% from 2021 to 2029.
Browse the full report Microfluidic Market Growth, Future Prospects and Competitive Analysis, 2021-2029 at https://www.acutemarketreports.com/report/microfluidics-market
Market Insights
Microfluidics is the science of manipulating and controlling fluids inside micrometer-size channels. The application of microfluidics ranges from diagnostics to the pharmaceutical research. Microfluidics is gaining high acceptance in the healthcare application due to rise in demand for point-of-care testing (POCT) and in-vitro diagnostics. On the basis of application, the global microfluidics market is majorly segmented into pharmaceutical research and in-vitro diagnostics. The pharmaceutical research segment is further sub-segmented into proteomic analysis, genomic analysis, cell-based assays and drug delivery. The in-vitro diagnostic segment is further categorized into point-of-care testing, clinical diagnostics, environmental testing and industrial testing. The in-vitro diagnostics held the largest share in the microfluidics market due to rising demand for POCT due to introduction of easy step diagnostic techniques by the companies such as Roche Diagnostics, Abbott, Cephied and others. POCT is further anticipated to grow at a fastest growth rate to rising incidences of chronic and infectious diseases and emerging technologies in the field.
The global microfluidic market on the basis of material has been segmented into polymer-based microfluidics, glass-based microfluidics, silicon-based microfluidics, and others. Polymer-based microfluidics held the largest market in 2016 due to higher reliability, and rising application in different diagnostic areas such as membrane protein measurement, collect tumor cells and others. Silicon-based material is expected to grow at the highest rate during the forecast period due to increasing introduction of point of care (POC) testing. Moreover, it’s easy to handle and is more cost effective.
In the base year 2016, North America dominated the global microfluidic market, followed by Europe and then Asia-Pacific. The largest share of North America can be attributed to supportive insurance schemes for laboratory testing procedure, incidence rate of various infectious diseases, sufficient reimbursements for medical devices, and presence of well-structured distribution channels in the region. Moreover, rising preference of point of care (POC) testing in the region is further driving the microfluidic market in North America. In addition, the rising demand for home healthcare services and increasing application of self-administered transdermal microneedles would further fuel the growth of microfluidics market. Asia Pacific is the fastest growing region for the microfluidic due to the improving research infrastructure, heavy investments from key players in the region and low cost of labor. In addition the surge in the number of private hospitals and stand-alone clinics in the region would further guide the microfluidic market in the region.
Market Competition Assessment:
The microfluidic market currently possesses biotechnology giant having their products marketed. However, most of the companies are located in the North America, Europe and others developed regions. The companies have untapped opportunities in the developing regions of Asia Pacific and Latin America. The companies include Agilent Technologies, Illumina, Inc., Danaher Corporation, Bruker Corporation, Thermo Fisher Scientific, Water Corporation, Shimadzu Corporation and others.
Key Market Movements:
- Asia-Pacific is anticipated to exhibit the fastest growing region due to rising impulse from the growing population and introduction of latest technological advancements
- Growing application of microfluidics in the biotechnology and life science testing would augment the market growth
