Microfluidics Market worth $58.8 billion by 2026
The report "Microfluidics Market Size, Growth 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, at a CAGR of 23.2%.
Browse 280 market data Tables and 66 Figures spread through 335 Pages and in-depth TOC on "Microfluidics Market - Global Forecast to 2026"
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Adoption of 3D printing, shifting trends towards the adoption of polymers, shifting trend towards e-health diagnostics with the integration of microfluidics-based devices, epidermal electronics, and IoT, and investment of universities in microfluidics start-ups are leading trends in microfluidics market.
Microfluidic-based devices segment to register high growth rate during the forecast period.
On the basis of products, the microfluidics market is segmented into microfluidic-based devices and microfluidic components. The high growth rate of the microfluidic-based devices segment is driven by the Integration of microfluidics in point-of-care testing devices and increased the demand for rapid diagnostics testing.
Microfluidic chips segment is expected to register a higher CAGR during the forecast period.
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 is expected to registere fastest growth rate during the forecast period. Factors such as growing demand for point-of-care testing, increasing use of personalized medicine to treat various chronic diseases, rising number of drug discovery and life science research activities driving the growth of this segment.
The In vitro diagnostics segment is expected to register highest CAGR during the forecast period, by application
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 is expected to register fastest growth rate during the forecast period. Rising incidence of chronic diseases, growing geriatric population, increasing healthcare spending in emerging countries, growing demand for point-of-care testing, and rapid technological changes in molecular diagnostics to drive the growth of this segment.
Lab analytics segment to register high growth rate during the forecast period.
The pharmaceutical and life science research and manufacturing segment is segmented into Lab Analytics, Microdispensing, and Microreaction. The lab analytics segment is expected to register high growth rate in pharmaceutical and life science research and manufacturing segment of microfluidics market by application. The high growth rate of this segment is attributed to the factors such as higher adoption of microfluidic chips in lab analytics in pharmaceutical and life sciences research.
Hospitals and diagnostic centers segment to register high growth rate during the forecast period.
On the basis of end user microfluidics market is broadly segmented into hospitals and diagnostic centers, academic & research institutes, and pharmaceutical & biotechnology companies. The hospitals and diagnostic centers segment registered high growth rate during the forecast period. Increased demand for 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 and growing use of proteomic and genomic technologies in clinical diagnostic procedures has contributed to the growth of this segment.
North America to occupy the largest share of the microfluidics market in 2021
The microfluidics market is segmented into five major regions, namely, North America, Europe, Asia Pacific (APAC), Latin America, and the Middle East & Africa. North America accounted for the largest share of the microfluidics market in 2020. Increasing investments for the development of lab-on-a-chip systems, growing academic and government investments in genomics and proteomics research, rising demand for PoC testing, rising demand for high-quality research tools for data reproducibility, growing incidence of chronic diseases, availability of insurance coverage for laboratory testing procedures, sufficient reimbursements for medical devices, and rising focus of stakeholders on research projects involving proteins, associated biomolecules, and genes are some of the factors responsible for market growth in this region.
The global microfluidics market is highly competitive, with many global and local market players competing for higher market shares. The prominent players in the global microfluidic components market include Parker-Hannifin Corporation (US), Danaher Corporation (US), Thermo Fisher Scientific (US), PerkinElmer Inc. (US), Agilent Technologies (US), Bio-Rad Laboratories, Inc. (US), Becton, Dickinson and Company (US), F. Hoffmann-La Roche (Switzerland), Illumina, Inc. (US), Fluigent SA (France), IDEX Corporation (US), Camozzi Automation Spa Societŕ Unipersonale (Italy), Fortive Corporation (US), Aignep S.P.A. (Italy), SMC Corporation (Japan), Dolomite Microfluidics (UK), Cellix Ltd. (Ireland), Elveflow (France), Micronit Microtechnologies (Netherlands), and MicroLiquid (Spain).
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