Microfluidics Market worth $63.05 billion by 2027, at a CAGR of 22.6%

The Microfluidics Market is expected to reach USD 63.05 billion by 2023 from an estimated USD 12.33 billion in 2019, at a CAGR of 22.6%. "Microfluidics Market by Application (Genomics, Proteomics, Capillary Electrophoresis, IVD (POC, Clinical Diagnostics), Drug Delivery, Microreactor, Lab Tests), Component (Chips, Pump, Needle), Material (Polymer, Glass, Silicon) - Global Forecast to 2027", The growing use of polymers is expected to lower the price of microfluidic products. This, in turn, will increase the adoption of microfluidic technologies, and thereby support the growth of the market during the forecast period. In addition to this, growing investments, favorable regulatory policies, and growth in healthcare and biotechnology industries in emerging Asian markets are expected to provide potential growth opportunities for players operating in the microfluidics market. Furthermore, growing application of microfluidic technology in personalized medicine, organ-on-a-chip, and liquid biopsies; expanding application of microfluidics in drug delivery systems such as insulin pumps and inhalers is further expected to drive the market during the forecast period.

Browse 167 market data Tables and 51 Figures spread through 228 Pages and in-depth TOC on "Microfluidics Market by Application (Genomics, Proteomics, Capillary Electrophoresis, IVD (POC, Clinical Diagnostics), Drug Delivery, Microreactor, Lab Tests), Component (Chips, Pump, Needle), Material (Polymer, Glass, Silicon) - Global Forecast to 2027"
View detailed Table of Content here - https://www.marketsandmarkets.com/Market-Reports/microfluidics-market-1305.html

By application, the in vitro diagnostic segment accounted for the largest share of the microfluidics market in 2018

On the basis of application, the microfluidics market is broadly segmented into in vitro diagnostics, pharmaceutical and lifescience research, drug delivery, and laboratory testing. In 2018, the in vitro diagnostics segment accounted for the largest share of this market. Microfluidic technologies are used in in vitro diagnostics for clinical diagnostics and POC testing. Rising incidence of chronic diseases, aging population, increasing healthcare spending in emerging countries, growing demand for point-of-care testing, and rapid technological changes in molecular diagnostics are some of the major factors supporting the growth of the microfluidics market for IVD applications during the forecast period. IVD embedded with microfluidic technologies such as POC diagnostics, PCR systems, analyzers, and electrophoretic systems are increasingly being used in diagnostics, agriculture, forensics, water testing, and environmental screening. These devices provide various advantages such as portability due to reduced size of the device, increased frequency of testing and accurate & quick analysis.

By type, microfluidic chips segment accounted for the largest share of the microfluidics components market in 2018

Based on the type, the microfluidic components market is further segmented into microfluidic chips, microfluidic sensors, micropumps, microneedles, and others. In 2018, microfluidic chips segment accounted for the largest share of this market. Factors such as the growing demand for point-of-care testing, increasing use of personalized medicine for the treatment of various chronic diseases, rising number of drug discovery and life sciences research activities, growing need for high-speed diagnostics, and increased government funding are attributed to the large share of the microfluidic chips market.

North America dominated the market in 2018

North America accounted for the largest share of the microfluidics market in 2018, followed by Europe and Asia Pacific. The largest share of the North American region is mainly attributed to the higher incidence rate of chronic diseases, availability of insurance coverage for laboratory testing procedures, sufficient reimbursements for medical devices, and presence of well-structured distribution channels in the region. In addition, high demand for self-administration and home healthcare devices, and increasing applications of micropumps, inhalers, and transdermal microneedles for chronic conditions such as migraine, diabetes, cancer pain, and asthma have further resulted in the large share of this market.

The key players in the global microfluidics market are Danaher (US), Thermo Fisher (US), PerkinElmer (US), Agilent (US), Bio-Rad (US), Becton, Dickinson and Company (US), Roche (Switzerland), Illumina (US), Fluidigm Microfluidics (US), and QIAGEN (Netherlands). Other key players include Dolomite Microfluidics (UK), GYROS PROTEIN TECHNOLOGIES AB (Sweden), Sphere Fluidics (UK), OPKO Health (US), Waters (US), thinXXS Microtechnology (Germany), Abaxis (US), BioMérieux (France), Abbott (US), Dolomite Microfluidics (UK), Microfluidic ChipShop (Germany), Elveflow (France), Cellix (Ireland), Micronit Microtechnologies (Netherlands), MicroLiquid (Spain), MiniFAB (Australia), uFluidix (Canada), Micralyne (US), and Fluigent (France).

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