According to a recent market study published by Growth Market Reports titled, "Global Microfluidics Market by Type, Application, Technology, and Regions: Size, Share, Trends and Opportunity Analysis, 2018-2028", the market was valued at USD 17,888.63 Million in 2020 and is expected to grow at a moderate growth rate of 12.76% by the year 2028. The global microfluidics market is anticipated to grow significantly during forecast period. Microfluidics is the study of systems that processes small amounts of fluids utilizing microscopic channels with microscale dimensions ranging from tens to hundreds of micrometers.

Although still in its infancy, microfluidics is quickly establishing itself as a game-changing technology with applications ranging from biology and chemistry to information technology and optics. Many academicians see the value of microfluidics; hence the technology is applied to a wide range of new industries, saving money and time in the process.

Despite the compelling benefits of microfluidics technology, it is still not frequently used, due to difficulties in commercializing this technology. The market is moderately consolidated; therefore, it is creating a moderate to high level of rivalry among manufacturers, owing to rising prices and expansion in untapped markets for increasing the consumer base. Pricing, supply chain, and quality of products are expected to drive competition among the players in the market.

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Global Microfluidics Market has been segmented based on type, applications, technology, and regions. Based on type, the global microfluidics market is segmented into polymer, glass, silica gel, and others. The microfluidics market for healthcare application is segmented into in-vitro diagnostic, pharmaceuticals, drug delivery, and others.

Based on technology, the microfluidics market is segmented into medical/healthcare and non-medical. The medical/healthcare segment is further bifurcated into PCR & RT-PCR, gel electrophoresis, microarrays, ELISA, and others. By region global microfluidics is segmented as into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.

As per Growth Market Reports industry analyst Divyanka Sankhe, ‘The microfluidic devices market is booming globally, due to rising R&D spending in pharmaceuticals and life sciences, as well as rising demand for point-of-care diagnostics. Point of care testing (POCT) is an efficient and effective way to offer healthcare, according to new trends in healthcare, such as healthcare at home. Furthermore, the microfluidic technique evolved into a new classification of study topics that focuses on the integration of laboratory techniques into miniature devices known as lab on chips. Miniaturization lowers the cost of screening chemicals for cell biology concerns in pharmaceutical businesses’

The spread of COVID-19 has had a positive impact on the microfluidics market players on many fronts and outside factors. The COVID-19 pandemic is causing economic hardships for businesses, consumers, and communities across the world. The production of microfluidics increased during the pandemic, as microfluidic devices are used for detecting pathogens such as viruses.

Import and export of microfluidics were not affected during the pandemic. This, in turn, is driving the market during the pandemic. COVID-19 did not hamper the R&D activities of microfluidics, as microfluidic chips are used for detecting pathogens such as viruses or bacteria. Manufacturers in the market were focused on investing in research and development activities, which is driving the market during the pandemic.

Key Takeaways from the Study

  • The polymer segment is projected to expand at a significant CAGR during the forecast period, as polymer materials are used to construct microfluidic devices, offering simple, cost-effective, and disposal advantages.
  • The pharmaceutical segment is anticipated to hold a significant share of the market during the forecast period, owing to the growing prevalence of chronic diseases.
  • Microfluidics technology is getting a lot of traction in Point-of-Care (POC) diagnostics, as it has a lot of benefits that make it easy to build new POC diagnostics.
  • The market in North America is expected to grow at a faster rate than the market in the rest of the world, due to developed and well-structured health care system in the region.

Microfluidics Market Report Scope

Report Metric

Details

Market Value in 2020

USD 17,888.63 Million

Market Growth Rate (from 2021 to 2028)

12.76%

Historical Data

2018 & 2019

Base Year

2020

Forecast Period

2021 – 2028

Market Segments

Type, Application, Technology, and Regions

Region Scope

North America, Europe, Asia Pacific, Middle East & Africa, and Latin America

Key Companies Profiled

Agilent Technologies, Inc., Bio-Rad Laboratories, Inc., Cellix Ltd, Dolomite Microfluidics, Elveflow, Fluidigm Corporation, Fluigent, Hesperos, Inc., Illumina, Inc., microLIQUID, Micronit GmbH, MICRUX Technologies, PerkinElmer, Inc., QIAGEN, Sphere Fluidics Limited, Thermo Fisher Scientific Inc., uFluidix, BD, and bioMérieux SA.

Customization Scope

Report customization available on request

Pricing and Purchase Options

Avail tailor-made purchase options to meet your research requirements.

Target Audience

  • Demand Side: Commercial, Residential, and Industrial End-users.
  • Regulatory Side: Concerned government authorities, commercial research & development (R&D) institutions, and other regulatory bodies.
  • Associations and Industry Bodies: International Trade Centre.