Microfluidic Devices Market is geared to grow at a CAGR of 11.1% by 2032, rising demand for point-of-care (POC) testing | insightSLICE
The market for Microfluidic Devices was valued at $13.9 billion in 2021 and is anticipated to grow at a CAGR of 11.1% through 2032.
Microfluidic devices are lithographic tools used to execute chemical, physiological, and biological operations on small amounts of fluids. Due to its effectiveness in interpreting data as compared to standard laboratory equipment and demand for a very small number of samples, microfluidics devices are becoming more and more popular across a wide range of diagnostic applications.
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Global Microfluidic Devices Market Key Segments:
By Product Type
- Microfluidic Chips
- Microfluidic Sensors
- Microfluidic Pumps
- In-Vitro Diagnostics
- Point-of-Care Testing
- Clinical Diagnostics
- Pharmaceutical Research
- Lab Analytics & Testing
- High Throughput Screening
- Drug Delivery
- Pharmaceutical & Biotechnology Companies
- Diagnostic Centers
- Research Institutes
- North America
- United States
- Rest of North America
- United Kingdom
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
The key players of the Global Microfluidic Devices Market are:
Major players active in the global microfluidic devices market include Micronit Micro Technologies B.V., PerkinElmer, Inc., Qiagen, Thermo Fisher Scientific, Fluidigm Corporation, Illumina, Inc., Inc., Life Technologies Corporation, Abbott Laboratories, Agilent Technologies, Bio-Rad Laboratories, Inc., Biomérieux, Danaher Corporation, Elveflow, F. Hoffmann-La Roche Ltd, and Cellix Ltd.
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Due to the rising incidence of chronic diseases, lifestyle diseases, and infectious diseases, there is an increased global need for portable and effective diagnostic tools. Due to their high throughput, microfluidic devices have become increasingly popular for diagnosing a variety of different devices.
In the upcoming years, it is projected that the growing demand for point-of-care devices will be satisfied thanks to the commercialization of microfluidic devices. During the projected period, there will likely be a significant increase in the market for microfluidic devices.
The demand for microfluidic chips is increasing due to the growth of diagnostic & analytical and biomedical applications:
The global market for microfluidic devices is divided into submarkets based on product type, including microfluidic chips, microfluidic sensors, microfluidic pumps, microneedles, and others.
Due to the significant consumption from diagnostic & molecular testing, drug development, and biomedical applications, microfluidic chips accounted for a large portion of the global market in 2019 and are projected to continue to do so during the projected timeline.
Due to its high accuracy, increased sensitivity, and expanding spending on the creation of effective sensors for biomedical applications, the microfluidic sensor is predicted to see the quickest growth throughout the projection period.
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Regional performance of Microfluidic Devices Market
Due to the existence of major producers of microfluidic devices, increased investments in the creation of products with sample volume optimization, and increasing demand for point-of-care diagnostic facilities, North America has provided the highest revenue increase for the global microfluidic devices market in 2019.
The market for North American microfluidic devices is anticipated to expand in the future years as a result of rising investments in product innovation and the creation of effective medication delivery systems.
Asia Pacific had a significant contribution to the worldwide market and is anticipated to have the quickest growth during the forecast period.
During the forecast period, it is predicted that rising private and public investment in the production of biotechnology and medical devices will support the expansion of the Asia Pacific microfluidic devices market.
Excellent efficacy and growing demands for point-of-care diagnostic facilities are driving their acceptance in point-of-care applications:
The in-vitro testing, point-of-care screening, medical diagnostics, drug research, lab analytics & testing, high throughput screening, drug development, and others segments are included in the worldwide microfluidic devices market according to application.
Given the small volume sampling, quick turnaround times, and affordability that microfluidic devices provide, which are necessary for point-of-care measurement applications, point-of-care testing applications have dominated the global microfluidic devices market. Applications for lab analytics and testing are predicted to develop significantly throughout the forecast period.
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