USD 20.63 billion
Report ID:
SQMIG35A2288 |
Region:
Global |
Published Date: April, 2024
Pages:
219
|
Tables:
63 |
Figures:
77
Global Microfluidics Market size was valued at USD 20.63 billion in 2022 and is poised to grow from USD 23.25 billion in 2023 to USD 58.23 billion by 2031, growing at a CAGR of 12.22% during the forecast period (2024-2031).
It takes fewer samples and smaller instruments than conventional fluid measuring equipment, and it offers superior parameter control and data quality. It is therefore frequently employed in PCR amplification, cell separation, and DNA analysis. According to a study that appeared in PLOS One in January, France is anticipated to have roughly 2.8 million cases of chronic obstructive pulmonary disease (COPD) by 2025. This is projected to promote the market's growth by increasing demand for COPD testing using microfluidic chips and tiny blood samples. According to Dementia Australia's 2022 statistics, there will be 487,500 Australians living with dementia in that country in 2022, and by 2058, that number is expected to rise to 1.1 million. Therefore, there is a greater need for efficient medication discovery, screening techniques, and toxicological investigations as dementia rates among the target group rise. This increases the need for microfluidics systems that can be utilised to develop skeletal, glial, and endothelial cells, providing a chance to look at organogenesis and illness aetiology while maintaining fluid isolation of muscle cells. The market is anticipated to be driven by the growing use of microfluidics devices in various areas of research and diagnosis.
US Microfluidics Market is poised to grow at a sustainable CAGR for the next forecast period.
Global Market Size
USD 20.63 billion
Largest Segment
Medical
Fastest Growth
Medical
Growth Rate
12.22% CAGR
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Global Microfluidics Market is segmented on the basis of technology, material, application type and region. By technology, the market is segmented into medical and non-medical. By material, market is segmented into silicon, glass, polymer, PDMS, others. By application, the marker is segmented into lab-on-a-chip, organs-on-chip, continuous flow microfluidics, optofluidic & microfluidics, acoustofluidics & microfluidics, electrophoresis & microfluidics. By type, the market is segmented into microfluidics chips, microfluidics sensors, microfluidics pumps, others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Microfluidics Market Analysis by Application
With a share of 37.83% in 2022, the lab-on-a-chip market segment led the microfluidics market, and it is anticipated to exhibit a CAGR of 11.03% over the forecast period. DNA probes can be rapidly sequenced thanks to the lab-on-a-chip. The lab-on-chip performs high-speed temperature shifts at the microscale level since DNA amplification using the PCR process depends on thermal cycles. The quickest qPCR system, the Fastgene system from Elveflow, can identify bacteria and viruses in just seven minutes. More so than genuine lab-on-a-chip utilizing an array technique, nanopore technologies have enormous potential for aiding rapid genome sequencing of DNA probes. Similar to macroscopic technologies, these systems provide attractive potential for immunoassays that can be completed in 10 seconds as opposed to 10 minutes.
During the projection period, the category for organs-on-chips is expected to expand at a significant 17.21% CAGR. Drug development and discovery are greatly aided by these models. Focusing on the drug development process include the FDA, other National Institutes of Health (NIH) centres and institutes, the National Centre for Advancing Translational Science (NCATS), through its Tissue Chip for Drug Screening initiative. This is made possible by the development of human tissue chips that provide precise images of human organs. To ensure that attention is placed on treatments with a high unmet need, NCATS seeks to minimise substantial obstacles between research discovery and clinical trials.
Microfluidics Market Analysis by Type
It is projected that the microfluidic sensors industry will grow rapidly. This market's growth is attributed to the rise in demand for sensors across a variety of industries, including food testing, environmental monitoring, and medical diagnostics. High sensitivity, rapid detection, and low sample volume requirements are just a few of the benefits of microfluidic sensors that are driving up the demand for them.
Microfluidic pumps are expected to have significant growth throughout the course of the forecasted timeframe. This market is expanding as a result of the increased usage of microfluidic pumps in many different fields, such as analytical chemistry, chemical synthesis, and drug discovery. Because of the advantages that microfluidic pumps offer, such as precise flow control, low power consumption, and simplicity, there is a need for these pumps.
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In 2022, North America held a 42.96% share of the regional microfluidics market and is anticipated to grow at a CAGR of 10.72% over the following five years. The primary driver of market expansion is an increase in research funding from government agencies and businesses. The industry-academia collaboration to hasten the commercialization of lab-built devices as a result of the need for microfluidics devices in the research and diagnostics fields.
Due to its advanced research infrastructure, rising economy, and cheap labor, Asia Pacific is predicted to grow at a rapid rate of 16.08% during the projected period. The unexplored APAC microfluidics industry is attractive to international investors. Foreign competitors control a sizable portion of the market for microfluidic diagnostic tests. However, major competitors in the region are putting forth unique and intriguing solutions that are both exciting and interesting in terms of performance and, more importantly, interesting in terms of pricing, which will help them to increase their market share in the upcoming years.
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Microfluidics Market Drivers
Growing demand for Personalized Medicine to Bolster Market Growth
Microfluidics Market Restraints
Complex Manufacturing process to Hinder Market Growth
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To increase their market share, major players in the microfluidics industry are using a variety of techniques, such as mergers and acquisitions, global growth, and strategic partnerships. Both companies were anticipated to be able to significantly increase their product variety in the diagnostics market thanks to this endeavor.
Microfluidics Market Top Player’s Company Profiles
Microfluidics Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analyses, the global microfluidics market is a rapidly growing industry, driven by the increasing demand for point-of-care testing, expansion into new applications, and advancements in microfabrication techniques. The market is also characterized by a large number of small and medium-sized enterprises (SMEs) that are focused on developing innovative microfluidic products for a wide range of applications. These SMEs are playing a crucial role in driving innovation and driving down the cost of microfluidic devices, making them more accessible to a wider range of users. The microfluidics market is a dynamic and rapidly evolving industry that is poised for significant growth in the coming years. The increasing demand for point-of-care testing, expansion into new applications, and advancements in microfabrication techniques are expected to drive growth in the market, while increasing competition and innovation are likely to lead to the development of new and more advanced microfluidic devices.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 20.63 billion |
Market size value in 2031 | USD 58.23 billion |
Growth Rate | 12.22% |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Microfluidics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Microfluidics Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Microfluidics Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
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Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
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