PUBLISHER: The Business Research Company | PRODUCT CODE: 1429868
PUBLISHER: The Business Research Company | PRODUCT CODE: 1429868
Microfluidics is the science and technology of devices designed to process or manipulate small volumes of fluid (ranging from 10-9 to 10-18L) through channels with widths of a few tens to several hundred micrometers. Microfluidic devices are capable of performing chemical analysis on small amounts of liquid, such as droplets of blood. These devices have emerged as an alternative to conventional laboratory techniques, offering the potential to conduct complete laboratory protocols on a single small chip.
The primary types of microfluidics encompass silicone-based microfluidics, glass-based microfluidics, and polymer-based microfluidics. Silicon-based microfluidics involve the use of micro-manufactured devices for chip-scale management of tiny volumes of fluids. These devices are created by combining silicon with other materials such as glass, polymers, or other substances. Silicon-based microfluidics find applications in various fields, including industrial and environmental processes, drug delivery, pharmaceutical and life science research, analysis, and clinical and veterinary diagnostics.
The microfluidics market research report is one of a series of new reports from The Business Research Company that provides microfluidics market statistics, including microfluidics industry global market size, regional shares, competitors with a microfluidics market share, detailed microfluidics market segments, market trends and opportunities, and any further data you may need to thrive in the microfluidics industry. This microfluidics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The microfluidics market size has grown rapidly in recent years. It will grow from $8.01 billion in 2023 to $9.11 billion in 2024 at a compound annual growth rate (CAGR) of 13.7%. The growth in the historic period can be attributed to robust economic growth in emerging markets, a rise in the incidence of chronic diseases, an increased number of new infections and deaths due to the COVID-19 disease, and an upsurge in healthcare expenditure.
The microfluidics market size is expected to see rapid growth in the next few years. It will grow to $15.59 billion in 2028 at a compound annual growth rate (CAGR) of 14.4%. The growth in the forecast period can be attributed to the rising demand for point-of-care testing in the healthcare industry, an increasing need for microfluidics, and a higher number of clinical studies for cell-based therapies. Major trends in the forecast period include the use of white blood cell isolation technology, product innovations, the adoption of digital microfluidics platforms, the use of 3D printing in microfluidics, technological advancements, the use of in vitro diagnostics tests, and strategic partnerships and collaborations.
The microfluidics market is being propelled by the increasing demand for advanced point-of-care testing within the healthcare industry. Point-of-care testing (POCT) allows for rapid identification and diagnosis of illnesses directly at or near the patient's location, offering faster results compared to traditional lab testing methods. Microfluidics-based POCT devices are characterized by their portability, low cost, precision, and rapid processing. Globally, countries are investing in POCT capabilities to provide convenient testing services, leading to a growing demand for innovative microfluidics used in these devices. An example of such investment is the $650 million allocated by the US Department of Health and Human Services (HHS) from the American Rescue Plan in November 2021 to enhance manufacturing capacity for rapid point-of-care molecular tests.
The microfluidics market experienced growth during the historic period due to the increased number of clinical studies focused on cell-based therapies. Microfluidics has emerged as a platform to advance biomanufacturing in areas such as drug, gene, and cell therapies. It facilitates improved synthesis of nanoscale drug and gene delivery systems, microencapsulation of drugs and cells, intracellular delivery of macromolecules, and fabrication of micro- and nano-fibers. According to data from ClinicalTrials.gov, as of April 2021, there were 1,358 active cell therapy trials, marking a 43% increase from 2020 to 2021.
Innovation in product development is a significant contributor to the rapid growth of the microfluidics market. Companies in the microfluidics sector are actively creating innovative products to meet the escalating industry demand and enhance their market positions. For instance, Miroculus, Inc., a California-based developer of personal lab automation solutions, launched Micro Canvas in March 2022, a digital microfluidics platform designed to automate complex next-generation sequencing platforms.
Key players in the microfluidics market are focusing on developing new technological solutions to fortify their market positions. Thermo Fisher Scientific, a major player in microfluidics, launched the Applied Biosystem QuantStudio Absolute Q-Digital Polymerase Chain Reaction System in October 2021. This fully integrated digital PCR system offers a high-quality, consistent, and user-friendly solution for researchers involved in genetic analysis and research. Digital Polymerase Chain Reaction is a biotechnological refinement of conventional PCR methods used for quantifying nucleic acid strands with applications in oncology, cell and gene therapy development, and other research.
In September 2021, TE Connectivity, a Switzerland-based company specializing in connectors and sensors, acquired three life science development and manufacturing firms-Toolbox Medical Innovations, Wi Inc., and microLIQUID. This strategic move aims to serve a global customer base in life sciences, in vitro diagnostics (IVD), and cell therapy by leveraging the design and production capabilities of these acquired companies.
Major companies operating in the microfluidics market report are Thermo Fisher Scientific, Agilent Technologies, Illumina Inc., Bio-Rad Laboratories, Fluidigm Corporation, Dolomite Microfluidics, PerkinElmer, Inc., Biosurfit SA, Sphere Fluidics Limited, Micronit Micro Technologies B.V., Parker Hannifin Corp., Fluigent, Camozzi, Gems Sensors, Inc., Aignep S.P.A., SMC Corporation, Cellix Ltd., Elveflow, Microliquid, S.L., Danaher Corporation, BD, Absolute Ozone, FlowJEM, uFluidix, QuantWave Technologies Inc., Shelron Enterprises, Harvard Bioscience, Inc., Abaxis, Inc., OPKO Health, Inc., IDEX Health & Science LLC, Stamm, The Advanced Microfluidics and Microdevices Laboratory, Chromatotec Group, Abbott, Safarmex PTY Ltd
North America was the largest region in the microfluidics market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the microfluidics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the microfluidics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
The microfluidics market includes revenues earned by entities by developing molecular sensors based on bioassays, such as DNA amplification and analysis, cell separation, and immunoassay, among many more examples. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Microfluidics Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on microfluidics market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for microfluidics? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The microfluidics market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.