Microfluidics Market

Market Synopsis:

The Global Microfluidics Market is valued at USD 20.81 Billion in the year 2022 and is projected to reach a value of USD 66.38 Billion by the year 2030. The Global Market is expected to grow at a Compound Annual Growth Rate (CAGR) of 15.60% over the forecast period.

Microfluidics technologies provide quick analysis, reduced reagent consumption, and accurate test results, all of which contribute to lower overall drug development costs. In addition to these factors, the demand for Microfluidics technology is increasing as the demand for and adoption of point-of-care diagnostic devices such as glucose monitoring and pregnancy test kits grows. The increasing adoption of technologically advanced Microfluidics based devices, the increasing need for miniaturization of laboratory equipment, the increasing emphasis on data precision and accuracy, and the increasing demand for Microfluidics based PO testing are driving the Microfluidics Market.

Various government agencies are actively funding genomics and proteomics research to better understand the complex fundamental biological processes that will drive Microfluidics systems. Advances in genomics and proteomics necessitate rapid, time-saving, and low-fluid-based technology such as Microfluidics, which can save time and money while providing results in a shorter period of time than traditional methods.

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Market Segmentation:

The Microfluidics Market is segmented on the basis of Product type, Application and End user. On the basis of Product type, the market is divided into Microfluidics-based devices and Microfluidics Components. On the Basis of Application, the market is divided into In-vitro Diagnostics, Pharmaceutical & Life Science Research and Manufacturing and Therapeutics. Based on End user, the market is divided into Hospitals & Diagnostic Centers, Academic & Research Institutes and Pharmaceutical & Biotechnology Companies.

Based on Product Type:

On the basis of Product type, the market is divided into Microfluidics-based devices and Microfluidics Components. During the forecast period, the devices segment is expected to have the highest Compound Annual Growth Rate (CAGR). Because of the efficient heat and mass transfers and spatial limitations in Microfluidics devices, convenient parameter adjustments, and in situ process monitoring in microreactors, Microfluidics devices have a high potential for synthesizing nanoparticles and nanocomposites. Microfluidics devices are used in biomedical applications such as single-cell trapping and automated micro-robotic injection, as well as drug discovery and analysis. Microfluidics components include Microfluidics Chips, flow and pressure sensors and controllers, Micropumps, valves and micro needles. All of which Valves are a vital component in Microfluidics devices—a key factor driving the market growth. Also, the need for precision in fluid control and device miniaturization supports the market growth for micropumps.

Based on End User:

Based on end user, the market is segmented into Hospitals & Diagnostic Centers, Academic & Research Institutes and Pharmaceutical & Biotechnology Companies. Hospitals and diagnostic centers are the largest end user of Microfluidics technologies. The use of Microfluidics Research and Development (R&D) is expected to increase with growing funding initiative in life sciences. Growing focus on launching quality drugs to support the market of pharmaceutical & biotechnology which results in growth of end user segment.

North America is expected to acquire the largest market share during the year 2021:

During the forecast period, North America will hold the largest share of the market with a market share of 42.70%. North America has a number of additional advantages, including government investment initiatives and the presence of high-quality infrastructure for clinical and laboratory research. The market's expansion can be attributed to increased Research and Development (R&D) activities, increased government funding for drug discovery research, and rapid growth in the pharmaceutical and biotechnological industries. The rising occurrence of numerous infectious diseases, as well as other reasons, are all contributing to the market's rise. Reimbursement for medical devices that is adequate, Insurance coverage for laboratory testing procedures is available, as is the presence of a well-structured distribution channel. All these factors altogether would drive the Microfluidics Market's expansion throughout the forecast period. The high prevalence and increasing incidence of various diseases, as well as government funding for research and clinical testing by various institutions in the United States, will aid market expansion.