Microfluidics Market to Reach Valuation of USD 45.15 Billion by 2028 - Increasing Demand for Microfluidics in Retail Sector to Drive the Market Growth

From the period 2022 to 2028, the Global Microfluidics Market is expected to reach USD 45.15 Billion in terms of revenue, growing at a Compound Annual Growth Rate (CAGR) of 15.60%.

The industry is being propelled forward by an increase in the number of clinical trials for cell-based therapeutics. Rapid demand for low-volume sample analysis, high-throughput screening approaches, In Vitro Diagnostics (IVD), and the development of innovative lab-on-a-chip technologies are all driving market expansion. Microfluidics also provides a high return on investment and aids in cost control by reducing errors. Various industry companies introduced point-of-care diagnostics, which resulted in fewer hospital visits and earlier disease detection. Industry players can now differentiate their products with less intrusive features, speed, and precision, thanks to improved technologies. As a result, Microfluidics has earned a name for itself in the IVD industry.

Key Highlights from the Report

• The market is segmented into Microfluidics-based devices and Microfluidics Components based on product type. The gadgets section is predicted to grow at the fastest rate over the projection period. Microfluidics devices have a significant potential for synthesizing nanoparticles and nanocomposites due to efficient heat and mass transfers and spatial restrictions in Microfluidics devices, as well as convenient parameter modifications and in situ process monitoring in microreactors. In biomedical applications like single-cell entrapment and automated micro-robotic injection, as well as drug discovery and analysis, Microfluidics devices are used.

• Hospitals & Diagnostic Centers, Academic & Research Institutes, and Pharmaceutical & Biotechnology Companies are the three end-user segments in the market. Microfluidics technologies are most commonly used in hospitals and diagnostic institutes. With the expanding financing effort in life sciences, the usage of Microfluidics R&D is likely to increase. Growing emphasis on releasing high-quality drugs to serve the pharmaceutical and biotechnology markets, resulting in an increase in the end-user segment.

• Asia Pacific is the fastest regional segment. In terms of growth, the Asia Pacific is a key growth market. Due to increased government support for modern infrastructure and strong intellectual property rights ownership, the market for medical diagnostics, high throughput screening, and biosensing is rising in China. Another driving element is the growing demand for healthcare services, which has boosted the demand for medical diagnostics. China, as a growing country, has enormous market potential. Due to increased R&D spending, the Microfluidics market in the Asia Pacific is expected to grow at the quickest rate in the next years. Furthermore, the market's expansion is fueled by the existence of key players.

Some of the key players in the Global Microfluidics Market include Parker Hannifin Corporation (US), SMC Corporation (Japan), IDEXX Corporation (US), Fluigent SA (France), Aignep S.P.A. (Italy), Camozzi Automation SPA Societá Unipersonale (Italy), Dolomite microfluidics (UK), Elveflow (France), Cellix Limited (Ireland), Fortive Corporation (US), Danaher Corporation (US), Thermo Fisher Scientific Inc. (US), Perkinelmer Inc. (US), Agilent Technologies Inc. (US), Bio-Rad Laboratories Inc. (US), Becton, Dickinson and Company (US), Illumina Inc. (US), F. Hoffmann-La Roche Ltd. (Switzerland), Fluidigm Corporation (US), Abbott Laboratories (US). and others.

Market Dynamics:

Rising demand for point-of-care testing

In the following years, the global market for point-of-care diagnostics is predicted to increase at a healthy rate of 10%. The expanding prevalence of lifestyle-related and infectious diseases, as well as the growing preference for home healthcare, are driving this growth. In addition, rising private investment and venture capital funding for the development of new products, as well as government support for enhancing PoC device usage, are boosting the PoC diagnostics industry. The increased incidence and prevalence of various diseases, as well as product downsizing and healthcare de-centralization, are likely to provide considerable potential possibilities for participants in the PoC diagnostics market.

The emergence of Microfluidics-based 3D cell culture systems

Organ-on-a-chip systems can be used to investigate a variety of biomedical phenomena, including medication discovery, toxicity testing, and customized therapy (where stems cells derived from individual patients can be used to identify which therapies are likely to succeed). Microfluidics in 3D cell culture has recently enabled the development of microenvironments that facilitate tissue differentiation and reproduce the tissue-tissue interface, spatiotemporal chemical gradients, and mechanical microenvironments of live organs.

North America dominated the market, accounting for 42.70% of the total revenue. Research institutes are playing an increasingly important role in the creation of new Microfluidics devices, ensuring regional dominance in the global market. Throughout the research period, the United States emerged as a crucial contributor to the region's dominance. In addition to well-established firms, the country is home to a number of new Microfluidics companies.