Press Release-Microfluidics Market to Reach Valuation of USD 45.15 Billion by 2028 - Increasing Demand for Microfluidics in Retail Sector to Drive the Market Growth
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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 15.90%.
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 Market 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 Market has earned a name for itself in the IVD industry.
Key Highlights from the Report
Some of the key players in the Global Microfluidics Market include [object Object] 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 Market-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 Market 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 Market 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 Market companies.
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Microfluidics Market to Reach Valuation of USD 45.15 Billion by 2028 - Increasing Demand for Microfluidics in Retail Sector to Drive the Market Growth
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