Microfluidics Market Worth $58.8 Billion by 2026 –

Chicago, July 12 2022 (GLOBE NEWSWIRE) — According to the new market research report “Microfluidics Market By Product (Devices, Components (Chip, Sensor, Pump, Valve)), Application (IVD (POC, Clinic, Vet), Research, Manufacturing, Therapeutics), End User (Hospital, Diagnostic Center, Academic Institutes) – Global Forecast for 2026″is expected to reach USD 58.8 billion by 2026 from USD 20.7 billion in 2021, growing at a CAGR of 23.2% during the forecast period.

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Microfluidic technologies provide rapid analysis, reduced reagent consumption, and accurate test results and help reduce the overall cost of the drug development process. In addition to these factors, the demand for microfluidic technology is increasing due to the growing demand and adoption of PoC diagnostic devices, such as glucose monitoring and pregnancy test kits. Factors such as the time-consuming and complex regulatory approval process and the level of acceptance of microfluidics in the existing workflow are restraining the market growth. The emergence of 3D cell culture systems based on microfluidics, the growth of the Asian market, the expansion of applications of drug delivery technologies using microfluidics are growth opportunities for the microfluidics market.

On the basis of product, the microfluidics market is broadly classified into microfluidic devices and microfluidic components. In 2020, the microfluidics-based device segment accounted for the highest CAGR of 21.8% of the microfluidics market by product. The large share of this segment can be primarily attributed to the increasing adoption of technologically advanced microfluidics-based devices in pharmaceutical and life science research, growing need for miniaturization of laboratory equipment, increasing demand for testing Microfluidic-based PoC and the growing use of microfluidic technology for drug discovery.

The microfluidic components market, by type, is segmented into microfluidic chips, flow and pressure sensors, flow and pressure regulators, micropumps, microfluidic valves, microneedles, and other microfluidic components. The microfluidic chip segment accounted for a 58.4% share of the microfluidic component market in 2020. Growing demand for PoC assays, growing preference for personalized medicine, growing number of drug discovery and research activities in life sciences, growing need for high throughput diagnostics and increasing government funding are factors responsible for the growth of this segment in the microfluidics market.

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In this report, the microfluidics market is broadly classified into three main application segments: in vitro diagnostics, pharmaceutical and life science research and manufacturing, and therapeutics. The in vitro diagnostics segment accounted for the highest CAGR of 23.8% of the microfluidics market in 2020. The large share of this segment is mainly attributed to the rising incidence of target diseases and growing demand for PoC testing. The advantages of microfluidic devices over traditional devices (such as portability, compact size, increased frequency of testing, and accurate and fast analysis) have also led to the adoption of these devices in IVD applications.

The in vitro diagnostic applications segment has been segmented into point-of-care testing, clinical diagnostics and veterinary diagnostics. Clinical diagnostic testing segment accounted for the largest share of IVD application segment in 2020, owing to prevalence of infectious diseases and lifestyle, increase in clinical testing due to COVID-19 pandemic and the introduction of technologically advanced products.

The microfluidics market is segmented into hospitals and diagnostic centers, academic and research institutes, and end-user based pharmaceutical and biotechnology companies. The hospitals and diagnostic centers segment accounted for the highest CAGR of 23.0% of the end-user market in 2020. Factors attributing to the segment’s large share include increasing use of microfluidics-based diagnostic devices , the increasing adoption of microfluidic technology for the rapid diagnosis of various chronic diseases and the increasing technological advances

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Geographic growth scenario:

In 2020, North America accounted for the largest share – 41.7% – of the global microfluidics market, followed by Europe, Asia-Pacific and Latin America. North America has various additional advantages: government investment initiatives and the presence of high-quality infrastructure for clinical and laboratory research. However, the APAC market is expected to grow at the highest CAGR during the forecast period. The growth of the market can be attributed to increasing R&D activities, increase in public funding for drug discovery research, and high growth in pharmaceutical and biotechnology industries.

The key players in the Microfluidics market are:

  • Parker Hannifin Corporation (USA),
  • SMC Corporation (Japan),
  • IDEX Corporation (USA),
  • Fluigent SA (France),
  • Aignep SPA (Italy),
  • Camozzi Automation SPA SocietáUnipersonale (Italy),
  • Dolomitic microfluidics (UK),
  • Elveflow (France),
  • Cellix Limited (Ireland),
  • Fortive Corporation (USA),
  • Danaher Corporation (USA),
  • Thermo Fisher Scientific Inc. (USA),
  • Perkinelmer, Inc. (USA),
  • Agilent Technologies, Inc. (USA),
  • Bio-Rad Laboratories, Inc. (USA),
  • Becton, Dickinson and Company (USA),
  • Illumina Inc. (USA),
  • F. Hoffmann-La Roche SA (Switzerland),
  • Fluidigm Corporation (USA) and
  • Abbott Laboratories (USA).

Due to the intense competition in the market, the major players in the market are increasingly focusing on expanding their geographical presence in high-growth emerging markets and enhancing their competitiveness in the market by acquiring players smaller ones with the desired technological capabilities or geographic presence.

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