Market Size – USD 15.09 billion in 2020 Market Growth – 11.8% Market Trends – increasing demand for lab-on-a-chip technology
New York, December 28,2021 – The global microfluidics market size is expected to reach USD 35.23 billion by 2028 at a CAGR of 11.8% according to a new report by Reports and Data.
Microfluidics has been used in the study of antibiotic-resistant bacteria, nanoparticle transport in blood, and chemical reaction kinetics, to name a few. As a result of the increased importance of research, the microfluidics market is expected to rise in revenue. Cancer and pathogen detection are two diagnostic applications of microfluidics that have tremendous economic and technical potential for the microfluidics industry. Microfluidic instruments are used to measure molecular diffusion coefficients, fluid viscosity, pH, and chemical binding coefficients. In the pharmaceutical industry, microfluidic systems are used for a variety of analytical purposes in biopharmaceutical production, including monitoring and optimising protein drug production and assays involving human cells.
The costly R&D process needed to develop microfluidic devices and make them commercially viable may be a stumbling block for the microfluidics industry. However, attempts are being made to make this possible.
Asia Pacific is projected to be the fastest-growing area due to advanced research infrastructure, low labour costs, and the adoption of microfluidic platforms. This underserved market has piqued the attention of foreign investors.
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Key Highlights from the Report
- In February 2021, Fluidigm, a market leader in microfluidics, announced that fourth-quarter revenues rose 38 percent year over year as demand for COVID-19 research drove sales. According to estimates, the company’s microfluidics revenues grew by 98 percent in Q4 to USD 21 million.
- In order to resolve fluid volume manipulation issues in current microfluidic control systems, Fluigent developed the MFCSTM series of microfluidic systems based on its patented FASTAB technology, which features pressure-controlled flow control that allows a pulseless flow and greater responsiveness.
- In recent years, microfluidics has become increasingly important in PCR because it allows for the integration of the entire biological process, resulting in multiplexed, high-throughput, and highly parallel assays. As a result, the medical technology segment led the industry in terms of sales.
- Due to the coronavirus pandemic, demand for microfluidic PCR devices has skyrocketed. Every day, millions of tests were demanded to identify the virus and to distinguish the infected from the healthy. In 2020, the microfluidics industry witnessed unprecedented sales growth as a result of this.
- In 2020, the lab-on-a-chip segment dominated the microfluidics industry, and this dominance is expected to continue during the forecast period.
- In 2020, the PDMS-based microfluidic chips segment had the largest revenue share, and it is projected to rise at the fastest rate during the forecast period.
- Due to the presence of well-established industry leaders, financial support and resource availability for microfluidics research, advanced technologies, and high demand for POC diagnostics, the microfluidics market in North America held the largest revenue share.
- Some of the key industry contributors are Illumina, Inc.; F. Hoffmann-La Roche Ltd; PerkinElmer, Inc.; Agilent Technologies, Inc.; Bio-Rad Laboratories, Inc.; Danaher Corporation; Life Technologies Corporation; Abbott Laboratories Thermo Fisher Scientific; Qiagen; Biomérieux; Elveflow; Cellix Ltd.; Micronit Micro Technologies B.V.; and Fluidigm Corporation.
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Segments Covered in the Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2028. For this study, Reports and Data has segmented the global microfluidics market report based on technology, application, material, and region:
Technology Outlook (Revenue, USD Million, 2018 – 2028)
- PCR & RT-PCR
- Gel Electrophoresis
Application Outlook (Revenue, USD Million, 2018 – 2028)
- Continuous flow microfluidics
- Optofluidics and microfluidics
- Acoustofluidics and microfluidics
- Electrophoresis and microfluidics
Material Outlook (Revenue, USD Million, 2018 – 2028)
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Regional Outlook (Revenue, USD Million, 2018 – 2028)
- North America
- The U.S.
- The U.K.
- Asia Pacific
- Latin America
- Middle East & Africa
- South Africa
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Some points on how the report benefits stakeholders:
- The reports include historical (2018–2020) and forecast (2021–2028) data points, revenues, and CAGR in table, figure, and chart formats, with detailed and qualitative, supporting written information for each.
- Revenue break-up is provided for each segment in these formats for global, regional, and for each country in the respective region for each year between 2018 and 2028.
- The report contains insights regarding growth drivers, restraints, opportunities, trends, company profiles, strategic developments, expansion details, product launches, and various other aspects related to the market.
- The report contains data and information on customers, competitors, vendors/distributors, and other players and in the global marketplace.
- Market research analysis is vital for all crucial business strategies and can aid in numerous ways and to provide a clearer understanding about strategies being deployed by competitors, product launches, competitive analysis, technological advancements and various other factors that enhance sales of a firm or perhaps provide insights to focus on merger and acquisition as a strategy or enter into strategic agreements or joint ventures etc.
- The report contains company profiles of the top companies operating in the market along with their respective revenue and operating segments, geographical reach, market footprint, headquarters, growth rates, recent developments, product /services, expansion strategies, investments in expansion, and more.
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