According to the latest report by IMARC Group, titled "Microfluidics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global microfluidics market reached a value of US$ 20.9 Billion in 2021. Microfluidics refers to a technological method that is adopted in order to study the nature and characteristics of fluids. Its utilization involves a set of tools that are generally used for manipulating and controlling the chemical and biological processes of small volumes of fluids. Along with this, it is applied in the manufacturing of microminiaturized devices that contain numerous tunnels and chambers through which fluids flow or are confined. In comparison to conventional fluid measuring devices, it needs lesser samples, the tools are compact in size and it offers excellent parameter control and data quality. As a result, it is widely used for DNA analysis, separation and manipulation of cells and PCR amplification.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Microfluidics Market Trends:
The global market is primarily driven by the increasing product demand from medical research. Coupled with the rising prevalence of infections on the global level, this is creating a positive market outlook. Moreover, the widespread demand for rapid testing kits on account of the sudden outbreak of coronavirus disease (COVID-19) is catalyzing the demand for microfluidics. In addition to this, the growing investments by leading players in the development of advanced point-to-care (POC) devices areimpacting the market growth favorably.Along with this, extensive research and development (R&D) activities conducted by key players in the field of life science areproviding an impetus to the market. Additionally, continual technological advancements in microfluidics and the introduction of miniaturized product variants are considered to be major growth-inducing factors. Other factors, including continuous improvements in the healthcare and pharmaceutical infrastructures, the augmenting number of research laboratories and diagnostic centers, and the adoption of novel therapeutics among the masses, are also positively influencing the market.On account of the aforementioned factors, the market is anticipated to reach a value of US$ 52.4 Billion by 2027, exhibiting a CAGR of 16.47% during 2022-2027.
- On the basis of the material, the market has been segmented into silicon, glass, polymer, PDMS and others.
- Based on the enterprise component, the market has been segregated into microfluidic chips, micro pumps, microneedles and others.
- On the basis of the application, the market has been classified into pharmaceutical and life science research, clinical and veterinary diagnostics, point-of-care diagnostics, analytical devices, drug delivery and others.
- Based on the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players includeAbbott Laboratories, Agilent Technologies Inc., Bio-Rad Laboratories Inc., Blacktrace Holdings Ltd, Elvesys Group, Fluidigm Corporation, Illumina Inc., Micronit B.V., Parker-Hannifin Corporation, PerkinElmer Inc., Qiagen N.V. and Thermo Fisher Scientific Inc.
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