(EMAILWIRE.COM, December 30, 2022 ) Pune, 30, Dec, 2022: As per Maximize Market research, a global business research and consultancy firm, the total global market for Microfluidics Market was USD 20.98 Bn. in 2021 and is expected to grow at CAGR of 17.2% over the forecast period to reach USD 74.68 Bn. by 2029 with China expected to grow at a CAGR of 18.7%.
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Microfluidics Market Scope and Research Methodology
As per the analysis, the Microfluidics Market is expected to grow immensely at a high rate. The main aim of the report is to provide complicated data in a simple language. The research methodology used to estimate and forecast the Microfluidics Market began with capturing data on revenues of key players. By volume and value, the bottom up approach was used to estimate the market size. The market size of individual segments was determined through various secondary sources including white papers, industry associations and journals. Offerings of key players were also taken into consideration to determine the market segmentation. The market is segmented by product type, application, material and end-use. These main segments are further divided into sub-segments. This division of market into various segments makes report reader to understand the Microfluidics Market easily. Data triangulation and market breakdown procedures were employed to complete the overall market engineering process and arrive at the exact statistics for all segments and sub segments. For the competitive analysis, key players at global level and local level have been presented in the report. Porter’s five forces study gives the information on market power of both buyers and providers. Both the research methods, primary and secondary were used to obtain accurate inferences. The data acquired through both the research methods was combined to get a clear futuristic view of the Microfluidics Market. The SWOT analysis was conducted to obtain the strengths and weaknesses of Microfluidics Market. For the study of impacts of micro-economic factors on the Microfluidics Market, PORTAL and PESTEL analysis was employed.
Microfluidics Market Overview
Microfluidics is a technology that offers a toolkit for manipulating and handling fluid samples, particles and suspended cells. In the industries like healthcare and pharmaceuticals the use of microfluidics is increasing in recent years. The microfluidics devices are more beneficial than traditional diagnostic methods in terms of sensitivity, accuracy and specificity. One of the major factors that is driving the market growth is use of it for point-of-care (POC) testing. Numerous innovative microfluidic methods are reported every year for the cell manipulation and observation, biomarker detection, organ mimicking and many more fields. Increasing number of researchers produce, design and use microfluidic devices due to their increasing accessibility, which shows the potential for widespread applications
Microfluidics Market Dynamics
Throughout the forecast years, the sustained development of new microfluidics technologies such as paper-based microfluidics, droplet-based microfluidics and 3-D printed microfluidics is expected to drive the market growth. The sudden pressure to reduce development time and cost due to the rising demand for vaccines because of new viruses can be reduced by microfluidic technology. This technology has the key to enhancing efficiency, reducing lead times and lowering development costs. This drives the market growth. The microfluidic devices are also used for drug administration. The uses of it in drug administration has some advantages like reduction of both pain and the risk of side effects. Microfluidics technology allows the manufacture of wearable and portable products that can assure accurate and consistent drug administration due to which the technologically advanced systems such as implanted drug delivery systems may create growth opportunities for market participants. Biocompatibility and regulated medication release are the major advantages of microfluidics that are expected to provide opportunities for technological adoption.
Microfluidics Market Regional Insights
During the forecast period, the North America region is expected to grow at a high rate. The dominance of the market across the world is expected to be maintained due to the active involvement of research institutions in development of innovative microfluidic devices. In the region, United States is the country to dominate the regional market. This is because the country is home to many new microfluidics companies.
In 2021, The Asia Pacific region held a moderate revenue share. Some of the primary drivers that are driving the market growth in the region are increasing demand from the pharmaceutical and biomedical industries, rising R&D investments and increasing frequency of chronic diseases especially in Singapore. In the region, majority of the revenue in regional microfluidics market is accounted by countries India, China and Japan. This trend is predicted to continue throughout the projected period.
Microfluidics Market Segmentation
By Product Type
Cartridges & Reagents
Point of care testing
Continuous Flow Microfluidics
Acoustofluidics and Microfluidics
Optofluidics and Microfluidics
Electrophoresis and Microfluidics
Life Science Research
Microfluidics Market Key Competitors:
Standard BioTools (Previously Fluidigm)
Blacktrace Holdings Ltd. (Dolomite Microfluidic)
Thermo Fisher Scientific
Becton, Dickinson and Company
Covalent Materials, Inc.
Micropoint Bioscience, Inc.
Siloam Biosciences, Inc.
OPKO Health, Inc.
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Key questions answered in the Microfluidics Market are:
How the technological development is going to create new opportunities in Microfluidics Market?
What are the major drivers in Microfluidics Market?
Who are the key vendors in the Microfluidics Market?
Which countries account major revenue in the Microfluidics Market of Asia Pacific region?
Who are the key players in Microfluidics Market of North America region?
Who are the key players in Microfluidics Market of Asia Pacific region?
What are the factors that are acting as a restraint in the Microfluidics Market?
Microfluidics Market Forecast | 2022−2029
Microfluidics Market Size
Microfluidics Market Share
Dynamics Growth Drivers, Restraints and Key Trends
Market Segmentation A study of Microfluidics Market by Product Type, Application, Material and End Use
Competitive Landscape Top Key Manufacturers and Other Prominent Manufacturers
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