Microfluidic Devices Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Microfluidic devices Market

The microfluidic devices market size was valued at USD 5.14 billion in 2018, and the market is now projected tgrow tUSD 74.97 billion by 2032, exhibiting a CAGR of 21.2% during the forecast period of 2020-2027.

The social restructuring has triggered a technological drive for accurate, gentle, sensitive and faster diagnostic tools. Microfluidics has been applied timprove the efficiency and specificity of molecular amplification methods such as PCR and immunoassay, which are currently revolutionary methods in the identification of COVID-19. Furthermore, microfluidics-based DNA sequencing methods have become useful tools in the monitoring of virus evolution and mutation and have found uses in oncology, genomics, proteomics and single cell analysis. These factors led tthe boost in microfluidic devices market growth.

An important driving force is the use of micro/scale devices for biomedical purposes. The integration of microfluidics and immunoassays is one of the most successful point of care biosensor technologies. The microfluidic chips and sensors are some of the promising multifunctional systems which enabled the performance of peculiar experiments in the biomedical area. A basic lab-on-chip alsoffers the capability of high throughput and high-speed screening of pathogen infections, identification of particular biomolecules and multiple immunoassays. These factors drive the microfluidic devices market shares.

One emerging market trend that is currently evident in microfluidic devices is the incorporation of artificial intelligence (AI) and big data in microfluidics for diagnostic and biomedical applications. Such merge and acquisition define the ability tdiagnose, invent drugs, and develop patient-specific treatments in a short time without compromising accuracy. Microfluidic devices enhanced by artificial intelligence can process numerous biological data like DNA, and cell communication networks tproduce results in less time and with greater precision. This is due tthe rising need for point of care diagnostic techniques, as well as portable and more importantly, autonomous diagnostic products.

Comprehensive Analysis of Microfluidic devices Market

The microfluidic devices market is responding quite an unprecedented rate of growth because of its market segmentation. This indicators growth in different regions by substituting the major forces of supply and demand which define the shape of local pharmacy benefit management market. Therefore, they are logically divided int4 Segments, by device type, by material analysis, by application analysis and by end-user analysis. Based on the type of the device, the global microfluidic device market has been divided intmicrofluidic chips, microfluidic sensors, and others. Thus, the chip segment is estimated thave the largest share of all the microfluidic devices on the market. The market of microfluidic devices can be classified by material intglass-based, silicon-based, polymer-based and others. Due tthe numerous facets of microfluidic mechanics there are numerous considerations tbe made when selecting a material for use in microfluidic based systems, including fabrication, integration, functionality, modifiability and cost. That, on the basis of application is sub-segmented as pharmaceutical & life science research, diagnosis and treatment, and others. Pharmaceutical and life science segment occupies the largest share among the other segments due tgrowth in research tdevelop microfluidic, chips, sensors for multiple applications for drug discovery, immunoassay, cell analysis, microarray, high-throughput screening, and for the expanding demand for devices for early and accurate diagnosis of diseases. Based on end user, the market can be divided intpharmaceutical and biotechnology companies, research institutes, diagnostic centers, hospitals and clinics, and others. Pharmaceutical & biotechnology companies segment is expected tgain the largest revenue share due tthe upsurge in usage & manufacturing of chips, sensors & other microfluidic devices for delivering enhanced, efficient products tthe consumer.

The North American region stood at USD 1.86 billion in 2018. The market in this region is expected tbe driven by faster deployment of superior technologies by key customers in particular. In addition, increasing numbers of R&D initiatives and key players are anticipated tdrive the growth of the North American market during the foreseen period.

uFluidix [Canada], PerkinElmer [U.S.], Fluidigm [U.S.], Blacktrace Holdings Ltd. (Dolomite Microfluidic) [U.K.], Micronit [Netherlands], BioFluidix GmbH‎ [Germany], Fluigent [France], ALine, Inc. [U.S.] and Philips [Netherlands] are significant players in the medical devices market. They are the key player that ensures the industry's success while still having tkeep pace with their innovation in product and services. They offer a competitive zone that incites the growth of technologies and quality assurance. They operate on a global scale and have a wide range of product lines ensuring that the market players compete on a fair playing field bringing in innovations that result in the market's evolution.

In June 2021, uFLuidix declared its plan tincrease its manufacturing capacity with a vision tfulfill the demand of the microfluidics because of COVID-19.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2015-2026

Base Year 2018

Forecast Period 2019-2026

Historical Period 2015-2017

Unit Value (USD Billion)

Segmentation By Device Type

Chips

Sensors

Others

By Material

Glass

Silicon

Polymer

Others

By Applications

Pharmaceutical & Life Science Research

Diagnosis & Treatment

Others

By End User

Pharmaceutical and Biotechnology Companies

Research Institutes

Diagnostic Centers

Healthcare Facilities and Others

By Geography

North America (U.S. and Canada)

Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)

Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific)

Latin America (Brazil, Mexico, and Rest of Latin America)

Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)