Microfluidics Market: Current Analysis and Forecast (2022-2028)

Microfluidics Market: Current Analysis and Forecast (2022-2028)

Microfluidics is an evolving scientific field with numerous analytical applications and commercial potential. It has multiple applications in the fields of medicine, cell biology research, and protein crystallization. Therefore, microfluidic technology is an important tool for reducing side effects and improving therapeutic efficacy. In addition, the expansion of the microfluidic devices market is driven by an increase in the prevalence of infectious and chronic disorders. Thus, disease screening is done with the aid of microfluidic devices.

The Microfluidics Market is expected to grow at a steady rate of around 18.7% owing to the development of microfluidic-based 3D cell culture systems. With the recent developments in microfluidic technology, 3D culture systems save time and effort in drug discovery. Microfluidic tools are also employed in the early detection of cancer. For instance, in August 2022, associates at the School of Electrical and Computer Engineering, Atlanta, U.S., developed the Cluster-Well chip, which leveraged the precision of microfluidic chips to detect metastatic cancer and enable quick and easy treatment of cancer.

• Based on product type, the microfluidics market is segmented into microfluidic-based devices and microfluidic components. The microfluidic components are further segmented into microfluidic chips, micro pumps, microneedles, and others. Among these, microfluidic chips accounted for a significant market share in 2020 and it is estimated that they will grow rapidly during the projected timeframe as these are used for drug screening to increase the efficiency of screening and reduce costs.
• Based on application, the microfluidics market is divided into drug delivery, point-of-care diagnostics, biotechnology research and pharmaceutical, clinical diagnostics, and others. Among these, biotechnology research and pharmaceutical dominate the market in terms of revenue during the forecast period. This is mainly due to the increase in use and further advancements in research and development of microfluidics.
• Based on material, the market is fragmented into polymer, silicon, glass, PDMS, and others. PDMS is a polymer that is frequently used in microfluidics because it provides many benefits including nontoxicity, resilience, optical clarity, permeability to gas and oxygen, biocompatibility, elastomeric characteristics, low-cost, and the ability to stack several layers for complicated designs of microfluidic devices.
• For a better understanding of the market adoption of the microfluidics industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. APAC is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to an expanding economy, a robust research infrastructure, and inexpensive labor. Thus, investors from abroad are eager to enter the undeveloped APAC microfluidics market. Foreign competitors predominate the market for microfluidic diagnostic tests. However, major competitors in the area are putting out unique and intriguing solutions that are both exciting and interesting in terms of performance and, more importantly, appealing in terms of price. This could help them increase their market share in the upcoming years.
• Some of the major players operating in the market include Illumina Inc., F. Hoffmann-La Roche Ltd, PerkinElmer Inc, Agilent Technologies Inc., Bio-Rad Laboratories Inc., Danaher Corporation, Abbott Laboratories, Standard BioTools, Qiagen NV.