The microfluidics market is worth $ 58.8 billion by 2026
CHICAGO, September 27, 2021 / PRNewswire / – According to New Market Research Report “Microfluidics market by product (devices, components (chip, sensor, pump, valve)), application (IVD (POC, clinic, veterinary), research, manufacture, therapeutics), end user (hospital, diagnostic center, academic institutes) – Global forecast for 2026 “, published by MarketsandMarkets â¢, the microfluidics market is expected to reach $ 58.8 billion by 2026 from $ 20.7 billion in 2021, with a CAGR of 23.2% over the forecast period.
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Microfluidic technologies provide rapid analysis, reduced reagent consumption, and accurate test results, and help reduce the overall cost of the drug development process. In addition to these factors, the demand for microfluidic technology is increasing due to the growing demand and adoption of PoC diagnostic devices, such as blood glucose monitoring and pregnancy test kits. Factors such as the time consuming and complex regulatory approval process and the level of acceptance of microfluidics in the existing workflow are holding back the growth of the market. The emergence of microfluidics-based 3D cell culture systems, the growth of the Asian market, the expansion of applications of drug delivery technologies using microfluidics are growth opportunities for the microfluidics market.
The COVID-19 pandemic has had a positive impact on the entire microfluidics industry. There has been significant demand for rapid diagnostic tests, POC tests and IVD devices with microfluidic technology used in drug discovery and COVID-19 testing. Several industry players are focused on introducing rapid antigenic tests based on microfluidic technology to detect COVID-19. Regulatory authorities have also extended their support for the approval of microfluidic tests to fight the pandemic. Thus, the microfluidics industry has seen both positive and negative effects, and key players have made strategic decisions to deal with the situation. The growing number of rapid diagnostic tests, POC tests, and IVD devices is also increasing the demand for microfluidics kits to ensure the accuracy and precision of patient sample results.
The microfluidic devices segment holds the largest market share during the forecast period.
Based on the product, the microfluidics market is broadly categorized into microfluidic-based devices and microfluidic components. In 2020, the microfluidic devices segment accounted for the largest market share by product. The large share of this segment can be mainly attributed to the growing adoption of technologically advanced microfluidic devices in pharmaceutical and life science research, the growing need for miniaturization of laboratory equipment, the increasing demand for PoC tests based on the microfluidics and the increasing use of microfluidic technology for drug discovery.
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Microfluidics Chip Segment Expected to Account for Highest Rate in Microfluidics Market
The microfluidic components market, by type, is segmented into microfluidic chips, flow and pressure sensors, flow and pressure controllers, micropumps, microfluidic valves, microneedles, and other microfluidic components. The microfluidic chip segment accounted for the highest 21.8% rate of the microfluidic components market in 2020. The growing demand for PoC tests, the growing preference for personalized medicine, a growing number of drug discovery activities and life sciences research, rapid diagnostics and increasing public funding are factors responsible for the growth of this segment of the microfluidics market.
In Vitro Diagnostic Segment Expected To Grow At The Highest Rate During The Forecast Period
In this report, the microfluidics market is broadly categorized into three major application segments: in vitro diagnostics, pharmaceutical and life science research and manufacture, and therapeutics. In vitro diagnostic segment accounted for the market rate in 2020. The large share of this segment is mainly attributed to the increasing incidence of target diseases and increasing demand for PoC tests. The advantages of microfluidic devices over traditional devices (such as portability, compact size, increased frequency of testing, and accurate and rapid analysis) have also led to the adoption of these devices in IVD applications.
In the end-user segment, hospitals and diagnostic centers are expected to grow to the highest market share
The microfluidics market is segmented into hospitals and diagnostic centers, academic and research institutes, and pharmaceutical and biotechnology companies based on end users. Hospitals and diagnostic center segment accounted for the largest share of the end-user market in 2020. Factors attributable to the large segment share include increasing use of microfluidic diagnostic devices, increasing adoption of technology microfluidics for the rapid diagnosis of various chronic diseases and increasing technological advancements.
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North America should represent the highest share of players operating in the microfluidics market
In 2020, North America accounted for the largest 41.7% share of the global market, followed by Europe, the Asia Pacific, and Latin America. North America has a number of additional benefits: investment initiatives by governments and the presence of high-quality infrastructure for clinical and laboratory research. APAC is known to grow at the highest rate. The growth of the market can be attributed to increased R&D activities, increased public funding for drug discovery research, and strong growth in the pharmaceutical and biotechnology industries.
The global microfluidics market is highly competitive with many global and local market players competing for higher market shares. The major players in the global microfluidic components market are Parker-Hannifin Corporation (United States), Danaher Corporation (United States), Thermo Fisher Scientific (United States), PerkinElmer Inc. (United States), Agilent Technologies (United States) United States), Bio-Rad Laboratories, Inc. (United States), Becton, Dickinson and Company (United States), F. Hoffmann-La Roche (Switzerland), Illumina, Inc. (United States), Fluigent SA (France), IDEX Corporation (United States), Camozzi Automation Spa SocietÃ Unipersonale (Italy), Fortive Corporation (United States), Aignep SPA (Italy), SMC Corporation (Japan), Dolomite Microfluidique (UK), Cellix Ltd. (Ireland), Elveflow (France), Micronit Microtechnologies (Netherlands) and MicroLiquid (Spain).
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