Microfluidics Market Growth – at a CAGR of 10.6% During Forecast Period 2019-2027
Rising demand for microfluidics technology in point-of-care diagnostic systems, increasing geriatric population, and increasing investments in ongoing research based activities are key factors expected to drive global market revenue growth
Emergen Research has published its latest report titled, “Microfluidics Market By Technology (Medical, Non-Medical), By Material (Silicon, Glass, Polymer, PDMS, Others), By Application (Lab-on-a-chip, Organs-on-chips, Continuous flow microfluidics, Optofluidics and Microfluidics, Others), and By Region Forecast to 2027”
According to Emergen Research, the global microfluidics market size was USD 13.10 billion in 2019 and is expected to reach USD 29.43 billion in 2027 and register a revenue CAGR of 10.6% during the forecast period, 2020-2027.
Microfluidics is the study of systems that can process small amounts of fluidics, using channels having dimensions at microscale ranging from ten to hundred micrometers. Microfluidic technology is widely used in various processes including immunoassays, PCR amplification, DNA analysis, cell patterning, capillary electrophoresis, separation and manipulation of cells, and isoelectric focusing among others as it offers quick analysis, accurate results. It also requires fewer reagents and helps in reducing overall drug development costs. Microfluidics is rapidly gaining traction over the recent years owing to increasing need for rapid detection of disease, rising demand for quick and precise detection, and low-volume sample analysis.
Factors such as rising prevalence of chronic and infectious diseases across the globe, rapid advancements in pharmaceutical, biotechnology, and healthcare sectors, increasing adoption of advanced microfluidic technology are expected to drive global market revenue growth. Other factors such as increasing demand for PoC devices, rising adoption of microfluidic-based pumps in laboratory settings, government initiatives for promoting PoC devices, rising investments in research and development activities are expected to fuel global market growth during the forecast period. However, time-consuming and complex regulatory norms for product approvals, high cost of advanced devices, implementation of advanced microfluidics technology in existing applications, and limited access to advanced technology are some factors that can hamper overall market growth during the forecast period.
COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Polymer Segment to Register Steady Revenue Growth:
The polymer segment is expected to register a steady revenue growth during the forecast period. Factors such as high usage of polymer-based microfluidics in tissue engineering, biology, and pharmacy, and high preference for polymer over silicone and glass due to its cost-effectiveness and reliability are expected to drive revenue growth of the segment during the forecast period.
Lab-on-a-chip Segment to Account for Largest Revenue Share:
The lab-on-a-chip segment is expected to account for largest revenue share during the forecast period owing to high demand for lab-on-chip for molecular biology applications, rapid advancements in lab-on-a-chip technology, and increasing investments for developing more enhanced devices. Lab-on-chip is highly preferred due to better detection speed, and rapid sequencing of DNA probes.
North America to Lead in Terms of Revenue Share:
North America is expected to account for largest revenue share in the global market between 2020 and 2027 owing to presence of well-established healthcare and research facilities, increasing focus on clinical and laboratory research, high adoption of new therapeutics, and favorable government initiatives. In addition, rising funds by drug discovery & development by public and private organizations, presence of leading market players, and increasing research and development activities across the region are expected to drive North America market growth during the forecast period.
Major Companies in the Market Include:
- Fluidigm Corporation
- F. Hoffmann-La Roche Ltd.
- Agilent Technologies Inc.
- Bio-Rad Laboratories Inc.
- Abbott Laboratories
- Thermo Fisher Scientific
- Micronit Micro Technologies B.V.
- Life Technologies Corporation
- Danaher Corporation
- Illumina Inc.
- PerkinElmer Inc.
For the purpose of this report, Emergen Research has segmented into the global microfluidics Market on the basis of technology, material, application, and region:
Technology Outlook (Revenue, USD Billion; 2017-2027)
Material Outlook (Revenue, USD Billion; 2017-2027)
Application Outlook (Revenue, USD Billion; 2017-2027)
- Continuous flow microfluidics
- Optofluidics and Microfluidics
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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