The market for microfluidic devices is expected to grow at a CAGR of around 20.0% from 2020 to 2027 and expected to reach the market value of around US$ 26,888.1 Mn by 2027.
Microfluidics is the science and multidisciplinary field that involves engineering, physics, chemistry, biochemistry, nanotechnology, and biotechnology. It deals with the manipulation and controlling of fluids that are geometrically constrained to a small scale at which capillary penetration governs mass transport. It has emerged as the new area of research as it enables the manipulation of small volumes of fluid in a precise manner along with its application in various fields including chemistry, biology, medicine, and physical sciences. Microfluidic devices ease one-to-one interaction studies between microbes by mimicking and controlling features of the intricate microenvironment of natural microbial habitats. Microfluidic devices are referred to as “lab-on-a-chip” because biological reactions, which are traditionally carried out in laboratories, can now be performed on one chip. Additionally, the advantages associated with the microfluidic devices include shortened reaction time, integration of multiple reactions, and a reduced amount of sample and reagent on one chip. In addition, microfluidic devices have enabled the manipulation of single cells, which are difficult to handle with human hands.
The rising demand for point-of-care testing coupled with technological advancements is supporting market growth. The increasing focus on data precision and accuracy and fast returns on investment is accelerating the usage of these devices across the concerned industries. The advantages such as faster testing and improved portability through microfluidic chip miniaturization are further bolstering the demand in the market. Additionally, the entry of new players and the launch of new and advanced products is further propelling the market value.
On the other side, complex and time-consuming regulatory approval processes are projected to hinder the growth to an extent over the estimated timeframe from 2020 to 2027.
North America accounted for the maximum revenue share in the Microfluidic Devices Market
In 2019, North America registered a dominating share in terms of revenue (US$ Mn) due to the increasing incidence of chronic diseases in the region. The increasing demand for POC testing, growing academic & government investments in genomics & proteomics research, rising demand for high-quality research tools, and the increasing focus of stakeholders on research projects involving proteins, associated biomolecules, and genes are further supporting the regional market value. The region is followed by the European region.
Asia Pacific is projected to experience fastest growth throughout the forecast timeframe
Asia Pacific region along with its major economies is projected to experience the fastest growth during the estimated period from 2020 to 2027. The rapidly developing economies of the region including China and India are majorly contributing to the regional market growth. The increasing investment in healthcare solutions and research & development activities along with the increasing disposable income of the region are accelerating the market growth. The increasing focus on technological advancement by the players in the region is further bolstering the regional market value.
The players profiled in the report include Abbott, Agilent, ALine, Inc., BioFluidix GmbH, Bio-Rad Laboratories, Blacktrace Holdings Ltd. (Dolomite Microuidic), Fluidigm Corporation, Fluigent, Johnson and Johnson, Micronit, Perkin Elmer, Philips, Roche, Siemens Healthcare, and uFluidix. The major microfluidic devices players were involved in strategic developments for escalating the profit share in regional as well as the global market. The major investments were announced in the microfluidic devices market for technological advancements.
Market By Device Type
Market By Material
Market By Application
Pharmaceutical and Life Science Research
Clinical and Veterinary Diagnostics
Point of Care Diagnostics
Environmental and Industrial
Market By End User
Hospitals & Diagnostic Centers
Academic & Research Institutes
Pharmaceutical & Biotechnology Companies
Market By Geography
Middle East & Africa
The market for microfluidic devices is expected to reach a market value of around US$ 26,888.1 Mn by 2027.
The microfluidic devices market is expected to grow at a CAGR of around 20.0% from 2020 to 2027.
The rising demand for POC testing, technological advancements, increasing focus on data precision and accuracy and fast returns on investment, advantages such as faster testing and improved portability through microfluidic chip miniaturization, and launch of new and advanced products are some of the factors driving the market growth.
Abbott, Agilent, ALine, Inc., BioFluidix GmbH, Bio-Rad Laboratories, Blacktrace Holdings Ltd. (Dolomite Microuidic), Fluidigm Corporation, Fluigent, Johnson and Johnson, Micronit, Perkin Elmer, Philips, Roche, Siemens Healthcare, and uFluidix are the prominent players in the market.
North America held the highest market share in the microfluidic devices market.
Asia Pacific region is expected to be the fastest growing market over the forecast period.
In end use segment the Hospitals & Diagnostic Centers segment is growing at faster pace.