The new report by Expert Market Research titled, ‘Global, Share, Price, Trends, Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the global microfluidics market, assessing the market based on its segments like material, application, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2020): USD 12 Billion
• Forecast CAGR (2023-2028): 23.12%
The microfluidics market is likely to grow at an excellent pace in the coming years driven by several factors, such as advancement in technology, increasing demand for point-of-care testing, and faster testing & improved portability through microfluidic chip miniaturization. The increasing adoption of microfluidic devices owing to the advantages offered by microfluidic technology is likely to aid the market growth. However, complex and time-consuming regulatory standards regarding microfluidics technology may hinder the market growth.
Industry Definition and Major Segments
Microfluidics is both the science that studies the behaviour of fluids through micro-channels, and also the technology of manufacturing microminiaturized devices containing chambers and tunnels through which fluids flow or are confined. Microfluidics deal with extremely small volumes of fluids, down to femtoliters (fL) which is a quadrillionth of a liter.
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The microfluidics is segmented on the basis of material as:
Further, the market has also been classified based on its applications as:
• Cell Based Assays
For an in-depth analysis, the microfluidics market has also been divided into five regions namely North America, Latin America, the Asia Pacific, Europe, and the Middle East and Africa.
The demand for microfluidics is being propelled by low-volume sample analysis and high-throughput screening methodologies. Further, the advancement in technologies, such as lab-on-chip devices which uses microfluidics to continue to upthrust the market in the coming years. Microfluidic-based devices (MFDs) offer a powerful platform for automation and integration of complex tasks onto a single chip. Due to its advantageous properties, microfluidics is being used in a variety of applications, such as healthcare, medical, and biological.
Key Market Players
The major players in the market are Illumina, Inc., Agilent Technologies Inc, Caliper Life Sciences, Cepheid Inc, Danaher Corporation, Bio-Rad Laboratories, Inc., Abbott Laboratories and others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.