Microfluidics Market to Hit USD 32.67 Billion by 2029 with 7.8% CAGR | MarketsandMarkets™

DELRAY BEACH, Fla., Oct. 10, 2024 /PRNewswire/ — The global microfluidics market is projected to grow from USD 22.43 billion in 2024 to USD 32.67 billion by 2029, driven by a 7.8% CAGR. Key growth factors include the rising demand for point-of-care diagnostics, advancements in personalized medicine, and increased R&D investment. Chronic disease management is fuelling demand for accurate and efficient diagnostic tools, while digital microfluidics is broadening the technology’s reach by enabling simpler, more cost-effective devices. However, challenges like technical complexity and limited awareness may slow adoption. Key players such as Abbott, Agilent, and Thermo Fisher are driving innovation through acquisitions and partnerships. Asia-Pacific is a significant growth region, supported by rising healthcare investments and increasing chronic disease prevalence.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1305

Browse in-depth TOC on “Microfluidics Market”

325 – Tables
67 – Figures
360 – Pages

Microfluidics-based devices accounted for the largest share of the Microfluidics market.

Based on the product segment, the Microfluidics market is segmented into – Microfluidics-based devices and microfluidic components. Advanced instruments that can regulate and analyse small volume of fluids are microfluidics-based devices. They accurately manage fluid flow by etching or molding micro-scale channels and chambers into substrates. These devices are also used in organ-on-a-chip (OOC) platforms that replicate human organ functions to aid in drug testing and disease-related research, and lab-on-a-chip (LoC) systems that combine numerous laboratory procedures in a single chip. These devices also include assays and microfluidic sensors that offers precise detection of pathogens, biomolecules and other chemical compounds.

In Vitro Diagnostics accounts for the largest share in 2023.

In vitro diagnostics (IVD) could accurately regulate and analyse minute fluid volume due to its integration with microfluidic technology. This inclusion increases the speed of test as well as make it cheaper, accurate and more automated in IVD systems. This technique can be helpful for diagnostic purposes, from standard blood and urine tests to sophisticated assays for infectious and cancerous disorders. Furthermore, the growing demand for point-of-care testing is enhancing the use of microfluidics in IVD.

By end user hospitals and diagnostic centers for the largest share in 2023.

Hospitals and diagnostic centers hold the largest share in microfluidics market by end user because of their important role in providing precise and faster medical testing and diagnostics. These organizations require microfluidic technology as they need advanced solutions to precisely and efficiently handle numerous tests. Significant advantages of microfluidics comprise decreased sample and reagent use and enhanced diagnostic precision. Furthermore, the rise in demand of point-of-care testing helps in rapid diagnostic outcomes.

North America dominates the Microfluidics market in 2023.

The microfluidics market is dominated by North America for numerous reasons. The region has a well-developed healthcare system and a wide network of hospitals, clinics, and research laboratories that adopt novel technologies. The adoption and application of microfluidics into diagnostic applications is made easier due to such facilities. Furthermore, the presence of prominent players in North America drives growth as they consistently focus on technological innovation and market expansion. Furthermore, the microfluidics market is growing in North America due to expenditure in R&D as well funding and support offered by the government. For instance, with the aid of Centre for Research and Applications in Fluidic Technologies (CRAFT), a collaboration was made between the University of Toronto, the National Research Council of Canada, and Unity Health Toronto through which Canada has achieved significant strides in the microfluidics sector. This campaign secured USD 21 million investment on February 28, 2024, to initiate research in organ-on-chip technology, biofabrication, and diagnostics.

Request Sample Pages : https://www.marketsandmarkets.com/requestsampleNew.asp?id=1305

The challenges faced by Microfluidics impede its efficacy. One important obstacle is the complicated and costly manufacturing procedure for microfluidic devices, which demands specific materials and complex fabrication methods. Regulatory obstacles further increase difficulties, as getting approval for innovative technologies can be expensive and time-consuming.

Emerging trends in the microfluidics industry are driving progress in several sectors. Lab-on-a-chip (LoC)is an emerging technology that provides low-cost solutions for environmental investigation and disease monitoring. Similarly, organ-on-a-chip (OOC) technology has reshaped pharmaceutical research by imitating human organ functioning and improving the accuracy of clinical trials.

Here are some of the key players in the Microfluidics market: Abbott laboratories (US) , Agilent Technologies, Inc. (US), Aignep S.P.A (Italy), biomerieux (France), BD(US), Bio-Rad laboratories, Inc (US), Danaher Corporation (US), Illumina Inc. (US) Parker Hannifin Coporation (US), Thermo Fisher Scientific Inc. (US), SMC Corporation (Japan), Idex Corporation (US), Fortive Corporation (US), Perkinelmer, Inc. (US), F.Hoffmann-LA Roche Ltd (Switzerland), Standard Biotools Inc. (US), Quidelortho Corporation (US), Hologic Inc. (US), Dolomite Microfluidics (UK) and Elveflow (France).

Danaher Corporation (US):  Danaher Corporation is a prominent player in the microfluidics sector and a leader in science and technology worldwide. The company has global presence in Europe, Asia Pacific and North America. In 2023, the firm expanded its product selling across North America, Europe, Asia Pacific, Latin America and Middle East and Africa. The firm offers diagnostics and medical equipment associated with microfluidics through its life sciences and diagnostics segment. Their product portfolio comprises Microfluidic dispensers, diagnostic testing systems and lab analytics tools. The firm engages in strategic acquisitions to enhance their global presence. For instance, in December 2023, the firm acquired Abcam plc (UK)to expand its reach in the proteomics field.

Illumina, Inc. (US): Illumina is a significant player in the microfluidics market. It manufactures and sells life science tools, kits and reagents. The firm offers microfluidics-based equipment through its Core Illumina segment. The firm has global presence in Africa, the Asia Pacific, Central America, Europe, the Middle East, North America, and South America. The products offered include microfluidic-based sequencing solutions such as HiSeq, MiSeq, NextSeq500, NovaSeq 6000, iScan System, MiniSeq Systems, NeoPrep Library Prep Systems and PhiX Control v3. In March 2023, illumina launched Long Read Illumina Complete Long Read Prep, Human (high-performance, long-read, human whole-genome sequencing assay that allow instruments to operate long as well as short-read sequencing.

Biomerieux (France): Biomerieux is making significant advancements in point-of-care devices and gene test kits. The firm has presence in 45 countries, offering services to 160+ nations. The company provides microfluidics products through the Clinical Applications segment. The company provides wide range of microfluidics products such as BIOFIRE Respiratory 2.1 (RP2.1) Panel, BIOFIRE SPOTFIRE respiratory solution, BIOFIRE respiratory panel, BIOFIRE SPOTFIRE respiratory panel mini, BIOFIRE Spotfire systems among others. In June 2024, the firm launched BIOFIRE SPOTFIRE Respiratory/Sore Throat Panel Mini, a kind of PCR test that can detect major pathogens that causes respiratory or sore throat infections.

For more information, Inquire Now!

Related Reports:

Sepsis Diagnostics Market

3D Cell Culture Market

Label Free Detection Market

Flow Cytometry Market

Liquid Biopsy Market

Get access to the latest updates on Microfluidics Companies and Microfluidics Market Share

About MarketsandMarkets™:

MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:
Mr. Rohan Salgarkar
MarketsandMarkets™ INC.
1615 South Congress Ave.
Suite 103, Delray Beach, FL 33445
USA: +1-888-600-6441
Email: [email protected]
Visit Our Website: https://www.marketsandmarkets.com/

Logo: https://mma.prnewswire.com/media/1951202/4609423/MarketsandMarkets.jpg

 

View original content:https://www.prnewswire.co.uk/news-releases/microfluidics-market-to-hit-usd-32-67-billion-by-2029-with-7-8-cagr–marketsandmarkets-302272562.html