Microfluidics Market by Product (Device, Component (Chip, Sensor, Microneedle, Pump, Valve), Application (IVD (POC, Clinical, Vet), Research (Proteomic, Genomic, Cell-based, Capillary), Manufacturing), End User (Pharma, Hospital) - Global Forecast to 2028
The microfluidics market is valued at an estimated USD 22.3 billion in 2023 and is projected to reach USD 41.1 billion by 2028, at a CAGR of 13.0% during the forecast period. Microfluidics technologies minimize the overall cost of the drug development process by providing quick analysis, reduced reagent use, and reliable results of tests. Besides all of these factors, the demand for microfluidics technology is rising as a result of the expanding use and acceptance of point-of-care diagnostics tools like glucose monitors and pregnancy test kits.
“The microfluidic-based devices segment is projected to witness the highest growth in the microfluidics market, by type of products, during the forecast period.”
The microfluidics market can be broadly classified into microfluidic-based devices and microfluidic components, depending on the product. The microfluidics market by product was dominated by the microfluidic-based devices segment in 2022. This segment's highest growth rate can be largely attributed to the growing use of technologically sophisticated microfluidic-based devices in pharmaceutical and life science research, the increasing requirement for laboratory equipment miniaturization, increasing consumer demand for microfluidic-based PoC testing, and the growing application of microfluidic technology for drug discovery.
“The microfluidic chips segment, by product type, has the highest rate during the forecast period.”
The flow and pressure sensors, flow and pressure controllers, micropumps, microfluidic valves, microneedles, and other microfluidic components are the types of microfluidic components that make up the market by type. In 2022, the market for microfluidic components was dominated by the microfluidic chips category. The growth of this microfluidic market segment is attributed to factors such as rising demand for PoC testing, rising preference for personalized medicine, rising number of drug discovery and life science research activities, rising need for high-speed diagnostics, and rising government funding.
“Asia Pacific market to witness the highest growth during the forecast period.”
During the forecast period, APAC is anticipated to grow at the fastest rate. The major factors promoting the growth of the microfluidics market in this region are the growing number of elderly people, rising per capita income, growing investments in the healthcare industry by key players, increasing demands for advanced technologies, and expansion of private sector hospitals to rural areas in various countries in the Asia Pacific.
A breakdown of the primary participants (supply-side) for the microfluidics market referred to for this report is provided below:
By Company Type: Tier 1: 42%, Tier 2: 35%, and Tier 3: 23%
By Designation: C-level Executives: 28%, Directors: 35%, and Others: 37%
By Region: North America: 33%, Europe: 24%, Asia Pacific: 18%, Latin America: 10%; Middle East: 10%; Africa: 5%
The prominent players operating in the microfluidics market are Parker Hannifin Corporation (US), SMC Corporation (Japan), Bio-Rad Laboratories, Inc. (US), Thermo Fisher Scientific Inc. (US), PerkinElmer, Inc. (US), Agilent Technologies, Inc. (US), Fluigent SA (France), Aignep S.P.A. (Italy), Camozzi Automation SPA Societá Unipersonale (Italy), Dolomite microfluidics (UK), Elveflow (France), Becton, Dickinson and Company (US), Illumina Inc. (US), F. Hoffmann-La Roche Ltd, IDEX Corporation (US), Danaher Corporation (US), Cellix Limited (Ireland), Fortive Corporation (US), (Switzerland), Fluidigm Corporation (US) and Abbott Laboratories (US).
The market study covers the microfluidics market across various segments. It aims at estimating the market size and the growth potential of this market across different segments by product, application, end-user, and region. The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to their product and business offerings, recent developments, and key market strategies.
Reasons to Buy the Report
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall microfluidics market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
This report provides insights into the following pointers:
Analysis of key drivers (Rising demand for point-of-care testing, Rising technological advancements, Increasing focus on data precision and accuracy, Highly economical, Rapid testing and improved portability through microfluidic chip miniaturization), restraints (Complex and time-consuming regulatory approval process, Incorporation of the microfluidics into existing workflows), opportunities (Emergence of microfluidic-based 3D cell culture systems, Asia—a key growth market, Expanding applications of drug delivery technologies using microfluidics, Growing applications of microfluidics in the life sciences and pharmaceutical industries) and challenges (Standardization/commercialization of microfluidic devices) influencing the growth of the microfluidics market
Market Penetration: Comprehensive information on product portfolios offered by the top players in the global microfluidics market. The report analyzes this market by type of product , application, and region.
Product Enhancement/Innovation: Detailed insights on upcoming trends and product launches in the global microfluidics market.
Market Development: Comprehensive information on the lucrative emerging markets by type of product , application, and region.
Market Diversification: Exhaustive information about new products and services, growing geographies, recent developments, and investments in the global microfluidics market.
Competitive Assessment: In-depth assessment of market shares, growth strategies, product and service offerings, and capabilities of leading players in the global microfluidics market.