According to a new report published by UnivDatos Markets Insights, the Microfluidics Market was valued at more than USD 12.4 million in 2020 and is expected to grow at a CAGR of around 18.7% from 2022-2028. The analysis has been segmented into Product Type (Microfluidic-Based Devices, And Microfluidic Components (Microfluidic Chips, Micro Pumps, Microneedles, Others)); Application (Drug Delivery, Point-of-Care Diagnostics, Biotechnology Research and Pharmaceutical, Clinical Diagnostics, Others); Material (Polymer, Silicon, Glass, PDMS, Others); Region/Country.
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The Microfluidics market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Microfluidics market. The microfluidics market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the microfluidics market at the global and regional levels.
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Market Overview
Microfluidics is an evolving scientific field with numerous analytical applications and commercial potential. It has multiple applications in the fields of medicine, cell biology research, and protein crystallization. Therefore, microfluidic technology is an important tool for reducing side effects and improving therapeutic efficacy. In addition, the expansion of the microfluidic devices market is driven by an increase in the prevalence of infectious and chronic disorders. Thus, disease screening is done with the aid of microfluidic devices.
The Microfluidics Market is expected to grow at a steady rate of around 18.7% owing to the development of microfluidic-based 3D cell culture systems. With the recent developments in microfluidic technology, 3D culture systems save time and effort in drug discovery. Microfluidic tools are also employed in the early detection of cancer. For instance, in August 2022, associates at the School of Electrical and Computer Engineering, Atlanta, U.S., developed the Cluster-Well chip, which leveraged the precision of microfluidic chips to detect metastatic cancer and enable quick and easy treatment of cancer.
Some of the major players operating in the market include Illumina Inc., F. Hoffmann-La Roche Ltd, PerkinElmer Inc, Agilent Technologies Inc., Bio-Rad Laboratories Inc., Danaher Corporation, Abbott Laboratories, Standard BioTools, Qiagen NV.
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COVID-19 Impact
The recent covid-19 pandemic has disrupted the world and has brought a state of shock to the global economy. The need for microfluidics instruments increased exponentially with the number of COVID-19 cases worldwide. Since PCR is the foundation of several authorized tests, it is the method of choice for diagnosing COVID-19. Many manufacturers have introduced products and increased their production to meet the rising demand for IVD tests as a result of the rising COVID-19 cases around the world. The PCR method can be speeded up when combined with microfluidics, which leads to more accurate test results that are available faster.
The global microfluidics market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
· Based on application, the microfluidics market is divided into drug delivery, point-of-care diagnostics, biotechnology research and pharmaceutical, clinical diagnostics, and others. Among these, biotechnology research and pharmaceutical dominate the market in terms of revenue during the forecast period. This is mainly due to the increase in use and further advancements in research and development of microfluidics.
· Based on material, the market is fragmented into the polymer, silicon, glass, PDMS, and others. The PDMS category is to witness significant adoption of microfluidics during the forecast period. PDMS is a polymer that is frequently used in microfluidics because it provides many benefits. PDMS has a number of benefits, including nontoxicity, resilience, optical clarity, permeability to gas and oxygen, biocompatibility, elastomeric characteristics, low cost, and the ability to stack several layers for complicated designs of microfluidic devices.
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Microfluidics Market Geographical Segmentation Includes:
· North America (United States, Canada, and Rest of North America)
· Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
· Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)
· Rest of the World
North America dominated the microfluidics market with a significant share in 2020. This is mainly due to the presence of established market participants in the area, the development of cutting-edge technologies, an increase in the number of studies chosen to better sample optimization, and the sizeable demand for POC diagnostics. Additionally, the active involvement of research institutes in the creation of novel microfluidic devices is anticipated to maintain the region's dominance in the next years.
The major players targeting the market include
· Illumina Inc.
· F. Hoffmann-La Roche Ltd
· PerkinElmer Inc.
· Agilent Technologies Inc.
· Bio-Rad Laboratories Inc.
· Danaher Corporation
· Abbott Laboratories
· Thermo Fisher Scientific
· Standard BioTools
· Qiagen NV.
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Microfluidics market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the microfluidics market?
• Which factors are influencing the Microfluidics market over the forecast period?
• What are the global challenges, threats, and risks in the microfluidics market?
• Which factors are propelling and restraining the microfluidics market?
• What are the demanding global regions of the microfluidics market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
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