Microfluidic Devices Market
Global Market Study on Microfluidic Devices: North America to Lead Market Expansion through 2031
Microfluidic Devices Market Segmented By Glass, Polymer, Silicon Material in In-vitro diagnostics, Pharmaceutical, Medical Devices for Point of care testing, Drug Delivery, Analytical devices, Clinical and veterinary diagnostics, Environment and Industrial
Global microfluidic device demand outlook looks impressive for the years ahead, with the market expected to top US$ 21.5 Bn by the end of 2031. This industry survey by Persistence Market Research expects the microfluidic devices market to surge at a CAGR of around 24% over the forecast period of 2021-2031.
China is expected to hold 6.7% and Japan is expected to account for 10.2% global market share through 2031.
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Some of the major players in the microfluidic device market:
Key Points Covered in Microfluidic Devices Industry Survey:
- Market estimates and forecast 2016-2031
- Key drivers and restraints impacting market growth
- Segment-wise, country-wise, and region-wise analysis
- Competition mapping and benchmarking
- Brand share and market share analysis
- Key product innovations and regulatory climate
- COVID-19 Impact on microfluidic devices and how to navigate
- Recommendation on key winning strategies
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Recent Advancements in Microfluidic Devices
Growing healthcare research and the need for new developments in different fields have fueled demand for microfluidic devices as they substantially reduce the cost of research.
Researchers at the University of Illinois Chicago have recently developed a new continuous-flow microfluidic device that will aid in the study and research of drug compounds and their crystalline shapes and structures, which are key factors to determine drug stability. This new device will help researchers as well the pharmaceutical companies to evaluate data faster and speed up drug development process substantially.
This COVID-19 pandemic has increased demand for research in microbiologics, and hence, demand for microfluidic devices has also increased. Canada-based manufacturer uFluidix has doubled its manufacturing capacity to meet growing demand for microfluidic devices. This has given further impetus to market expansion, with theCOVID-19 crisis expected to further drive the market to new heights over the coming years.
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Microfluidics is an evolving scientific field with numerous analytical applications and commercial potential. It has several applications in the field of medicine, cell biology research and protein crystallization. Thus, microfluidic technology is an important tool to reduce side effects and improve the efficacy of treatments.
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Factors Promoting Growth
Globally, the microfluidic devices market is witnessing significant growth due to increasing R&D investment in pharmaceuticals, life science and rising point of care testing demand. New trends in healthcare, such as healthcare at home, supports point of care testing (POCT) as the most efficient and effective delivery of healthcare.
Additionally, the microfluidic technique has evolved into a new classification of research areas, targeting integration of laboratory protocols into miniaturized devices called lab on chip. Miniaturization reduces the cost for screening compounds in pharmaceutical companies for cell biology problems.
Point of care testing in microfluidic devices is expected to expand at a steady CAGR over the forecast period and emerge as a key contributor to overall market expansion.
Checking Out On Figures
Microfluidic devices offer various advantages for genomics including improved test speed, reduced reagent consumption and efficacy. The global microfluidic devices market was valued at US$ 5.1 Bn in 2020. The market is expected to attain a US$ 21.5 Bn valuation by the end of the year 2031, expanding at a robust CAGR of 24%.
North America has the largest share in the global microfluidic devices market. In-vitro diagnostics is the largest industry, and clinical and veterinary diagnostics is the largest application of microfluidic devices market. In terms of growth, Asia is the fastest growing region, medical devices are the fastest growing industry and point of care testing is the fastest growing application of microfluidic devices.
North America held a significant share of 25.1% in 2020 and is expected to reach a market share of 29% by the end of 2031.
Key Segments Covered in Microfluidic Devices Industry Research
- In-vitro diagnostics
- Medical Devices
- Point of care testing
- Pharmaceutical and life science research
- Drug Delivery
- Analytical devices
- Clinical and veterinary diagnostics
- Environment and Industrial
- North America
- Rest of the World