Microfluidics Industry Size

The report "Microfluidics Market by Product (Chip, Sensor, Valve, Pump, Needle), Material (Silicon, Polymer), Application (Diagnostics (Clinical, PoC), Research (Proteomic, Genomics, Cell), Therapeutics (Drug Delivery, Wearables)}, End User- Global Forecast to 2029", is projected to reach USD  32.67 Billion by 2029 from USD 22.43 Billion in 2024, growing at a CAGR of 7.8% during the forecast period. The growth in this market is driven by the  emergence of point-of-care diagnostics as these devices provide rapid, accurate, and affordable testing in compact designs and are useful in disease detection. Technological advancements in biotechnology, especially genomics, proteomics, and cellular biology, have also increased adoption levels of microfluidic systems that provide accurate manipulation of fluids at a microscale.  Increased use of microfluidics in drug delivery systems is further contributing to the expansion of this market. Additionally, increased expenditure on R&D and key strategies (such as acquisition, collaboration, partnership, product launch and expansion) adopted by prominent companies support growth. Prominent players like Danaher Corporation (US), Illumina Inc. (US), biomerieux (France), Thermo Fisher Scientific Inc. (US) and Abbott laboratories (US) are diversifying their product portfolios and participating in acquisitions and collaborations to enhance their market presence.

Browse 325 market data Tables and 67 Figures spread through 360 Pages and in-depth TOC on "Microfluidics Market by Product (Chip, Sensor, Valve, Pump, Needle), Material (Silicon, Polymer), Application (Diagnostics (Clinical, PoC), Research (Proteomic, Genomics, Cell), Therapeutics (Drug Delivery, Wearables)}, End User- Global Forecast to 2029"
View detailed Table of Content here - https://www.marketsandmarkets.com/Market-Reports/microfluidics-market-1305.html

Microfluidics-based devices to hold largest share in 2023

Due to their plenty of applications, microfluidics-based devices accounts for the largest market share in the microfluidics sector. These tools decreases the size of  analytical and diagnostic procedures, further enhancing their efficiency, accuracy and portability. Their potential to regulate less volume of sample and reagents reduces expenses and less amount of waste is generated, which is beneficial for high-throughput testing in research, diagnostics, and drug discovery laboratories. Additionally, point-of-care testing and medical diagnostics can generate quicker results due to quick processing times of microfluidics-based devices. Such devices has wide applications in molecular biology, personalized medicine, and lab-on-a-chip systems. Their efficiency is enhanced by their inclusion with innovative technologies like wearables and biosensors.

In Vitro Diagnostics has largest share in 2023

The microfluidics market is supported by in vitro diagnostics (IVD) for a number of significant reasons. First, there is increasing demand for faster and accurate point-of-care diagnostics, especially for the diagnosis of genetic abnormalities, cancer, chronic and infectious infections. Quick and in-the-moment testing can be done with IVD microfluidic devices, which is important  for fast decision-making in healthcare settings such as clinics and hospitals. Further, it improve precision and expedite results. A large number of healthcare providers find IVD testing integrated with microfluidic technologies useful as they are also cost-efficient and resource-efficient.

Hospital and Diagnostic Center accounts for largest share in 2023

Due to numerous factors, diagnostic centers have the largest share in the microfluidics market. First, point-of-care testing and home care testing is gaining popularity. Microfluidic devices aids in quick on-site diagnosis with the help of sample in small volumes (in the range of nanoliters (nL) to picoliters (pL)). Quicker and more accurate diagnosis is a feature of this technology, which has application in genetic testing and the detection of infectious diseases. Microfluidic technologies enhances the efficiency by offering hospitals and diagnostic centers with optimizing process and reduction in cost through miniaturization and automation. Microfluidic devices also requires minimum chemicals and generates less amount of waste. Hence, diagnostic centers plays a significant role in the growth of the microfluidics market.

US has the largest share in North America during the forecast period

The US dominates the microfluidics market due to its well-developed healthcare system, which raises  the requirement for advanced diagnostic tools. The wide application of microfluidics in point-of-care testing and laboratory diagnostics is made possible by this infrastructure. Further market growth is propelled by  large investment made in pharmaceuticals and healthcare diagnostics and R&D. Presence of prominent pharmaceutical companies, startups, and academic institutions assists in driving the microfluidic technology . Furthermore, the region's market growth is supported by regulatory settings and government fundings & initiatives that support innovative healthcare and advanced technologies such as organ-on-a-chip and lab-on-a-chip.

Key players in this market include 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).

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