Microfluidics Market Size Worth $55.18 Billion By 2028 | CAGR: 16.4%: Polaris Market Research

NEW YORK, Oct. 6, 2021 /PRNewswire/ -- The global microfluidics market size is expected to reach USD 55.18 billion by 2028 - new study conducted by Polaris Market Research. The market is anticipated to register a CAGR of 16.4% from 2021 to 2028. The increasing prevalence of infectious and chronic diseases coupled with the rise in advancements in urine chemistry, coagulation testing, and haematology, is projected to create a positive environment for the global market. A rise in demand for point-of-care (POC) kits and instruments is expected to propel lucrative growth opportunities for participants operating in the market. Major innovations and developments in microfluidics products are further contributing to the overall growth of the market.

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Key Highlights of Microfluidics Market

  • Based on the technology outlook, the medical segment accounted for the majority of the market share and is expected to firm its position during the forecast period. The segment's growth is attributed to the increasing need for novel molecular diagnostic solutions, minimal associated costs, and rapid turnaround times.
  • In terms of material, the Polydimethylsiloxane (PDMS) segment dominated the global market and is anticipated to witness significant growth in the coming years. The PDMS comes with optical transparency, nontoxicity, robustness, biocompatibility, and elastomeric features that too at affordable cost.
  • North America emerging as the prominent regional market for microfluidics, on account of the increasing approval rate for new microfluidic systems by the US FDA and the presence of several companies associated with microfluidics market technology.
  • The COVID-19 pandemic has positively influenced the global market. The overall industry has witnessed a huge surge in demand for POC tests, IVD devices with microfluidic technology, and rapid diagnostic tests used for COVID-19 testing and drug discovery.

In 2021, LumiraDx received approval for a microfluidic immunofluorescence assay to detect SARS-CoV-2 antigen in Japan and Brazil. In January 2021, LexaGene announced the launch of the MiQLab system from research-only use to POC use to detect the SARS-CoV-2 virus after receiving emergency use authorization (EUA) in the U.S.

COVID-19 pandemic is expected to further fuel the growth of the global industry. There is a time-bound urgency to develop rapid diagnostic tests and screen and develop drugs in pandemic times to bring down the pandemic under control. The product-based PCR will help significantly in the diagnosis of disease.

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Regional Developments

North America is projected to dominate the microfluidics market followed by the Asia Pacific region. The substantial growth of the North American market is attributed to the availability of advanced infrastructure, increasing investment by government authorities, and the growing focus on laboratory research. The Asia Pacific market is expected to witness a higher growth rate during the forecast period, owing to rapid growth in the biotechnology and pharmaceutical industries, increasing funding for drug discovery research, and a rise in R&D activities in the region.

Competitive Outlook

Players such as Roche Ltd, PerkinElmer, Agilent Technologies, Inc., Danaher Corporation, Abbott Laboratories, Life Technologies Corporation, Thermo Fisher Scientific, Biomerieu, Illumina, Inc., Qiagen, Bio-Rad Laboratories, Elveflow, Micronit Micro Technologies B.V., Cellix Ltd., and Fluidigm Corporation are few key players operating in the global industry.

Quick product approvals and launches are among the key strategies implemented by leading companies to strengthen their position in the global market and boost revenue sales by fulfilling the increasing consumer demand.

Target Audience

  • Supply Side: Laboratory Instrument Manufacturing Company
  • Demand Side: Hospital, Clinic
  • Regulatory Side: World Health Organization

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Polaris Market Research has segmented the microfluidics market report on the basis of technology, material, application, and region:

Microfluidics, Technology Outlook (Revenue – USD Million, 2016 – 2028)

  • Medical
  • PCR & RT-PCR
  • Gel Electrophoresis
  • Microarrays
  • Enzyme-linked Immunosorbent Assay (ELISA)
  • Others
  • Non-medical

Microfluidics, Material Outlook (Revenue – USD Million, 2016 – 2028)

  • Silicon
  • Glass
  • Polymer
  • Polydimethylsiloxane (PDMS)
  • Others

Microfluidics, Application Outlook (Revenue – USD Million, 2016 – 2028)

  • Lab-On-A-Chip
  • Organs-On-Chips
  • Continuous Flow Microfluidic
  • Optofluidics and Microfluidic
  • Acoustofluidics and Microfluidics
  • Electrophoresis and Microfluidics

Microfluidics, Regional Outlook (Revenue – USD Million, 2016 – 2028)

  • North America
    • U.S.
    • Canada
  • Europe
    • German
    • UK
    • France
    • Italy
    • Spain
    • Netherlands
    • Austria
    • Russia
  • Asia Pacific
    • China
    • India
    • Indonesia
    • Japan
    • Malaysia
    • South Korea
  • Latin America
    • Argentina
    • Brazil
    • Mexico
  • Middle East & Africa
    • Israel
    • Saudi Arabia
    • South Africa
    • UAE

Find more research reports on Healthcare by PMR

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About Polaris Market Research

Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for our clientele spread across different enterprises. We at Polaris are obliged to serve our diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world. We strive to provide our customers with updated information on innovative technologies, high growth markets, emerging business environments and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced and extremely qualified team of experts comprising SMEs, analysts and consultants, we at Polaris endeavor to deliver value-added business solutions to our customers.

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