Microfluidics Market: Current Analysis and Forecast (2022-2028)
Emphasis on 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); and Region/Country
Global Microfluidics Market is expected to grow at a significant rate of around 18.7% during the forecast period. 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. Microfluidic technology is an important tool for reducing side effects and improving therapeutic efficacy. Moreover, the rising applications of microfluidics in the life sciences & pharmaceutical industries. Thus, The ability of microfluidics devices to evaluate small amounts of samples reduces the amount of reagent waste and aids in maintaining challenging-to-produce samples. The demand for low-volume sample devices increases research activities conducted by analytical and clinical researchers. Furthermore, microfluidics devices are used 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.
Illumina Inc., F. Hoffmann-La Roche Ltd, PerkinElmer Inc, Agilent Technologies Inc., Bio-Rad Laboratories Inc., Danaher Corporation, Abbott Laboratories, Standard BioTools, Qiagen NV. are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst product type, microfluidic chips category to hold significant share during the forecast period”
Based on type, the microfluidics market is segmented into microfluidic-based devices and microfluidic components. The microfluidic components are further segmented into microfluidic chips, micro pumps, microneedles, and others. Among these, microfluidic chips accounted for a significant market share in 2020 and it is estimated that they will grow rapidly during the projected timeframe as these are used for drug screening to increase the efficiency of screening and reduce costs. Furthermore, PCR carried out on a microfluidic chip offers benefits such as speed, parallelization, and sensitivity. For instance, in October 2022, X9 Real-Time PCR System was launched by Standard BioTools, Inc., using microfluidics technology to provide a flexible and productive high-capacity genomics platform.
“Amongst material, the PDMS to hold a significant share in the market in 2020”
On the basis of material, the market is fragmented into 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 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.
“North America to hold a significant share in the market”
In 2020, North America held a significant share of the global microfluidics market. 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. For instance, in March 2022, NCATS collaborated with the U.S. FDA and other NIH institutes to design human tissue chips that precisely model the structure and function of human organs, including the heart, liver, and lungs. This initiative was expected to help predict drug safety in humans more effectively and rapidly.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global microfluidics market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Microfluidics Market Analysis (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global microfluidics market were the three major steps undertaken to create and analyze the adoption of microfluidics in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global microfluidics market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the microfluidics market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the microfluidics market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as product type, application, and material. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the microfluidics market. Further, we conducted factor analysis using dependent and independent variables such as various type, application, and material of microfluidics. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the microfluidics market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global microfluidics market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the microfluidics market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global microfluidics market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global microfluidics market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type, application, and material in the global microfluidics market.
The main objective of the Global Microfluidics Market Study
The current & future market trends of the global microfluidics market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the microfluidics market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of type, application, and material.
- Define and analysis of the regulatory framework for the microfluidics
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the microfluidics market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
- Company profiles of the microfluidics market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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