PUNE, India, Nov. 25, 2020 (GLOBE NEWSWIRE) -- The Global Microfluidic Devices Market Share, Trends, Analysis and Forecasts, 2020-2030 provides insights on key developments, business strategies, research & development activities, supply chain analysis, competitive landscape, and market composition analysis.
The global microfluidic devices market size was estimated to be US$ 13 billion in 2019 and is expected to reach US$ 40.5 billion by 2030 at a CAGR of 10.8%. Microfluidic devices are lithographic devices used for diagnosis or analysis of small volumes of fluids to perform chemical, physiological and biological processes. Microfluidics devices are gaining popularity across wide range of diagnostic applications owing to requirement of extremely low quantity of samples and efficiency in data interpretation as compared to the traditional laboratory equipment. The demand for portable and efficient diagnostic systems is increasing significantly around the globe due to increasing prevalence of infectious diseases, lifestyle diseases and chronic disorders. This has fuelled the adoption of microfluidic devices for diagnosis of wide range of devices owing to the high throughput delivered by the microfluidic devices. With commercialization of microfluidic devices, the rising demand for point-of-care devices is anticipated to be met in coming years. The global microfluidic devices market is expected to grow significantly during the forecast period.
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Rising demand from diagnostic & analytical and biomedical applications to fuel the demand for microfluidic chips
The global microfluidic devices market is segmented based on product type, material, application, end user, and geography. Based on product type, the global microfluidic devices market is segmented into microfluidic chips, microfluidic sensors, microfluidic pumps, microneedles, and others. The microfluidic chips contributed a dominating share to the global market in 2019 and is anticipated to be a dominating segment during the forecast period owing to strong demand from diagnostic & molecular testing, drug discovery, and biomedical applications. The microfluidic sensor is anticipated to be the fastest growing segment during the forecast period due to high accuracy, improved sensitivity and increasing investment in development of efficient sensors for biomedical applications.
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Rising demand for point-of-care diagnostic centers and high efficacy offered by microfluidic devices to fuel adoption of microfluidic devices across point-of-care applications
Based on application, the global microfluidic devices market is segmented into in-vitro diagnostics, point-of-care testing, clinical diagnostics, pharmaceutical research, lab analytics & testing, high throughput screening, drug delivery, and others. The point-of-care testing applications of microfluidic devices dominated the global microfluidic devices market owing to small volume samples, fast turnaround time, and affordability delivered by microfluidic devices which is extremely essential for the point-of-care testing applications. The lab analytics & testing applications are anticipated to witness prominent growth during the forecast period.
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Based on geography, the global microfluidic devices market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America contributed the largest share to the global market in 2019 owing to presence of leading microfluidic devices manufacturers, increasing investment in development of products with sample volume optimization, and rising demand for point-of-care diagnostic centers. Increasing investment in product innovation coupled with development of efficient drug delivery systems is expected to drive the growth of North America microfluidic devices market in coming years. Asia Pacific contributed a prominent share to the global market and is expected to be the fastest growing geography during the forecast period. Increasing private and public investment in the biotechnology and medical devices manufacturing is anticipated to contribute towards the growth of Asia Pacific microfluidic devices market during forecast period.
Major players active in the global microfluidic devices market include Abbott Laboratories, Agilent Technologies, Bio-Rad Laboratories, Inc., Biomérieux, Cellix Ltd., Danaher Corporation, Elveflow, F. Hoffmann-La Roche Ltd, Fluidigm Corporation, Illumina, Inc., Inc., Life Technologies Corporation, Micronit Micro Technologies B.V., PerkinElmer, Inc., Qiagen, and Thermo Fisher Scientific.
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