WASHINGTON, April 22, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Microfluidics Market finds that the increase in demand for point-of-care diagnostics is expediting market growth. Primarily driven by rising private investments and venture funding for the development of new products, the total Global Microfluidics Market is estimated to reach USD 45.15 Billion by the year 2028.
The Global Market valued at USD 18.62 Billion in the year 2021, and is projected to grow at a Compound Annual Growth Rate (CAGR) of 15.90%.
Furthermore, increasing government support is also anticipated to augment the growth of the Global Microfluidics Market, states Vantage Market Research, in a report, titled “Microfluidics Market Size, Share & Trends Analysis Report by Technology (PCR & RT-PCR, Gel Electrophoresis, Microarrays, ELISA), by Application (Lab-on-a-chip, Organs-on-chips, Continuous Flow Microfluidics, Optofluidics and Microfluidics), by End User (Hospitals & Diagnostic Centres, Academic & Research Institutes, Pharmaceutical & Biotechnology Companies), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
Market Dynamics:
Increase in Demand for Point-of-care Diagnostics to Fuel Global Microfluidics Market
The increase in demand for point-of-care diagnostics is expected to fuel the growth of the Microfluidics Market during the forecast period. This is attributable to the rising prevalence of infectious diseases along with the growing preference for home healthcare. Point-of-care testing is considered to be a sensational innovation in the field of diagnosis. Microfluidic based point-of-care testing provides prompt results and also improves disease detection and diagnosis with the help of small sample volumes. Even though the accuracy and sensitivity of POCT is still arguable as compared to conventional lab-based testing, the COVID-19 pandemic put emphasis on the need for more rapid testing platforms. It will be fascinating to see how future scientific and technological advances will bridge this gap, and whether POCT will genuinely become the go-to for illness diagnosis. Further, the rising incidences of various diseases, coupled with product miniaturization and decentralization of healthcare are also expected to offer significant growth opportunities to players operating in the market.
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Key Insights & Findings from the Report:
- According to our primary respondents’ research, the Microfluidics market is predicted to grow at a CAGR of roughly 15.90% during the forecast period.
- The Microfluidics market was estimated to be worth roughly USD 18.62 Billion in 2021 and is expected to reach USD 45.15 Billion by 2028; based on primary research.
- On the basis of region, Asia Pacific is projected to dominate the worldwide Microfluidics market.
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Segmentation of Global Microfluidics Market:
- Technology
- PCR & RT-PCR
- Gel Electrophoresis
- Microarrays
- ELISA
- Non-Medical Technologies
- Application
- Lab-on-a-chip
- Organs-on-chips
- Continuous Flow Microfluidics
- Optofluidics and Microfluidics
- Acoustofluidics and Microfluidics
- Electrophoresis and Microfluidics
- End User
- Hospitals & Diagnostic Centers
- Academic & Research Institutes
- Pharmaceutical & Biotechnology Companies
- Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Growing Private Investments and Venture Funding to Augment Market Growth
The increasing private investments and venture funding for the development of new products, coupled with government support is anticipated to augment the growth of the Microfluidics Market within the estimated period. For instance, the Indian government is expected to introduce a credit incentive programme worth Rs. 500 billion in order to boost the infrastructure of the country’s healthcare sector. This will further allow firms to leverage the fund to expand their hospital capacity and supplies with the government acting as a guarantor and strengthen COVID-19-related health infrastructure in smaller towns. However, the complex and time-consuming regulatory approval process along with incorporation of microfluidics into existing workflows is expected to hamper the growth of the market in near future. Moreover, the emergence of microfluidic-based 3D cell culture systems along with expanding applications of drug delivery technologies using microfluidics is further expected to open new market avenues within the estimated time period.
COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the healthcare industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
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The report on Microfluidics Market highlights:
● Assessment of the market
● Premium Insights
● Competitive Landscape
● COVID Impact Analysis
● Historic Data, Estimates and Forecast
● Company Profiles
● Global and Regional Dynamics
Regional Analysis:
North America to Dominate the Global Microfluidics Market
North America has dominated the Global Microfluidics Market in 2021 and is likely to continue the same trend during the forecast period. The United States dominated North America in 2021. This is attributable to the development of novel microfluidic devices in the region along with increasing investments in the healthcare industry. Furthermore, the presence of well-established players and emerging companies that are engaged in manufacturing microfluidics products in the region are also anticipated to fuel the growth of the market in the region. Asia-Pacific is expected to grow at a considerable Compound Annual Growth Rate (CAGR) during the forecast period. This is attributable to the increase in government support for advanced infrastructure. The ever-increasing need for healthcare services is also expected to support regional growth of the market.
List of Prominent Players in the Microfluidics Market:
- Parker Hannifin Corporation (US)
- SMC Corporation (Japan)
- IDEXX Corporation (US)
- Fluigent SA (France)
- Aignep S.P.A. (Italy)
- Camozzi Automation SPA Societá Unipersonale (Italy)
- Dolomite microfluidics (UK)
- Elveflow (France)
- Cellix Limited (Ireland)
- Fortive Corporation (US)
- Danaher Corporation (US)
- Thermo Fisher Scientific Inc. (US)
- Perkinelmer Inc. (US)
- Agilent Technologies Inc. (US)
- Bio-Rad Laboratories Inc. (US)
- Becton
- Dickinson and Company (US)
- Illumina Inc. (US)
- F. Hoffmann-La Roche Ltd. (Switzerland)
- Fluidigm Corporation (US)
- Abbott Laboratories (US)
Browse market data Tables and Figures spread through 144 Pages and in-depth TOC on "Microfluidics Market Size, Share & Trends Analysis Report by Technology (PCR & RT-PCR, Gel Electrophoresis, Microarrays, ELISA), by Application (Lab-on-a-chip, Organs-on-chips, Continuous Flow Microfluidics, Optofluidics and Microfluidics), by End User (Hospitals & Diagnostic Centers, Academic & Research Institutes, Pharmaceutical & Biotechnology Companies), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here - https://www.vantagemarketresearch.com/press-release/microfluidics-market-618645
Recent Developments:
March, 2022: Miroculus, Inc., announced the formal launch of the Miro Canvas, a compact, easy-to-use digital microfluidics platform that enables on-demand automation of complex next-generation sequencing (NGS) sample preparation protocols.
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Microfluidics Market?
- How will the Microfluidics Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Microfluidics Market?
- What is the Microfluidics market drivers and restrictions?
- What will be the CAGR and size of the Microfluidics Market throughout the forecast period?
This market titled “Microfluidics Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Parameter | Details |
| Market Size Provided for Years | 2016-2028 |
| Base Year | 2021 |
| Historic Years | 2016-2020 |
| Forecast Years | 2022-2028 |
| Segments Covered |
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| Region & Counties Covered |
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| Companies Covered |
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| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis |
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