Dublin, Sept. 15, 2023 (GLOBE NEWSWIRE) -- The "Microfluidics Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The global microfluidics market demonstrated substantial growth, ascending from $6.91 billion in 2022 to $7.78 billion in 2023, driven by a robust compound annual growth rate (CAGR) of 12.7%. This expansion continues with projections pointing towards the market reaching $12.8 billion by 2027, maintaining a steady CAGR of 13.2%.
In this dynamic landscape, the microfluidics market research report stands as a valuable resource, offering comprehensive insights into market statistics, trends, and opportunities. Covering aspects such as global market size, regional distribution, competitor standings, detailed market segments, trends, and more, the report equips businesses with the necessary insights to excel in the microfluidics sector. With an in-depth analysis of both current and future scenarios, this report serves as an indispensable tool for understanding the industry's dynamics.
Product Innovations Driving Rapid Growth
The rapid growth of the microfluidics market is attributed to product innovations introduced by industry players. Companies operating in this sector are focusing on developing innovative products to cater to the burgeoning demand and fortify their market positions. An example of this trend can be seen in the launch of Micro Canvas by Miroculus, Inc., a California-based personal lab automation solutions developer. This digital microfluidics platform, launched in March 2022, automates complex next-generation sequencing platforms, catering to the evolving industry needs.
Industry Consolidation and Expansion
A notable development in the market was the acquisition spree by TE Connectivity, a Switzerland-based company specializing in connectors and sensors. In September 2021, TE Connectivity acquired three life science development and manufacturing firms: Toolbox Medical Innovations, Wi Inc., and microLIQUID. This strategic move enables TE Connectivity to better serve a global customer base in the life science, in vitro diagnostics (IVD), and cell therapy sectors. Toolbox Medical Innovations, based in California, focuses on IVD and life science diagnostic devices. Wi Inc., a US-based company, specializes in in-vitro diagnostic microfluidic disposable cartridges and instruments, alongside other medical devices. Spain-based microLIQUID is a contract developer and manufacturing company specializing in polymer microfluidic disposable devices.
Geographical Insights and Healthcare Industry Demand
In 2022, North America emerged as the largest region in the microfluidics market, with expectations of continued rapid growth. Geographical coverage spans Asia-Pacific, Western Europe, Eastern Europe, North America, South America, and the Middle East and Africa. Notable countries under examination include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.
The surge in demand for advanced point-of-care testing within the healthcare sector is a significant driver of the microfluidics market. Point-of-care testing enables faster diagnosis near the patient's location compared to traditional lab testing. Microfluidics-based point-of-care devices are portable, low-cost, precise, and rapid, aligning well with the growing trend toward hassle-free testing services. Government investments, such as the US Department of Health and Human Services' allocation of $650 million for point-of-care molecular tests from the American Rescue Plan, are set to accelerate the demand for microfluidics in point-of-care testing.
Leading Players and Comprehensive Market Scope
Key players in the microfluidics market include Illumina, Inc., PerkinElmer, Inc., Agilent Technologies, Inc., Abbott Laboratories, Thermo Fisher Scientific, Qiagen, Elveflow, Cellix Ltd., Fluidigm Corporation, Fluigent SA, Zeon Corporation, Innovative Biochips, LLC, Dolomite Microfluidics, Idex Corporation, and UFluidix.
Key Questions Addressed
This comprehensive report addresses critical questions to guide businesses and investors:
- Where is the largest and fastest-growing microfluidics market?
- How does the market correlate with the overall economy and similar markets?
- What factors will shape the future of the microfluidics market?
Scope and Segmentation
The report covers diverse aspects of the market, including material types and application areas:
- By Material: Silicon-Based Microfluidics; Glass-Based Microfluidics; Polymer-Based Microfluidics
- By Application: Industrial & Environmental; Drug Delivery; Pharmaceutical & Life Science Research; Analysis; Clinical & Veterinary Diagnostics
Why Purchase the Report
This report provides an encompassing global perspective on the market across 50+ geographies. It evaluates the COVID-19 pandemic's impact and post-pandemic responses. Additionally, the report assesses the implications of the Russia-Ukraine war on agriculture, energy, mineral commodities, and their influence on the market. It measures the impact of high global inflation on market expansion. With insights into regional strategies, growth segment identification, and competitor benchmarking, the report supports informed decisions based on reliable data and analysis.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 200 |
| Forecast Period | 2023 - 2027 |
| Estimated Market Value (USD) in 2023 | $7.78 billion |
| Forecasted Market Value (USD) by 2027 | $12.8 billion |
| Compound Annual Growth Rate | 13.3% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/l6lwmp
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