NEW YORK, October 6, 2021 / PRNewswire / – The World microfluidics market the size should reach $ 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 increasing advancements in urine chemistry, coagulation testing and hematology, is expected to create a positive environment for the global market. An increase in demand for point of service kits (POC) and the instruments are expected to propel lucrative growth opportunities for participants operating in the market. Major innovations and developments in microfluidic products further contribute to the overall growth of the market.
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Highlights of the microfluidics market
- Based on technological perspectives, the medical sector accounted for the majority of the market share and is expected to strengthen its position during the forecast period. The growth of the segment is attributable to the growing need for new molecular diagnostic solutions, minimal associated costs, and fast turnaround times.
- In terms of material, the Polydimethylsiloxane (PDMS) segment dominated the global market and is expected to experience significant growth in the coming years. The PDMS comes with optical transparency, non-toxicity, robstinacy, biocompatibility, and elastomeric characteristics this too at an affordable cost.
- North America emerge as the leading regional market for microfluidics, due to the increase in the approval rate of new microfluidic systems by the US FDA and the presence of several companies associated with the microfluidics market technology.
- The COVID-19 pandemic To positively influenced the global market. The entire industry has experienced a huge increase in demand for POC testing, 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 use only for research to POC use to detect SARS-CoV-2 virus after receiving Emergency Use Authorization (EUA) in the United States
COVID-19 pandemic set to further fuel global industry growth. There is a time-limited urgency to develop rapid diagnostic tests and to screen and develop pandemic drugs to bring the pandemic under control. Product-based PCR will significantly aid in the diagnosis of the disease.
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North America should dominate the microfluidics market, followed by the Asia Pacific Region. The substantial growth of North American market is attributed to the availability of state-of-the-art infrastructure, increased investment by government authorities, and increasing attention to laboratory research. The Asia Pacific the market is is expected to experience a higher growth rate during the forecast period, owing to the rapid growth of the biotechnology and pharmaceutical industries, increased funding for drug discovery research, and increased activity of R&D in the region.
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 BV, Cellix Ltd., and Fluidigm Corporation are a few key players operating in the global industry.
Approvals and rapid product launches are among the key strategies implemented by leading companies to strengthen their position in the global market and increase sales by meeting growing consumer demand.
- 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 – Million USD, 2016 – 2028)
- PCR & RT-PCR
- Gel electrophoresis
- Enzyme Immunoassay (ELISA)
Microfluidics, Material Outlook (Revenue – Million USD, 2016 – 2028)
- A glass
- Polydimethylsiloxane (PDMS)
Microfluidics, Application Outlook (Revenue – Million USD, 2016 – 2028)
- Continuous flow microfluidics
- Optofluidics and Microfluidics
- Acoustofluidics and Microfluidics
- Electrophoresis and microfluidics
Microfluidics, Regional Outlook (Revenue – Million USD, 2016 – 2028)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- United Arab Emirates
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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 services and in-depth business research to our clientele spread across different companies. At Polaris, we are committed to serving our diverse customer base present in healthcare, technology, semiconductor and chemicals among various other industries around the world. We strive to provide our customers with up-to-date information on innovative technologies, high growth markets, emerging business environments and the latest business-centric applications, helping them to always make informed decisions and leverage new opportunities. Following a team of highly knowledgeable, experienced and extremely skilled experts including SMEs, analysts and consultants, we at Polaris strive to provide value-added business solutions to our customers.
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SOURCE Polaris Market Research