Microfluidic Devices Market Outlook
According to the report by Expert Market Research (EMR), “The Global Microfluidic Devices Market Size, Share, Analysis, Report and Forecast 2024-2032″,the global microfluidic devices market reached a value of USD 28.70 billion in 2023. Aided by the increasing prevalence of diseases and rising technological advancements, the market is expected to grow at a CAGR of 14.30% between 2024 and 2032.
Microfluidic devices are miniature systems that control and manipulate tiny fluid volumes down to a fraction of a drop. These devices have found extensive applications in a variety of fields, including diagnostics, drug delivery, and chemical synthesis, due to their capabilities of precise control over fluids at a micro-scale level. In addition to the ability to handle small fluid volumes, microfluidic devices offer advantages such as faster reaction times, better control of test conditions, and reduced reagent consumption.
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The heightened demand for prompt diagnostic procedures is a key factor driving the global microfluidic devices market growth. With the growing global population and the surge in lifestyle and infectious diseases, there has been a noticeable shift towards quick and accurate diagnostic techniques. Microfluidic devices, which offer rapid diagnostics and enhanced sensitivity, are gaining traction. Additionally, the escalating adoption of personalised medicine and point-of-care testing has increased the popularity of these devices.
The ever-expanding applications of microfluidic devices across various industries also significantly influence the microfluidic devices market expansion. In the pharmaceutical industry, these devices are integral to high-throughput screening, drug discovery, and delivery, enhancing efficiency and reducing costs. The environmental testing sector utilises microfluidic devices to monitor air and water quality. Moreover, the emergence of microfluidic devices in the field of synthetic biology, which uses engineering principles to design and construct new biological parts and systems, further fuels the market demand.
Furthermore, the rise of lab-on-a-chip technology, a device that integrates one or several laboratory functions on a single integrated circuit, has amplified the focus on microfluidic devices. This technology has seen a surge in popularity due to its ability to achieve automation, integration, and high-throughput screening in a compact system. Coupled with the rising trends of miniaturisation and microfabrication, this has led to an uptick in the production of microfluidic devices, thus accelerating the microfluidic devices market development.
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Microfluidic Devices Market Segmentation
The market can be divided based on product type, material, application, end user, and region.
Market Breakup by Product Type
- Microfluidic-Based Devices
- Microfluidic Components
- Microfluidic Chips
- Flow and Pressure Sensors
- Microfluidic Valves
- Micropumps
- Microneedles
- Other Components
Market Breakup by Material
- Glass
- Silicon
- Polymer
- Others
Market Breakup by Application
- Pharmaceutical and Life Sciences Research
- Point of Care Testing
- Drug Delivery
- Analytical Devices
- Clinical and Veterinary Diagnostics
- Environment and Industrial
- Others
Market Breakup by End User
- Hospitals and Diagnostic Centres
- Academic and Research Institutes
- Pharmaceutical & Biotechnology Companies
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Microfluidic Devices Market Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global microfluidic devices market companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Parker-Hannifin Corporation
- Agilent Technologies, Inc.
- Standard BioTools
- Fluigent S.A.
- ALine Inc,
- Blacktrace Holdings Ltd.
- Fluidigm Corporation
- Bio-Rad Laboratories, Inc.
- Hoffmann-La Roche Ltd
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