Microfluidic Devices Market 2022
The global Microfluidic Devices Market is all set to witness a CAGR of 24% in the next decade. It is expected to reach US$ 21.5 Bn by the year 2031. With digitized communication channels making a beeline to the healthcare vertical, the advanced clinics are into virtual consultation mode, and this scenario is expected to continue even going forward. Regulatory approvals for this type of communication are on the way. Close to 70% of the public hospitals worldwide are being asked to adopt digital means. This would be the scene with the healthcare vertical in the subsequent period.
The global microfluidic devices market is expected to reach US$ 6 Bn in 2021. Global microfluidic device demand outlook is expected to scale up to around US$ 21.5 Bn by 2031. The market in the European region is expected to expand at a reasonable CAGR of around 14%, with global demand expected to reach US$ 21.5 Bn by the end of 2031.
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Globally, the microfluidic devices market is witnessing significant growth due to increasing R&D investment in pharmaceuticals, life science and rising point of care testing demand. New trends in healthcare, such as health care at home, supports point of care testing (POCT) as the most efficient and effective delivery of healthcare.
Miniaturization also reduces the cost for screening compounds in pharmaceutical companies for cell biology problems. In addition, microfluidic proteomic devices are increasingly being used to quantify and identify proteins and to study interactions of different proteins with reagent in array. Different materials such as glass, silicon, polymer metal and ceramics, are used to manufacture microfluidic devices.
Key Companies-
Some of the major players in the microfluidic device market:
Roche Diagnostics.
- Abbott Laboratories.
- Siemens Healthcare.
- Agilent Technologies.
- Bio-Rad Laboratories, Inc.
- Fluidigm Corporation.
- Johnson & Johnson.
In North America, rising aging population, increasing health awareness, rising chronic and lifestyle diseases, technological developments for various home use applications, and proper insurance coverage are driving the use of microfluidic devices in the market. Usage of microfluidic technology in North America is high compared to other regions of the world due to its early adoption and multiple applications in different industries.
In Europe, the microfluidic devices market is driven by rising diagnostic requirements due to increasing lifestyle associated diseases, aging population and improving healthcare infrastructure. On the other hand, increasing healthcare costs has shifted the focus of healthcare from hospitals to home, which would increase the use of microfluidic devices in the region.
However, Asia is becoming one of the most attractive markets for medical device companies. The growth for microfluidic devices is much faster than developed countries due to widening health insurance penetration and up-gradation of health care systems. Asia is one of the producers of generic drugs, which require microfluidic devices for toxicity testing of drugs.
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The microfluidic devices market is segmented as follows:
Microfluidic Devices Market by Material
- Glass
- Polymer
- Silicon
Microfluidic Devices Market by Application
- Clinical and veterinary diagnostics
- Point of care testing
- Pharmaceutical and life science research
- Drug delivery
- Analytical devices
- Environment and industrial
Microfluidic Devices Market by Industry
- In-vitro diagnostics
- Pharmaceuticals
- Medical devices
Microfluidic Devices Market by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- Italy
- Spain
- U.K.
- Belgium
- Netherlands
- Switzerland
- Asia
- Japan
- China
- India
- Rest of the World (Row)
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Key Questions Answered in This Report –
- What is the microfluidic devices market value?
- What will be the demand outlook for microfluidic devices by the end of 2031?
- At what rate did the market for microfluidic devices expand over the past 5 years?
- What market share is held by the top 5 players manufacturing microfluidic devices?
- How is the market expected to grow in the North American region?
- Which countries are leading the production for microfluidic devices?
- What are the market statistics for the European market?
- What is the expected market share of China and Japan in 2031?
- Who are the key exporters of microfluidic devices?
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