- In March 2020, Parker-Hannifin Corporation (US) launched the LM-Pro linear motor proportional valves for the ventilators market.
Northbrook, IL 60062 -- (SBWIRE) -- 10/06/2022 -- The global microfluidics market is projected to reach USD 58.8 billion by 2026, growing at a CAGR of 23.2% during the forecast period.
Rising technological advancements:
Technological advancements in microfluidic components are focused on making operational processes in healthcare industries easy and reliable. Integrated microfluidic components have been used in research labs for over twenty years. In the last decade, their use in life sciences and medical research has increased significantly because of the invention of soft lithography and large-scale microfluidic integration.
These technological advancements have increased the throughput of device production, improved rapid prototyping efforts, and enabled researchers to enhance the complexity and sophistication of experiments that can be performed on a microfluidic chip. With technological advancements, microfluidic components are quickly becoming a key technology in an expanding range of fields, such as medical sciences, pharmaceuticals, biosensing, bioactuation, and chemical synthesis. This is indicative of the transition of microfluidics from a promising R&D tool to being utilized in data collection with AI during clinical trials. Lab-on-a-chip technology, in microfluidics particularly, is a powerful platform for the construction and implementation of AI in a large-scale, cost-effective, high-throughput, automated, and multiplexed manner.
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The microfluidic-based devices segment holds the largest market share during the forecast period.
Based on product, the microfluidics market is broadly classified into microfluidic-based devices and microfluidic components. In 2020, the microfluidic-based devices segment accounted for the largest share of the microfluidics market by product. The large share of this segment can majorly be attributed to the increasing adoption of technologically advanced microfluidic-based devices in pharmaceutical & life science research, increasing need for miniaturization of laboratory equipment, growing demand for microfluidic-based PoC testing, and the increasing use of microfluidic technology for drug discovery.
The microfluidic chips segment is expected to account for the highest rate of the Microfluidics market
The microfluidic components market, by type, is segmented into microfluidic chips, flow and pressure sensors, flow and pressure controllers, micropumps, microfluidic valves, microneedles, and other microfluidic components. The microfluidic chips segment accounted for the highest rate of 21.8% of the microfluidic components market in 2020. The increasing demand for PoC testing, growing preference for personalized medicine, an increasing number of drug discovery and life science research activities, growing need for high-speed diagnostics, and increasing government funding are factors responsible for the growth of this segment in the microfluidic market.
The in-vitro diagnostic segment is expected to grow at the highest rate during the forecast period
In this report, the microfluidics market is broadly classified into three major application segments-in vitro diagnostics, pharmaceutical & life science research and manufacturing, and therapeutics. The in vitro diagnostics segment accounted for the rate of the microfluidics market in 2020. The large share of this segment is mainly attributed to the rising incidence of target diseases and the growing demand for PoC testing. The advantages of microfluidic devices over traditional devices (such as portability, compact size, increased frequency of testing, and accurate & quick analysis) have also driven the adoption of these devices in IVD applications.
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North America is expected to account for the highest share for players operating in the microfluidics market
In 2020, North America accounted for the largest share 41.7% of the global microfluidics market, followed by Europe, the Asia Pacific, and Latin America. North America has various additional advantages-investment initiatives by governments and the presence of high-quality infrastructure for clinical and laboratory research. APAC is know to grow at the highest rate. The growth in the market can be attributed to increasing R&D activities, rising government funding for drug discovery research, and high growth in the pharmaceutical and biotechnological industries.
The global microfluidics market is highly competitive, with many global and local market players competing for higher market shares. The prominent players in the global microfluidic components market include Parker-Hannifin Corporation (US), Danaher Corporation (US), Thermo Fisher Scientific (US), PerkinElmer Inc. (US), Agilent Technologies (US), Bio-Rad Laboratories, Inc. (US), Becton, Dickinson and Company (US), F. Hoffmann-La Roche (Switzerland), Illumina, Inc. (US), Fluigent SA (France), IDEX Corporation (US), Camozzi Automation Spa Società Unipersonale (Italy), Fortive Corporation (US), Aignep S.P.A. (Italy), SMC Corporation (Japan), Dolomite Microfluidics (UK), Cellix Ltd. (Ireland), Elveflow (France), Micronit Microtechnologies (Netherlands), and MicroLiquid (Spain).
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