Chicago, Aug. 05, 2024 (GLOBE NEWSWIRE) -- The "Microfluidics Market Size, Share & Trends by Product (Device, Component (Chip, Sensor, Microneedle, Pump, Valve), Application (IVD (POC, Clinical, Vet), Research (Proteomic, Genomic, Cell-based, Capillary), Manufacturing), End User (Pharma, Hospital) - Global Forecast to 2028”, report highlights substantial growth projections. It anticipates the market to escalate from $22.3 billion in 2023 to $41.1 billion by 2028, at a notable CAGR of 13.0%. The microfluidics market is experiencing growth due to advancements in technology that enhance testing speed, accuracy, and cost-efficiency while minimizing reagent use. The rising demand for point-of-care test kits and the development of new drug delivery systems, such as portable and wearable devices, are further driving market expansion. Technological progress, such as the integration of microfluidics in lab-on-a-chip applications, is making significant strides in the healthcare sector, improving drug development and clinical studies. However, challenges like the slow incorporation of microfluidics into existing workflows and the need for standardization and commercialization pose obstacles. The market is dominated by companies like Thermo Fisher Scientific, PerkinElmer, and Illumina, with North America leading in market share due to supportive government initiatives and increased healthcare spending.
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Danaher Corporation: Market Leader with Extensive Microfluidics Expertise
Danaher Corporation leads the microfluidics market due to its extensive experience and broad product portfolio, which includes bioanalyzers, genomic equipment, chromatographic systems, and immunoassay testing tools. With over 30 years of innovation in microfluidics-based devices, Danaher is recognized for the precision and high quality of its equipment. The company invests 5% to 6% of its total revenue into R&D to continually enhance its offerings. Danaher's Life Sciences and Diagnostics segments, which include brands like Leica Microsystems and Pall Corporation, are instrumental in driving its market leadership.
Illumina: Innovator in Genomic Sequencing and Microfluidics
Illumina holds the second position in the microfluidics market, attributed to its advanced genomic sequencing products such as HiSeq, MiSeq, and NovaSeq. The company's significant investment in R&D—approximately 20% of its revenue—supports the development of cutting-edge microfluidic products for genomic and cell line research. Illumina's VeraCode platform, a microfluidic device used for cancer cell detection, further enhances its position in the diagnostics sector.
Thermo Fisher Scientific: Leading with Comprehensive Microfluidics Solutions
Thermo Fisher Scientific ranks third in the microfluidics market, owing to its extensive range of microfluidic products and services. The company's robust portfolios in clinical chemistry, drug monitoring, and molecular diagnostics, combined with its global distribution network, bolster its market presence. Thermo Fisher's strategic mergers and acquisitions, along with the introduction of the TagCheck COVID-19 PCR test kit, have solidified its market position. The company invested around $1 billion in R&D in 2022, driving innovation in gene sequencing, spectrometry, and clinical diagnostics through advanced microfluidic technologies.
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Microfluidics Market Segmentation
The microfluidics market is divided into two main product categories: microfluidic-based devices and microfluidic components. In 2022, the microfluidic-based devices segment is expected to experience the highest growth rate. This growth is driven by the increasing adoption of these devices in life science research, enhanced drug analysis and development, and advancements in point-of-care technology. Innovations such as 3D printing and laser micromachining have also contributed to the expansion of microfluidic devices, which offer advantages like automated operations, scalability, high throughput, small size, and low reagent consumption, resulting in substantial market growth potential.
Application-Based Market Insights
The market is segmented by application into In-Vitro Diagnostics (IVD), Pharmaceutical & Life Science Research and Manufacturing, and Therapeutics. The IVD segment holds the largest market share and includes clinical diagnostics, point-of-care, and veterinary diagnostics. The increasing incidence of diseases like Ebola, SARS, H1N1, and MERS-CoV, coupled with rising demand for point-of-care testing kits, is boosting this segment. Innovations in clinical diagnostics, driven by system engineering, automation, and IT convergence, are enhancing disease understanding and driving market growth.
Regional Market Overview
Geographically, the microfluidics market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America led the market in 2022, supported by high-quality resources for biotechnological research and clinical studies and a significant presence of microfluidic device manufacturers. However, the Asia Pacific (APAC) region is experiencing notable growth due to increased R&D activities, government support for drug discovery, local manufacturing of microfluidic components, and expanding pharmaceutical industries.
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