Austin, Nov. 08, 2024 (GLOBE NEWSWIRE) -- Microfluidics Market Size Analysis:
“According to S&S Insider, The Microfluidics Market Size was valued at USD 27.86 Billion in 2023 and is projected to reach USD 92.43 Billion by 2032, growing at a compound annual growth rate (CAGR) of 14.29% from 2024 to 2032.”
Rapid Growth of the Microfluidics Market Driven by Diagnostics, Personalized Medicine, and AI Integration
The microfluidics market is expanding at an evasive pace, given the growing need for low-cost and efficient diagnostic tools and precision healthcare solutions. Technologies such as lab-on-a-chip and point-of-care systems based on microfluidics are revolutionizing diagnostics, with the U.S. diagnostic and medical laboratories market valued at USD 79.4 billion in 2023. Also expected to fuel growth are advances in personalized medicine and drug development, driven by AI, with pharma companies cutting discovery costs by as much as 70% using microfluidics.
Beyond health, microfluidics' applications are reaching areas in environmental monitoring, wearable health devices, and food safety testing. Digital health moves are increasingly hitting more users in health application usage and wearable devices, thereby embedding value onto microfluidics, further strengthening its market. AI and machine learning are integrated into microfluidic devices for enhanced data analysis and automation capabilities. This integration will ensure sustained growth across various industries.
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Key Microfluidics Market Players:
- Illumina Inc.
- F. Hoffmann-La Roche Ltd
- PerkinElmer Inc.
- Agilent Technologies Inc.
- Bio-Rad Laboratories Inc.
- Danaher Corporation
- Abbott
- Thermo Fisher Scientific
- Standard BioTools
- Life Technologies Corporation
- Fluidigm Corporation
- Qiagen N.V.
- Biomérieux
- Cellix Ltd.
- Elveflow
- Micronit Micro Technologies B.V.
Microfluidics Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 27.86 Billion |
| Market Size by 2032 | US$ 92.43 Billion |
| CAGR | CAGR of 14.29% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Key Drivers |
|
Rising Chronic Disease Burden Fuels Demand for Microfluidics Solutions in Healthcare
Advanced diagnostic tools are in high demand with the increasing number of chronic diseases worldwide, and more than half a billion people are suffering from diabetes and heart conditions. In the United States, for example, new cancer cases are now 1.9 million in 2023 and require early detection and personalized treatments. Fast, accurate, and minimally invasive testing opportunities in microfluidic technologies can manipulate chronic diseases. This, in turn, raises the health challenge and places microfluidics as the perfect solution to address this high-pressure healthcare need.
Expanding Role of Microfluidics in Environmental and Food Safety Testing
Microfluidics is rapidly emerging in environmental monitoring and food safety, owing to a pressing need for real-time pollutant and contaminant detection. The market continues to escalate with a huge need for greater accuracy and efficiency of testing solutions beyond 7.7 million reported food safety tests in 2023. Compact, accurate microfluidic devices play a critical role in the rapid identification of toxins and pathogens in the food chain. The specific development of this growing application is fueling the growth of the market; hence, microfluidics is a vital technology in environmental and food safety compliance.
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Microfluidics Market Key Segmentation:
By Application
- Medical/Healthcare
- PCR & RT-PCR
- Gel Electrophoresis
- Microarrays
- ELISA
- Others
- Non-medical
By Material
- Silicon
- Glass
- Polymer
- PDMS
- Others
By Technology
- Lab-on-a-chip
- Organs-on-chips
- Continuous Flow Microfluidics
- Optofluidics And Microfluidics
- Acoustofluidics And Microfluidics
- Electrophoresis And Microfluidics
Growing Healthcare Demand for Fast Diagnostics and Personalized Medicine Drives Microfluidics Market
In 2023, medical and healthcare led the market at around 85% of the overall revenue. Rapid increases in the demand for quicker diagnostics, personalized treatments, and point-of-care solutions in disease monitoring and early detection continue to gain significant importance.
Simultaneously, the non-medical segment has also gained momentum owing to rapid demands for applications in environmental monitoring, food safety, and wearable health devices. This segment is estimated to witness growth at a CAGR of 16.94% from 2024 to 2032, which means broader expansion in the markets. Microfluidics' application in diverse industries will be crucial for maintaining its growth.
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North America Leads the Microfluidics Market in 2023, While Asia-Pacific Shows Strong Growth Potential
In 2023, North America dominated the microfluidics market with 42% share. The revenue in this region is majorly boosted by large companies, sophisticated healthcare systems, and high investments in research and development. High point-of-care testing demand, enhanced capabilities with lab-on-a-chip technology, and personal medicine help strengthen this region. The U.S. and Canada lead strongly in this region and continue at the top in microfluidics. Government interest and academic partnerships strengthen the region.
The Asia-Pacific region is also forecasted to grow at the highest CAGR of 17.48% from 2024 to 2032, driven mainly by rapid improvements in healthcare infrastructure, an increase in biotechnology and medical research investments, and rising demands for affordable healthcare. Countries like China, Japan, and India are the leading edge of this region.
Key Developments in Microfluidics Market
- In July 2024, Illumina acquired Fluent BioSciences to enhance single-cell analysis and multiomics, simplifying the procedure and eliminating complex microfluidic consumables. Fluent's PIPseq™ V technology will be integrated to enable faster, more cost-effective research.
- Bio-Rad launched Celselect Slides 2.0, designed for improved capture of rare cells and circulating tumor cells (CTCs). These slides, intended for the Genesis Cell Isolation System, facilitate better processing of liquid biopsy samples and enhance CTC recovery.
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Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
- Incidence and Prevalence (2023)
- Prescription Trends, (2023), by Region
- Device Volume, by Region (2020-2032)
- Healthcare Spending, by Region, (Government, Commercial, Private, Out-of-Pocket), 2023
6. Competitive Landscape
7. Microfluidics Market Segmentation, by Application
8. Microfluidics Market Segmentation, by Material
9. Microfluidics Market Segmentation, by Technology
10. Regional Analysis
11. Company Profiles
12. Use Cases and Best Practices
13. Conclusion
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