Global Microfluidics Market is Expected to Grow at a CAGR of 15.5% in the Forecast Period of 2024-2032

The global microfluidics market is being driven by the increased prevalence of chronic and infectious diseases, along with the progress in the testing of coagulation, blood gas electrolytes, haematology, urine chemical, and cardiovascular markers. There is a rising demand for the incorporation of microfluidic technology into POC diagnostic systems, production, fluid handling systems, as well as signal detection operations. In the forecast period, this is expected to further fuel the microfluidics market.

North America was the leading market for microfluidics in 2020, accounting for the maximum market share, followed by Europe and the Asia Pacific. The dominance of North American region is primarily due to the increased chronic disease prevalence, availability of insurance coverage for lab tests, adequate medical device reimbursements, as well as the presence of well-structured distribution channels throughout the region. In addition, the large share of the market was further driven by the high demand for self-hygiene and home care equipment and expanded applications of micropumps, inhalers, and transdermal micro-needles for chronic conditions like migraine, diabetes, cancer pain and asthma.

Illumina (NASDAQ: ILMN), one of the leading key players in the market, designs, produces, as well as markets integrated genetic variation analysis and biological function analysis systems. In November 2018, Illumina (NASDAQ: ILMN) and Pacific Biosciences (NASDAQ: PACB) announced that they have signed a contract for the acquisition of Pacific Biosciences for Illumina in an all-cash transaction. By purchasing Pacific Biosciences, Illumina will be able to provide streamlined workflows and inventions that put together the best both technologies to enable researchers advance their studies more efficiently and clinicians offer new tests at an economical level.

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Market Analysis by Material, Application, and Region:

• The materials in the market can be divided into polymer, glass, silicon, and others.

• Microfluidics finds application in pharmaceuticals, genomics, proteomics, and cell-based assays and others.

• The regional markets include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The global microfluidics market growth is being driven by the increasing demand for point-of-care (POC) testing.

• The rising demand for microfluidics technology equipment is propelling the market growth.

• The faster testing technology, along with enhanced portability, makes it a preferable alternative to the consumers.

• The development of new products with improved technology is providing a boost to the market growth.

Key Offerings of the Report:

• The EMR report gives an overview of the global microfluidics market for the periods (2018-2023) and (2024-2032).

• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the materials, applications, and major regional markets of microfluidics.

• The EMR report also assesses the market based on the SWOT and Porter’s Five Forces models.

The major key players in the global microfluidics market include Illumina, Inc., Agilent Technologies Inc, Caliper Life Sciences, Cepheid Inc, Danaher Corporation, Bio-Rad Laboratories, Inc., and Abbott Laboratories, among others. The comprehensive report covers their market share, capacity, and latest developments like mergers and acquisitions, and capacity expansions.

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