Global Market Study on Microfluidic Devices: North America to Lead Market Expansion through 2031

Healthcare demand is expected to witness a substantiation in the upcoming period. This could be reasoned with transformation of the entire healthcare vertical from conventional procedures to digitization and automation. Demand for healthcare is also driven by telehealth, which includes telemedicine and telemonitoring. Thus, improved workflows, IoMT (Internet of Medical Things), and digital therapeutics are there to take the healthcare vertical by storm in the upcoming period. In other words, market for healthcare demand would be voracious in the near future.

The global microfluidic devices market was valued at US$ 5.1 Bn in 2020, and is estimated to surge at a CAGR of 24% during the forecast period of 2021-2031. 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.

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.
Roche Diagnostics, Abbott Laboratories, Siemens Healthcare, Agilent Technologies, Bio-Rad Laboratories, Inc, Fluidigm Corporation and Johnson & Johnson are some of the major players of microfluidic devices market.

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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
• Canada
• Europe
• Germany
• France
• Belgium
• Spain
• Italy
• Sweden
• Asia Pacific
• China
• Australia
• Japan
• India
• Rest of the World (Row)

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This release was published on openPR.