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Microfluidics Market Analysis 2024 -2033: Forecasted Market Size, Top Segments, And Largest Region
The Business Research Company offers in-depth market insights through Microfluidics Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The microfluidics market size has grown rapidly in recent years. It will grow from $8.01 billion in 2023 to $9.11 billion in 2024 at a compound annual growth rate (CAGR) of 13.7%. The growth in the historic period can be attributed to strong economic growth in emerging markets, increased incidences of chronic diseases, increased number of new infections and deaths due to coronavirus disease, increased healthcare expenditure.
The microfluidics market size is expected to see rapid growth in the next few years. It will grow to $15.59 billion in 2028 at a compound annual growth rate (CAGR) of 14.4%. The growth in the forecast period can be attributed to rising demand for point-of-care testing in the healthcare industry, increasing need of microfluidics and an increased number of clinical studies for cell-based therapies . Major trends in the forecast period include use of white blood cell isolation technology, product innovations, adoption of digital microfluidics platform, use of 3d printing in microfluidics, technological advancements, use of invitro diagnostics tests and strategic partnerships and collaborations.
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Market Segmentation:
The microfluidics market covered in this report is segmented -
1) By Material: Silicon-Based Microfluidics, Glass-Based Microfluidics, Polymer-Based Microfluidics
2) By Application: Industrial & Environmental, Drug Delivery, Pharmaceutical & Life Science Research, Analysis, Clinical & Veterinary Diagnostics
Major Driver - Rising Demand For Point-Of-Care Testing Fuels Growth In The Microfluidics Market
The rising demand for advanced and better point-of-care testing in the healthcare industry is driving the microfluidics market. Point-of-care testing (POCT) allows doctors to identify and diagnose illnesses at or near the patient's location faster than traditional lab testing. The microfluidics-based POC devices are portable and low-cost devices that are very precise and rapid. Countries across the globe are increasingly investing in POC testing capabilities to provide hassle-free testing services to the country's residents, which is expected to boost demand for innovative microfluidics that are used in POC testing devices. In November 2021, the US Department of Health and Human Services (HHS) invested $650 million from the American Rescue Plan to boost manufacturing capacity for rapid point-of-care molecular tests for rapid and high-quality diagnostic testing. Therefore, the rising demand for point-of-care testing is expected to boost demand for microfluidics during the forecast period.
Competitive Landscape:
Major companies operating in the microfluidics market report are Thermo Fisher Scientific, Agilent Technologies, Illumina Inc, Bio-Rad Laboratories, Fluidigm Corporation, Dolomite Microfluidics, PerkinElmer, Inc., Biosurfit SA, Sphere Fluidics Limited, Micronit Micro Technologies B.V., Parker Hannifin Corp., Fluigent, Camozzi, Gems Sensors, Inc., Aignep S.P.A., SMC Corporation, Cellix Ltd, Elveflow, Microliquid, S.L., Danaher Corporation, BD, Absolute Ozone, FlowJEM, uFluidix, QuantWave Technologies Inc., Shelron Enterprises, Harvard Bioscience, Inc., Abaxis, Inc., OPKO Health, Inc., IDEX Health & Science LLC, Stämm, The Advanced Microfluidics and Microdevices Laboratory, Chromatotec Group, Abbott, Safarmex PTY Ltd
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Top Trend - Innovative Product Developments Propel Rapid Expansion Of The Microfluidics Market
Product innovations are contributing to the rapid growth of the microfluidics market. The companies operating in the microfluidics sector are developing innovative products to meet fast-growing industry demand and strengthen their market position. For instance, In March 2022, Miroculus, Inc., a California-based developer of personal lab automation solutions launched Micro Canvas, a digital microfluidics platform designed to automate complex next-generation sequencing platforms.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Microfluidics Market Characteristics
3. Microfluidics Market Trends And Strategies
4. Microfluidics Market - Macro Economic Scenario
5. Microfluidics Market Size And Growth
…..
27. Microfluidics Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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