The microfluidic devices market will reach USD 59,785.3 million, advancing at a 17.3% compound annual growth rate, by 2030.
The growth of the industry is attributed to the increasing technological advancements pace and the extension of genomic and proteomic research. Various commercial applications and scientific activities can benefit from methods that allow swift and cheap experiments with a high sensitivity level.
With the advancements in the field of biotechnology recently, several microfluidic technology applications have been identified, such as drug discovery, next-generation sequencing, point-of-care diagnostics, biomarker analysis, and cell analysis. Businesses are developing enhanced devices for numerous applications that have a smaller size, a lesser cost, and a higher sensitivity & speed.
The pandemic of COVID-19 has had a positive impact on the microfluidic devices industry. This is credited to the massive demand for point-of-care assays, intravenous diagnostic devices, and rapid diagnostic tests with microfluidic technology for COVID-19 testing and drug discovery.
The polymer category, based on material, dominated the microfluidic devices market, in the past few years. The polymer has observed a substantial surge in utilization, particularly in the quick microfluidic devices prototyping, because of the lesser cost and the ease of fabrication into products of the materials.
Whereas, the glass category accounted for the second largest share in the past few years, and its usage will advance at a compound annual growth rate of approximately 18% in the years to come.
Based on application, the pharmaceuticals and biotechnology research category will advance at a rate of approximately 20%, in the years to come. This is because of the growing efforts in research in the field of microfluidics, analysis of cells, the increasing utilization of sensors and chips for carrying out immunoassays, the rising requirement for early and rapid disease diagnosis, and microarray studies & high throughput screening.
In recent years, North America accounted for the largest industry share, and it will remain the largest in the years to come. This is because of the speedy acceptance of advanced technologies by the major users in the region. In addition, the increasing research & development activities and the existence of key players will boost the growth of the industry, particularly in the U.S.
China is one of the fastest-growing microfluidic devices industry in APAC because of the growing government investment and developing facilities of healthcare. Therefore, the APAC microfluidic devices industry will arise as an attractive industry for businesses producing such medical instruments.
Whereas, the Europe industry is driven by the growing requirements for diagnosis, because of the enhancing facilities of healthcare and the increasing prevalence of illnesses; itself because of the elderly population and lifestyle changes.
It is because of the extensive analytical application and commercial prospects of these devices, as well as the growing life science sector, the microfluidic devices industry will continue to grow in the years to come.
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