(MENAFN- GlobeNewsWire - Nasdaq) Dublin, Jan. 02, 2025 (GLOBE NEWSWIRE) -- The "Microfluidics market by Product (Chip, Sensor, Valve, Pump, Needle), Material (Silicon, Polymer), Application (Diagnostics (Clinical, PoC), Research (Proteomic, Genomics, Cell), Therapeutics (Drug Delivery, Wearables)), End User- Global Forecast to 2029" report has been added to ResearchAndMarkets.com's offering. The Microfluidics market is projected to reach USD 32.67 Billion by 2029 from USD 22.43 Billion in 2024, growing at a CAGR of 7.8% during the forecast period.
The report covers the key drivers, restraints, opportunities, and challenges impacting the growth trajectory of the microfluidics market. The research offers stakeholders an in-depth analysis of market potential and challenges, with a focus on major players and competitive landscapes. Moreover, micro-markets are analysed as per their overall impact to the global microfluidics sector, growth patterns, and potential. The analysis forecasts rise in market segment revenues, focusing on five key regions.
The market for microfluidics is expanding due to a number of important factors. The growing requirement for point-of-care diagnostics is one of an important factor. The necessity for fast and accurate diagnosis has risen due to the increase in chronic diseases like cancer and diabetes, which is propelling the application of microfluidics in healthcare.
Furthermore, the use of microfluidic devices is increasing due to innovations in drug delivery, organ-on-a-chip technology, and personalized medicine. Additionally, the market is driven by the rise in proteomics and genomics associated research.
Polymers to account for largest market share in 2023
The market for microfluidics is propelled by polymers because of their their low costs, ease of production and adaptability. Microfluidic device manufacturing often requires polymers such as polydimethylsiloxane (PDMS), polymethyl methacrylate (PMMA), and cyclic olefin copolymer (COC). These polymers are helpful in the fabrication of microfluidic channels and structures.
Moreover, as compared to conventional materials like silicon or glass, polymers are easier to mold and also, enables cheaper manufacturing costs. The biocompatible property of polymers makes them useful for a variety of medical applications, including medication delivery, lab-on-a-chip, and diagnostics. Due to such advantages, polymers accounts for the largest share in the microfluidics market.
Hospital and Diagnostic Centers to register highest growth rate in the market during the forecast period
Various significant factors are propelling the growth of hospitals and diagnostic centers in the microfluidics industry. One important factor is the rising requirement for point-of-care diagnostics, as they provides quick, on-site testing that improves patient outcomes.
Microfluidics play a major role in this positive outcome as it offers faster and precise result. Moreover, the requirement for efficacious diagnostics in clinical settings has risen due to the increase in infectious diseases like COVID-19. These equipment decreases cost, expedites testing methods, and improve precision and accuracy of diagnosis.
Asia Pacific to register highest growth rate in the market during the forecast period
The highest CAGR was registered by the APAC region throughout the forecast period from 2024-2029. Asia Pacific comprise India, China, Japan, Australia, South Korea and RoAPAC.
The demand for innovative technologies is increasing, especially in China, India, and Japan. Microfluidic devices for diagnostic and therapeutic applications are used due to the rise in prevalence of chronic and infectious diseases and the increase in focus on early diagnosis and preventative healthcare. The region's rising pharmaceutical and life-sciences industries are also undertaking research and development initiatives, which increases the requirement for microfluidics in personalized medicine and drug discovery.
The report provides the insights on the following pointers:
Analysis of the key drivers, restraints, opportunities, and challenges affecting the microfluidics market growth: Innovative technology and increase in prevalence of chronic diseases; increased cost of devices and stringent regulations; increase in number of diagnostic centers. Product Development/Innovation: Overview of technologies, research & development ventures and launch of innovative product & service for the microfluidics industry. Market Development: Details associated with profitable markets: this research studies the microfluidics business in various geographical regions. Market Diversification: In-depth understanding of innovative products, unexamined regions, recent developments, and expenditures in the microfluidics market. Competitive Assessment: Detailed analysis of market share, services and products offered and key strategies adopted by prominent players such as Danaher Corporation (US), Illumina Inc. (US), biomerieux (France), Thermo Fisher Scientific Inc. (US) and Abbott laboratories (US).
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