The global microfluidic devices market size was estimated to be US$ 13 billion in 2019 and is expected to grow at a CAGR of 10.8% through 2030. Microfluidic devices have emerged as a convenient and efficient solution for high throughput and low volume analysis of biochemical fluids. The demand for microfluidic devices is primarily driven by the rising adoption of point-of-care devices for efficient and quick assessment of wide range of medical conditions. The prevalence and increasing incidences of infectious diseases has contributed significantly towards the adoption of microfluidic devices worldwide. The demand for point-of-care devices is growing significantly owing to shifting preference towards home healthcare settings, which is consequently driving the demand for microfluidic devices. The leading manufacturers of diagnostic devices around the globe are continuously engaged towards the development of advanced and miniaturized products such as lab-on-chip or organ-on-chip to strengthen their foothold in the medical diagnostic industry. This is anticipated to propel the growth of microfluidic devices in near future. The global microfluidic devices market is anticipated to grow significantly during the forecast period.
North America contributed the largest share to the global microfluidic devices market owing to increasing investment in development of advanced diagnostic devices, presence of leading microfluidic device manufacturing companies, increasing demand for point-of-care diagnostic centers, and focused research and development towards development of sample volume optimized devices. Growth in the development of improved drug delivery systems, lab-on-chip, and organ-on-chip technology is anticipated to bolster the growth of microfluidic devices market in North America. Asia Pacific is expected to be the most lucrative geography for business expansion focused on development of microfluidic device manufacturing owing to cheap labor, increasing public investment in healthcare equipment manufacturing and expanding market in major countries such as China, India and other Southeast Asian countries.
The report titled “Microfluidic Devices Market - Global Market Share, Trends, Analysis and Forecasts, 2022-2032” wherein 2020 is historic period, 2021 is the base year, and 2022 to 2032 is forecast period. Additionally, the study takes into consideration the competitive landscape, wherein the report would provide company overview and market outlook for leading players in the global microfluidic devices market. Furthermore, the report would reflect the key developments, global & regional sales network, business strategies, research & development activities, employee strength, and key executive, for all the major players operating in the market. For instance, Abbott Laboratories reported revenues of USD 31.9 billion in 2019 and the product segment analysis of the company indicates that Medical Devices business segment of the company dominated revenue in 2019.
The global microfluidic devices market is segmented based on product type, material, application, end user, and geography. Based on product type, the global microfluidic devices market is segmented into microfluidic chips, microfluidic sensors, microfluidic pumps, microneedles, and other. Based on material, the global microfluidic devices market is segmented into glass, silicon, polymer, and others. Based on application, the global microfluidic devices market is segmented into in-vitro diagnostics, point-of-care testing, clinical diagnostics, pharmaceutical research, lab analytics & testing, high throughput screening, drug delivery, and others. Based on end user, the global microfluidic devices market is segmented into pharmaceutical & biotechnology companies, diagnostic centers, research institutes, and others. Based on geography, the global Microfluidic Devices market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
The research provides in-depth analysis of prominent players holding majority share of the global market with a focus on all operating business segment, and would identify the segment of the company focusing on microfluidic devices. Further, market share of prominent companies in the global microfluidic devices market would also be estimated. For instance, Abbott Laboratories operates through three business segments namely Nutritionals, Diagnostics, and Medical Devices. The microfluidic devices are delivered under Diagnostics business segment of the company with revenue contribution of US$ 7,713 million in 2019.
The study takes into consideration the key competitive information such as business strategy, product portfolio, key development, SWOT analysis, and research and development focus of all the microfluidic devices companies. The global microfluidic devices market study would take into consideration the participants engaged throughout the supply chain and value chain of the market, along with their contribution. Product portfolio would focus on all the products under the microfluidic devices business segment of the company. Similarly, the recent development section would focus on the latest developments of company such as strategic alliances and partnerships, merger and acquisition, new product launched and geographic expansion in the global microfluidic devices market.
Major players active in the global microfluidic devices market include Abbott Laboratories, Agilent Technologies, Bio-Rad Laboratories, Inc., Biomérieux, Cellix Ltd., Danaher Corporation, Elveflow, F. Hoffmann-La Roche Ltd, Fluidigm Corporation, Illumina, Inc., Inc., Life Technologies Corporation, Micronit Micro Technologies B.V., PerkinElmer, Inc., Qiagen, and Thermo Fisher Scientific.
InsightSLICE adopts a research methodology which is highly meticulous and comprehensive, yielding accurate research results. Our research methodology utilizes data triangulation model which helps in the precise collection and validation of information. Our set processes for problem solving and paid primary tools guarantee that any client requirement is met with utmost diligence and accuracy. Some of the primary components that are consequential to our research approach are:
Secondary Research or Desk Research
Distinctive Data Model
Secondary Sources include but are not limited to:
Past Published Research
Historical Data and Information
Primary Sources include but are not limited to:
InsightSLICE also leverages three types of data triangulation approaches as follows:
Data Source Triangulation
Extracting data and validation from multiple type of secondary and primary sources
Combining various methodologies to validate data inputs
Applying different theories to check credibility of data sets