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Latest Study on “Microfluidics Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2027”.
The global Microfluidics market size is expected to be worth around US$ 47.9 Billion by 2027, according to a new report by nova one advisor.
The global Microfluidics market size was valued at US$ 16.2 Billion in 2020 and is anticipated to grow at a CAGR of 24.2% during forecast period 2021 to 2027.
Overview of Microfluidics Market Study
Microfluidics market study conducted by Nova One Advisor is intended at helping stakeholders get a comprehensive overview of potential challenges and undiscovered opportunities. The report offers exclusive insights to help companies and their customers to make informed decision to sustain growth through the assessment period.
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Microfluidic technologies offer quick analysis, reduced reagent consumption, and accurate test results and help in reducing the overall cost of the drug development process. In addition to these factors, the demand for microfluidics technology is increasing owing to the growing demand and adoption of PoC diagnostic devices, such as glucose monitoring and pregnancy test kits.
Microfluidics Market DynamicsDriver: Rising demand for point-of-care testingThe global PoC diagnostics market is expected to showcase lucrative growth potential (~10%) in the coming years. This growth is largely due to the rising prevalence of lifestyle-related and infectious diseases and the increasing preference for home healthcare. In addition, growing private investments and venture funding for the development of new products, coupled with government support for improving the adoption of PoC devices, are supporting the growth of the PoC diagnostics market. The rising incidence and prevalence of various diseases, coupled with product miniaturization and decentralization of healthcare, are the major factors that are expected to offer significant growth opportunities to players operating in the PoC diagnostics market.
Restraint: Complex and time-consuming regulatory approval processManufacturers of medical devices are required to comply with stringent regulatory policies to ensure the marketing and sales of their products in global markets. The US is a major manufacturing hub for microfluidic devices as a majority of the leading global players are based in the country. In the US, the FDA has set stringent regulatory standards and guidelines to ensure the safety and efficacy of medical devices. However, over the last few years, the FDA approval process for medical devices has become a lengthy and complex process. This is a major challenge faced by companies while launching new and innovative products in the US. For instance, the average approval time for a 510(K) application increased to 151 days during 2011–15, which was 96 days from 2001–05. This is expected to have a major impact on the drug delivery, pharmaceutical, and IVD industries. Furthermore, during the approval process, it is not certain whether the product will receive approval or the terms of approval may have a negative impact on the profitability of the product. Any enforcement action by governments also results in negative publicity, which impacts the market adversely.
Opportunity: Emergence of microfluidic-based 3D cell culture systemsOrgan-on-a-chip systems can be used to study many biomedical phenomena in drug development and toxicity testing as well as in personalized medicine (where stems cells derived from individual patients can be used to identify which therapies are likely to succeed). Recent advances have enabled the use of microfluidics in 3D cell culture to develop microenvironments that support tissue differentiation and replicate the tissue-tissue interface, spatiotemporal chemical gradients, and mechanical microenvironments of living organs. Organ-on-a-chip models enable the study of human physiology in an organ-specific context, which allows the development of in vitro disease models and eventually serves as a replacement for animal models in drug development and toxicity testing. Given its potential, a number of research studies are being conducted to evaluate the performance of microfluidic chips in pharmaceutical studies.
Challenge: Standardization/ commercialization of microfluidic devicesCustomer acceptance and market adoption are the two major factors that affect the commercialization of any product or technology in the market. There are many academic publications of proof-of-concept for microfluidic technology-embedded medical devices and equipment, but the incorporation of this technology in end-use products has been limited over the last decade owing to the lack of standardized microfluidic devices that can be used by multiple end users. Despite the fact that microfluidics is a promising laboratory tool and is used in some applications, the technology is still not widely adopted in major applications in the life sciences and medical device industries. In addition, investors and venture capitalists are more interested in investing their funds in projects or products that give them faster returns on investment. As a result, researchers are forced to redirect their focus from innovative technologies such as microfluidics to other marketable products.
North America is expected to account for the largest share of the microfluidics market in 2020In 2020, North America accounted for the largest share—41.7%—of the global microfluidics market, followed by Europe, the Asia Pacific, and Latin America. North America has various additional advantages—investment initiatives by governments and the presence of high-quality infrastructure for clinical and laboratory research. The growth in the market can be attributed to increasing R&D activities, rising government funding for drug discovery research, and high growth in the pharmaceutical and biotechnological industries.
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COVID-19 Impact on Microfluidics Sales
Businesses today are operating in a dynamic environment. Earlier focus primarily concentrated on keeping pace with changing consumer preferences. COVID-19 outbreak was unprecedented and exposed vulnerabilities of various industries. Pandemic-induces obstacles also were registered in the Microfluidics market.
Sales plummeted as COVID-19 gradually tightened its noose worldwide. Supply-chain disruptions caused massive losses, while demand took nose-dive as consumers remained indoors with affected countries implementing either partial or complete lockdown.
Gradual recovery however is on the cards with the roll out of vaccinations. Nonetheless, consecutive waves of the virus compelled businesses to stay prepared for the worst. As government and healthcare organizations successfully implement steps to contain the spread of COVID-19, industries have begun operations, albeit at a slow and more cautious pace.
Against this backdrop, Nova one advisor’s study predicts gradual recovery for the Microfluidics market 2021 onwards. This trend will however continue through the course of the report’s assessment period
This report provides detailed company profiles of the key market players. This research report also highlights the competitive landscape of the Microfluidics market and ranks noticeable companies as per their occurrence in diverse regions across globe and crucial developments initiated by them in the market space. This research study also tracks and evaluates competitive developments, such as collaborations, partnerships, and agreements, mergers and acquisitions; novel product introductions and developments, promotion strategies and Research and Development (R&D) activities in the marketplace. The competitive profiling of these players includes business and financial overview, gross margin, production, sales, and recent developments which can aid in assessing competition in the market.
Some of the prominent players in the Microfluidics market include:
Danaher Corporation (US), Thermo Fisher Scientific (US), PerkinElmer Inc. (US), Agilent Technologies (US), Bio-Rad Laboratories, Inc. (US), Becton, Dickinson and Company (US), F. Hoffmann-La Roche (Switzerland), Illumina, Inc. (US), Fluidigm Microfluidics (US), Abbott Laboratories (US), QIAGEN (Netherlands), Parker-Hannifin Corporation (US), Fluigent SA (France), Idex Corporation (US), Camozzi Automation Spa Società Unipersonale (Italy), Gems Sensors and Control (US), Aignep S.P.A. (Italy), SMC Corporation (Japan), Dolomite Microfluidics (UK), Cellix Ltd. (Ireland), Elveflow (France), Microfluidic ChipShop (Germany), Micronit Microtechnologies (Netherlands), and MicroLiquid (Spain)
Unravelling the Critical Segments
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:
By End User
Why Buy this Report?
The purpose of Nova one advisor’s Microfluidics market study is to provide stakeholders with a detailed picture of potential barriers and untapped opportunities. The report contains exclusive information to assist businesses in making informed decisions about how to maintain growth throughout the assessment period.
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Nova One Advisor is a worldwide market research and consulting organization. We give unmatched nature of offering to our customers present all around the globe across industry verticals. Nova One Advisor has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings. We are obliged to serve our different client base present over the enterprises of medicinal services, healthcare, innovation, next-gen technologies, semi-conductors, chemicals, automotive, and aerospace & defense, among different ventures present globally.
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