Northbrook, IL -- (SBWIRE) -- 10/28/2021 -- According to the new market research report "Microfluidics Market by Product (Devices, Components (Chip, Sensor, Pump, Valve)), Application (IVD (POC, Clinical, Veterinary), Research, Manufacturing, Therapeutics), End User (Hospital, Diagnostic Center, Academic Institutes) - Global Forecast to 2026", published by MarketsandMarkets™, the Microfluidics Market is projected to reach USD 58.8 billion by 2026 from USD 20.7 billion in 2021, growing at a CAGR of 23.2% during the forecast period.

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The 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. The factors such as regulatory approval process which are time consuming & complex and the level of acceptance of microfluidics in the existing workflow are restraining the growth of the market. Emergence of microfluidic based 3D cell cultures systems, growing Asian market, expanding applications of drug delivery technologies using microfluidics are some growth opportunities for microfluidics market.

The COVID-19 pandemic has impacted the overall microfluidics industry in positive ways. The demand for rapid diagnostic tests, POC tests, and IVD devices with microfluidic technology utilized in drug discovery and COVID-19 testing has witnessed a significant demand. Several industry players are focusing on introducing rapid antigen tests based on microfluidics technology to detect COVID-19. Regulatory authorities also have extended support to approve microfluidics tests to combat the pandemic. Thus, the microfluidics industry has experienced positively as well as negative effects, and key players have undertaken strategic decisions to cope with the situation. The increasing number of rapid diagnostic tests, POC tests, and IVD devices also increase the demand for microfluidics kits to ensure the accuracy and precision of patients' sample results.

The microfluidic-based devices segment holds the largest market share during the forecast period.

Based on product, the microfluidics market is broadly classified into microfluidic-based devices and microfluidic components. In 2020, the microfluidic-based devices segment accounted for the largest share of the market by product. The large share of this segment can majorly be attributed to the increasing adoption of technologically advanced microfluidic-based devices in pharmaceutical & life science research, increasing need for miniaturization of laboratory equipment, growing demand for microfluidic-based PoC testing, and the increasing use of microfluidic technology for drug discovery.

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The microfluidic chips segment is expected to account for the highest rate of the Microfluidics market

The microfluidic components market, by type, is segmented into microfluidic chips, flow and pressure sensors, flow and pressure controllers, micropumps, microfluidic valves, microneedles, and other microfluidic components. The microfluidic chips segment accounted for the highest rate of 21.8% of the microfluidic components market in 2020. The increasing demand for PoC testing, growing preference for personalized medicine, an increasing number of drug discovery and life science research activities, growing need for high-speed diagnostics, and increasing government funding are factors responsible for the growth of this segment in the microfluidic market.

The in-vitro diagnostic segment is expected to grow at the highest rate during the forecast period

In this report, the microfluidics market is broadly classified into three major application segments—in vitro diagnostics, pharmaceutical & life science research and manufacturing, and therapeutics. The in vitro diagnostics segment accounted for the rate of the market in 2020. The large share of this segment is mainly attributed to the rising incidence of target diseases and the growing demand for PoC testing. The advantages of microfluidic devices over traditional devices (such as portability, compact size, increased frequency of testing, and accurate & quick analysis) have also driven the adoption of these devices in IVD applications.

In the end user segment, hospitals & diagnostic centers is expected to grow at the highest share in the market

The microfluidics market is segmented into hospitals and diagnostic centers, academic & research institutes, and pharmaceutical & biotechnology companies based on end users. The hospitals and diagnostic centers segment accounted for the largest share of the end users market in 2020. Factors attributing to the large share of the segment include the increasing use of microfluidic-based diagnostic devices, increasing adoption of microfluidic technology for the rapid diagnosis of various chronic diseases, and rising technological advancements.

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North America is expected to account for the highest share for players operating in the microfluidics market

In 2020, North America accounted for the largest share 41.7% of the global 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. APAC is known to grow at the highest rate. 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.

The global microfluidics market is highly competitive, with many global and local market players competing for higher market shares. The prominent players in the global microfluidic components market include Parker-Hannifin Corporation (US), 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), Fluigent SA (France), IDEX Corporation (US), Camozzi Automation Spa Società Unipersonale (Italy), Fortive Corporation (US), Aignep S.P.A. (Italy), SMC Corporation (Japan), Dolomite Microfluidics (UK), Cellix Ltd. (Ireland), Elveflow (France), Micronit Microtechnologies (Netherlands), and MicroLiquid (Spain).