Microfluidic Device Market Expected to Reach US$ 657.9 Million by 2034: Fact.MR Report
Increasing Use of Microfluidic Devices in Point-of-care Diagnostics Propelling the Market Growth
Rockville , April 12, 2024 (GLOBE NEWSWIRE) -- The global microfluidic device market is estimated to attain US$ 264.5 million in 2024 and expand at a rapid 9.5% CAGR through 2034. The market is forecast to reach a valuation of US$ 657.9 million by 2034.Various factors, such as increasing demand for portable field-testing devices, integrated microfluidics point-of-care testing devices, and surging demand for rapid testing via microfluidic chip miniaturization, are propelling market growth. Various factors like increasing demand for portable field-testing devices, integrated microfluidics point-of-care testing devices, and surging demand for rapid testing via microfluidic chip miniaturization are propelling market growth.
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Increasing investments in research and development activities have resulted in extensive applications of microfluidic devices in organs-on-a-chip and Lab-on-a-chip devices since these devices have fewer sample requirements and are easy to use while being cost-effective.
The rising use of microfluidic devices in different sectors like biomedical, medical science, pharmaceutical, bio-sensing, chemical synthesis, drug discovery, and others generates lucrative opportunities for market players. generating many opportunities for market players.
*Report Attribute* *Details*
Value Projection (2034) US$ 657.9 Million
Growth Rate (2024-2034) 9.5% CAGR
No. of pages 170 Pages
No. of Tables 64 Tables
No. of Figures 192 Figures
*” Leading companies in the microfluidic device market are expected to focus on increasing their share in East Asia. Apart from this, microchips are predicted to remain a sought-after product type among end users. As a result, players are projected to launch advanced versions of microfluidic microchips in upcoming years,"* says a Fact.MR analyst.
*Key Companies Profiled in This Report*
· Illumina, Inc.
· F. Hoffmann-La Roche Ltd
· PerkinElmer, Inc.
· Agilent Technologies, Inc.
· Bio-Rad Laboratories, Inc.
· Danaher Corporation
· Abbott
· Thermo Fisher Scientific
· Standard BioTools
· Others
*Key Takeaways from the Microfluidic Device Market Study*
· In 2019, the microfluidic device market gained US$ 177.1 million in 2019.
· The North America microfluidic device industry is expected to acquire a market share of 33.4% in 2024. In the same year, the country is estimated to obtain a value of US$ 88 million in 2024 and expand at a CAGR of 6.8% thereon.
· The East Asia microfluidic device industry is predicted to be 14.6% in 2024. The regional market is estimated to be worth US$ 39 million in 2024. By 2034, the market is forecast to reach US$ 125 million.
· The microchips segment is expected to obtain 45.9% by product in 2024. In 2024, the segment is estimated to generate sales worth US$ 121.4 million. By 2034, the segment is forecast to generate revenue of US$ 309.2 million.
· Based on end users, the diagnostic centers segment is expected to procure 33.9% in 2024. The segment is expected to expand at a CAGR of 9.3%.*Competitive Landscape*
Key players in the microfluidic device market are observing fierce competition. Market contenders are exploring new applications for microfluidic devices in environmental monitoring, drug discovery, and even personalized medicine. Additionally, companies are experimenting with new materials like plastics, paper, and 3D-printed polymers to develop cost-effective, disposable microfluidic devices to increase accessibility. Leading players are further seen integrating AI and automation in their workflows for more accuracy and efficiency.
*Latest Launches in the Microfluidic Device Market *
· Miroculus Inc. introduced the Miro Canvas, a compact, easy-to-use digital microfluidics platform, in March 2022. The company facilitates on-demand automation of complex next-gen sequencing (NGS) sample preparation protocols.
· In January 2022, Flulidix introduced a call for manufacturing projects that require funding. The uFluidix team multiplied its manufacturing capacity by 2X in the last year. Currently, the team is maximizing new process variables in thermoplastic microfluidic chips.uFluidix, in January 2022, introduced a call for manufacturing projects that require funding. The uFluidix team multiplied its manufacturing capacity by 2X in the last year. Currently, the team is maximizing new process variables in thermoplastic microfluidic chips.
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*Country-wise Insights*
The United States microfluidic device market is projected to capture an 89.3% value share in 2024. The market is estimated to account for US$ 79 million in 2024 and is projected to expand at a CAGR of 6.7% during the forecast period. By 2034, the market is forecast to reach US$ 151 million.
China's microfluidic market is projected to obtain a market share of 51.5% in 2024. The country is estimated to collect US$ 20 million in revenues in 2024. By 2034, the market is forecast to be worth US$ 69 million, recording a CAGR of 13.2%. Increasing population base, increasing investments in the healthcare sector, and enhancing healthcare infrastructure are all predicted to support market growth.
*Explore More Related Studies Published by Fact.MR Research: **Point of Care Diagnostics Market: *The global point of care diagnostics market size was valued at US$ 34.1 Billion in 2020, and is anticipated to surge to a valuation of US$ 66 Billion by 2028.
*Drug Delivery Systems Market: *The worldwide drug delivery systems market was worth around US$ 40 Billion in 2022 and is expected to grow at a CAGR of more than 7.8% from 2022 to 2032, reaching roughly US$ 80 Billion by 2032.
*mHealth Market: *The global mHealth market will increase from a valuation of US$ 70.98 billion in 2024 to US$ 194.02 billion by 2034-end.
*About Fact.MR**:*
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