The report offers detailed segmentation of the global microfluidic devices market based on product, application, end user, and region. The report provides an analysis of each segment and sub-segment with the help of tables and figures. This analysis helps market players, investors and new entrants in determining the sub-segments to be tapped on to achieve growth in the coming years.
The global microfluidic devices market generated $21.7 billion in 2021, and is estimated to reach $158.1 billion by 2031, witnessing a CAGR of 22.4% from 2022 to 2031.
Alarming rise in incidence of infectious diseases, growing improvements in healthcare infrastructure, rise in prevalence of chronic diseases, and increase in geriatric population contribute toward the growth of the global Microfluidic Devices market during the forecast period
Rise in number of geriatric populations boosts the growth of the Microfluidic Devices Market size. Old age people are more prone to infectious diseases and cancer. Thus, geriatric population signifies increase in patients of chronic diseases. For instance, according to World Health Organization (WHO), by 2050, the world’s population of people aged 60 years and older will reached to 2.1 billion.
Impact of Covid-19 on Microfluidic Devices Market-
- The COVID-19 pandemic had a negative impact on the growth of the microfluidics device market, owing to the implementation of lockdown in many countries and disruptions in supply chain.
- However, the pandemic had a positive impact on the infectious disease diagnostic market as microfluidic devices have been used for the diagnosis of infectious diseases during the pandemic.
- The market is anticipated to grow even more in the post-pandemic.
Advancement in technology by key players for the development and manufacturing of microfluidic device contributes to drive the growth of the Microfluidic Industry. Increase in the awareness regarding use of micro pump in medical device and effectiveness of microfluidic components in drug delivery system cause rise in the demand of microfluidic system in biomedical industry. Thus, this factor is anticipated to drive the market growth. Moreover, increase in number of pharmaceutical and biotechnology companies cause rise in the demand for micro pump which boosts the market growth
North America accounted for a majority of the global microfluidics device market share in 2021, and is anticipated to remain dominant during the forecast period. This is attributed to rise in prevalence of infectious diseases, well established healthcare infrastructure and presence of key players in the region. Asia-Pacific is anticipated to witness lucrative growth, owing to increase in incidences of cancer, growing geriatric population and high population base.
KEY FINDINGS OF STUDY
- On the basis of product type, the microfluidic components segment was the highest contributor to the market in 2021.
- On the basis of application, the in-vitro diagnostics segment was the highest contributor to the market in 2021.
- On the basis of end user, the hospitals & diagnostic centers segment was the highest contributor to the market in 2021.
- On the basis of region, North America garnered the largest revenue share in 2021, whereas Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period
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