Microfluidics Market SWOT and PEST Analysis 2021-2031
The microfluidics market was valued at US$ 16.47 billion in 2021 and is expected to reach US$ 85.49 billion by 2031. The market is expected to register a CAGR of 17.9% in 2023–2031. 3D printing in microfluidics will likely remain a key market trend.
Microfluidics Market Analysis
The microfluidics market is expanding quickly due to biotechnology, medicine, and healthcare applications. Miniaturization, automation, and high throughput capabilities are important components. Players in the market include established businesses and start-ups pioneering in fields like point-of-care testing, drug delivery, and diagnostics. North America and Europe are the leading regions because of their strong investment in and infrastructure for research. Integration for improved functionality and efficiency with other technologies, such as AI and IoT, is one of the emerging trends in the market.
Microfluidics Market Overview
Microfluidics encompasses two fields of study: the science of fluid behavior in micro-channels and the technology of producing microminiaturized devices with tunnels and chambers for fluid flow or confinement. The field of microfluidics deals with fluid volumes as small as femtoliters (fL), or a quadrillionth of a liter. On the micrometric scale, fluids behave very differently from their real-world counterparts. These peculiarities are crucial for new scientific discoveries and experiments. These days, microfluidics offers effective instruments for various fields of study, particularly biological analysis. Complete biological process streamlined and integrated for end users, assays with high throughput, multiplexing, and high parallelization quicker analyses because of the shortened times for reactions and separation, portable tools for use in point-of-care settings, minimal reagent usage, reduction of global costs per analysis, microfluidics enables precise measurement. It raises the measurement resolution in specific applications, etc., which are benefits offered by microfluidics. This may lead to rising demand for microfluidics, boosting market growth.
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Microfluidics Market: Strategic Insights
Market Size Value in US$ 11,851.1 million in 2019 Market Size Value by US$ 43,398.7 million by 2027 Growth rate CAGR of 17.9% from 2019 to 2027. Forecast Period 2019-2027 Base Year 2019
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Microfluidics Market: Strategic Insights
| Market Size Value in | US$ 11,851.1 million in 2019 |
| Market Size Value by | US$ 43,398.7 million by 2027 |
| Growth rate | CAGR of 17.9% from 2019 to 2027. |
| Forecast Period | 2019-2027 |
| Base Year | 2019 |
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Microfluidics Market Drivers and Opportunities
Increase in Use of Microfluidics Techniques in Pharmaceutical Industry Market
The pharmaceutical industry has incorporated numerous microfluidic processes in personalized medicine to find and deliver novel medications. Microfluidic devices can accelerate numerous stages of the process, such as target selection, clinical trials, chemical synthesis, formulations studies, and product management. Given the high expense of drug R&D, these developments might eventually help consumers and drive market growth.
Emerging Applications of Microfluidics in Various Filed – An Opportunity in Microfluidics Market
In academic research, microfluidics continues to be an interdisciplinary field where engineers and cell biologists collaborate. The goal of these partnerships is to improve cell culture experimentation continuously. Conversely, the biomedical sector is only now beginning to leverage microfluidics to a great extent. Microfluidic devices have been used in several significant recent advancements in the study and creation of novel therapeutic drugs and medical diagnostics. For a straightforward blood test, for instance, employing a microfluidic device requires less blood and significantly speeds up processing times. Research and development teams are also using microfluidic techniques to test new medications. Thus, an increase in the application of microfluidics techniques will likely create ample opportunities in the market.
Microfluidics Market Report Segmentation Analysis
Key segments contributing to the Microfluidics market analysis derivation are product, technology, material, and application.
- Based on therapy type, the product market is divided into microfluidic chips, microfluidic sensors, devices, micropumps, microneedles, other products. The devices segment held a larger market share in 2023.
- By material, the market is segmented into PDMS, polymers, glass, silicon, other materials. The PDMS segment held the largest share of the market in 2023.
- By application, the market is segmented into in vitro diagnostics, pharmaceutical and life science research, drug discovery, other applications. The in vitro diagnostics segment held the largest share of the market in 2023.
Microfluidics Market Share Analysis by Geography
The microfluidics market report's geographic scope is divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
North America has dominated the microfluidics market. In North America, the U.S. is the largest market for microfluidics in 2023. The market in the region is preliminary driven by an increase in research and development activities, early adoption of technological advancement, and significant investment by key players. For instance, in May 2021, nuclear, a rapidly expanding biotech business that is creating enzymatic protein and gene synthesis technologies, and E Ink, the industry pioneer in electronic ink technology, announced that E Ink's digital microfluidics unit has been acquired by Nuclera, a newly established US subsidiary.
Microfluidics Market Report Scope
Microfluidics Market News and Recent Developments
The microfluidics market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for microfluidics and strategies:
- CellFE Inc., an innovative microfluidics company dedicated to transforming the development and manufacture of advanced cell therapies, announced the commercial availability of its Infinity Mtx cellular engineering platform, which uses rapid cell compression and re-expansion to actively transport a target payload into the cell. The benefits of CellFE's microfluidic cellular engineering platform include high yields of edited cells, reduced cell recovery and expansion times, and efficient uptake of diverse payloads, translating to shorter vein-to-vein times and lower manufacturing costs. (Source: CellFE Inc Company Name, Press Release, 2023)
- TE Connectivity, a world leader in connectors and sensors, has acquired three companies focused on microfluidic cartridge and blister reagent package development, usability testing, clinical research and manufacturing. (Source: TE Connectivity Company Name, Newsletter, 2021)
Microfluidics Market Report Coverage and Deliverables
The “Microfluidics Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product, Material, and Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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