Microfluidics Market - Global Industry Analysis, Growth, Key Trends, Regional Assessment, and Forecast 2020 - 2030

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Microfluidics Market - Global Industry Analysis, Growth, Key Trends, Regional Assessment, and Forecast 2020 - 2030

Status : January, 2023 | Medical Devices

Report Digest

Microfluidics Market: Overview

The demand for point-of-care testing has increased significantly over the years. The growing demand for point-of-care testing and the escalating focus on accuracy, rapid testing measures, and data precision will serve as vital growth contributors for the microfluidics market through the forecast period of 2020-2030.

Microfluidics is a technology used for dealing with the flow of liquids via microscopic channels such as pumps, chips, and nozzles. The products based on microfluidics manage and control the fluids at lowest dimensions. The rising popularity of automation and integration of physical, biological, and chemical assays will bode well for the growth of the microfluidics market

Furthermore, the growing trend of next generation sequencing point-of-care devices will also prove to be a prominent growth multiplying factor for the microfluidics market. The development of cost-effective testing devices based on microfluidics technology will help in increasing the growth rate.

Devices based on microfluidics technology are made from a variety of materials such as glass, polymer, silicone, and others. On the basis of component, the microfluidics market can be classified into micro pumps, micorfluidic chips, micro needles, and others. The heightening use of microfluidics in applications such as point-of-care diagnostics, drug delivery, biotechnology research, pharmaceutical research, clinical diagnostics, and others will bring tremendous growth opportunities for the microfluidics market.

TMR research has extensive expertise in creating reports for numerous markets and sectors. The TMR research members have made use of their profound experience in researching the latest developments in the microfluidics market. The team has researched every aspect deeply associated with the microfluidics market.

Microfluidics Market: Competitive Prospects

The players in the microfluidics market are focusing on developing cost-effective and efficient devices that enable faster tests and accurate results. This aspect will help in increasing the revenues of the players in the microfluidics market.

Some key players in the microfluidics market are;

  • uFluidix,
  • Fluidigm Corporation
  • PerkinElmer, Inc.
  • Illumina Inc.
  • Bio-Rad Laboratories, Inc.

Key Trend

COVID-19 Testing Measures to Boost the Growth Opportunities across the Microfluidics Market

The COVID-19 pandemic is one of the worst outbreaks the world has ever faced. The evolution of the virus has led to rapid doubling of the cases across the globe. Testing and tracing the infected people is one of the vital measures for controlling the pandemic. Hence, the government bodies of many countries are focusing on testing maximum number of people for COVID-19. This aspect has increased the demand for point-of-care diagnostics to a considerable extent. The high adoption of microfluidics technology-based point-of-care devices will prove to be a growth generator for the microfluidics market.

Rapid detection has become crucial in the war against COVID-19. Conducting large number of tests puts burden on the laboratories and is also time-consuming. To accelerate the speed of detecting COVID-19, microfluidics-based point-of-care devices prove to be a boon. These aspects will help in observing maximum growth for the microfluidics market.

High Costs Involved in Research of Microfluidics-Based Products to Restrain Growth

The costs involved in researching the efficacy of products based on microfluidics technology are extremely high. In addition, the meager financial support also dents the growth prospects. However, due to COVID-19, government and non-government institutions have increased their funding for research activities, which will turn the tables of growth across the microfluidics market.

Microfluidics Market: Regional Dimensions

North America is estimated to contribute largely to the growth of the microfluidics market between 2020 and 2030 on the back of the factors such as large-scale adoption of new therapeutics and a good healthcare infrastructure. The microfluidics market in Asia Pacific and Europe will also observe considerable growth during the assessment period.

The reports at TMR Research provide qualitative solutions that break the barriers of doubt or uncertainties when the stakeholders plan to expand their growth reach. The researchers compile the necessary information that enlightens the CXOs about the current growth opportunities in a specific market and enables them to make the most of the opportunities.

TMR Research is a leader in developing well-researched reports. The expertise of the researchers at TMR Research makes the report stand out from others. TMR Research reports help the stakeholders and CXOs make impactful decisions through a unique blend of innovation and analytical thinking. The use of innovation and analytical thinking while structuring a report assures complete and ideal information of the current status of the market to the stakeholders.

TMR Research has rich experience in developing state-of-the-art reports for a wide array of markets and sectors. The brilliance of the experts at TMR Research and their alacrity to conduct thorough research and create phenomenal reports makes TMR Research better than others.

5-Point Growth Formula

The 5-point growth formula developed by TMR Research provides an insight to the stakeholders and CXOs about the current situation in the market. The growth formula makes the report a perfect companion for the stakeholders and CXOs.

The 5-point growth formula includes the following points:

  • Current and Future Threats
  • Accurate Trend Analysis
  • Regional Assessment
  • Industrial Analogy
  • COVID-19 Impact

Current and Future Threats

Along with studying the opportunities necessary for growth, threats are also an important aspect to look upon for the companies and stakeholders in a specific sector. TMR Research studies every negative aspect that will hinder the growth of a specific area of business and includes it in the report. The stakeholders and CXOs will have the benefit of assessing the threat and take the necessary steps to prevent the hindrance caused due to the threats.

Accurate Trend Analysis

Keeping up with the latest trends is crucial in any business or sector. While stakeholders are aware of the trends that are on the surface, TMR Researchers find trends that are deeply entrenched in the particular market or sector. The reports are constantly updated with the latest trends so that the stakeholders and CXOs can derive benefits from the trends and generate good revenues.

Regional Assessment

Demography forms an important part of the growth pattern of all the markets. Diving deep into the demographics enables maximum output from specific areas. The TMR Research team assesses every region and picks out the vital points that have a large impact on the growth of a market.

Industrial Analogy

The analysts at TMR Research conduct an all-round analysis on the competitive landscape of the market. The observations recorded by the analysts are added to the reports so that every stakeholder gets a glimpse of the competitive scenario and frame their business plans according to the situation.

COVID-19 Impact

The COVID-19 outbreak has changed the growth projections of numerous sectors and businesses. The analysts at TMR Research have conducted a conscientious survey on the markets after the pandemic struck. The analysts have put forth their brilliant and well-researched opinions in the report. The opinions will help the stakeholders to plan their strategy accordingly.

The reports offer answers to the top 7 questions that revolve around the growth of the market

  • What are the diverse growth parameters influencing the market?
  • Which regions will contribute largely to the growth of the market
  • What are the recent innovations and technological advancements in the market?
  • What are the emerging trends across the market?
  • How has COVID-19 affected the market?
  • What will be the post-pandemic scenario of the market?
  • What are the major threats that will dent the growth prospects of the market?