22.4% CAGR | Microfluidic Devices Market Worth $158.1 billion by 2031

PORTLAND, OREGON, UNITED STATES, April 23, 2024 /EINPresswire.com/ -- The global microfluidic devices market was valued at $21.7 billion in 2021, and is projected to reach $158.1 billion by 2031, growing at a CAGR of 22.4% from 2021 to 2031.

Market Drivers:

Increase in Disease Prevalence: Growing occurrences of infectious diseases and cancer drive demand for microfluidic devices.
Aging Population: The rise in the geriatric population increases the need for advanced diagnostic and therapeutic solutions.
Product Advancements: Increasing product approvals and new launches boost market growth.
Healthcare Expansion: Growing healthcare expenditure and improved facilities in developing countries drive market growth.
Technological Advancements: Introduction of 3D printing in microfluidic device manufacturing enhances efficiency and customization.

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Opportunities:

R&D Investment: Rising investment in research and technological advancements in microfluidic device development.

Restraints:

Operational Costs: High operational costs associated with microfluidic devices can limit market growth.

COVID-19 Impact on Microfluidic Devices Market:-

The pandemic negatively impacted the microfluidics device market due to lockdowns and supply chain disruptions. However, it positively affected the infectious disease diagnostic market, with microfluidic devices playing a crucial role in disease diagnosis. The market is expected to rebound and grow post-pandemic.

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Market Segmentation:-

By Product:
Microfluidic components held the largest market share in 2021 and are expected to grow at a CAGR of 22.5% from 2022 to 2031.
By Application:
In-vitro diagnostics dominated in 2021 and is forecasted to grow at the fastest CAGR of 22.9%.
By End User:
Hospitals & diagnostic centers were the largest market segment in 2021 and are expected to grow at a CAGR of 22.8%.
By Region:
North America led the market in 2021, while Asia-Pacific is projected to have the fastest CAGR of 24.6%.

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Key Players:

Lonza Group
Thermo Fisher Scientific Inc.
Perkinelmer Inc.
Biorad Laboratories, Inc.
Illumina, Inc.
Qiagen N.V.
Fluidigm Corporation
Dolomite Microfluidics
bioMérieux SA
Abbott Laboratories
Danaher Corporation
SMC Corporation

These leading players have employed strategies like expansion, new product launches, and partnerships to strengthen their market position and increase penetration. The report offers insights into their business performance, product portfolio, and developments.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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