The global microfluidic market is expected to grow at a CAGR of 19.6% from 2020 to reach USD 46.90 billion by 2027. The growth is primarily attributed to fast returns on investments, technological advancements, enhanced portability via microfluidic chip miniaturization, data precision, accuracy in results and high demand. However, complex regulatory standards and difficulty in incorporating microfluidics technology pose significant challenge. 

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The global microfluidic market study provides market data for-by product (microfluidic-based devices and microfluidic components), by application (In vitro diagnostics, pharmaceutical, life science research & manufacturing and therapeutics), by end user (hospitals & diagnostic centres, academic & research institutes and pharmaceutical & biotechnology companies). The study also evaluates industry competitors and analyses the market at a regional and country level.

Microfluidic-based devices segment is expected to register highest CAGR based on product. The fastest growth of this segment is attributed to increasing adoption of microfluidic devices, rapid testing and low consumption of sample & reagents. 

By application, in-vitro diagnostic segment is expected to show fastest growth in microfluidic market. Highest CAGR of microfluidic market segment can be attributed to high adoption for laboratory & POC testing, increasing demand, prevalence of chronic illness and increased need for miniaturized and portable diagnostic device. 

On the basis of end users, hospitals & diagnostic centres segment held largest share in microfluidic market in forecast period. This is primarily due to increasing demand for microfluidic technique, technological advancements and faster diagnosis. 

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This research report analyses major geographies and provides a comprehensive analysis of North America (US, Canada), Europe (Germany, France, UK, Italy, Spain, and Rest of Europe), Asia-Pacific (China, India, Japan, and RoAPAC), Rest of the world (Latin America, and Middle East & Africa). North America accounted for the largest share of the global microfluidic market. The large growth of this market is attributed to the increased demand for POC testing, prevalence of chronic illness, government initiatives and increased focus on research projects on proteins, biomolecules and genes. However, APAC is also expected to show lucrative growth due to increased demand for medical diagnostics.