According to the research report titled ‘Global Microfluidics Market Size study with COVID-19 Impact, by Product (Microfluidic-based Devices and Microfluidic Components), by Application (In Vitro Diagnostics, Pharmaceutical, Life Science Research, and Manufacturing and Therapeutics), by End-User (Hospitals & Diagnostic Centers, Academic & Research Institutes and Pharmaceutical & Biotechnology Companies) and Regional Forecasts 2020-2027’ available with Market Study Report, global microfluidics market was worth around USD 12.8 billion in the year 2019 and is projected to record a robust CAGR of 22.9% over 2020-2027.
 

As per the report, advancements in technology along with rising emphasis towards microfluidic chip miniaturization in order to yield fast and accurate testing, enhanced portability, and data precision are driving the growth of global microfluidics market. Moreover, surging demand for PoCT (point of care testing) coupled with favorable strategic acquisitions by leading market players are further stimulating the overall market outlook.
 

For the record, microfluidics is the study of the devices that can analyze small quantities of fluids. It is adopted in several medical applications including microfluidic devices, human/animal pathogen detection, customized cell culture system, cell separation, point-of-care testing, and tissue engineering.
 

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The outbreak of the COVID-19 pandemic has led to an upsurge in the demand for microfluidics since they can handle minimal amounts of fluids in micron-scale channels as well as reduce the workloads of scientists/researchers, aiding higher work efficiency.
 

Additionally, the development of microfluidic PCR ChiP (polymerase chromatin immunoprecipitation) for detecting of pathogens such as viruses and protein-DNA interactions is further boosting the demand for microfluidics in the current pandemic situation, which in turn is propelling the expansion of the overall market. However, time-consuming and tedious approval processes may inhibit the growth of global microfluidics market.
 

With regards to the product terrain, global microfluidics market is segmented into microfluidic components and microfluidic-based devices. Elaborating on the application spectrum, the industry is bifurcated into manufacturing & therapeutics, life science research, pharmaceuticals, and in vitro diagnostics.
 

The end-user landscape of global microfluidics market comprises of biotechnology & pharmaceutical companies, academic and research institutes, and hospitals and diagnostic centers among others.
 

As per the regional analysis, North America dominates the microfluidics market in terms of revenue share. Increasing government & academic investments, escalating occurrences of chronic ailments, and surging demand for PoC testing are facilitating the business scenario in the region.
 

Alternatively, industry experts claim that Asia-Pacific microfluidics market is anticipated to grow substantially during 2020-2027.
 

The major market players that define the competitive landscape of global microfluidics market are Fortive Corporation, Cellix Ltd., Elveflow Microfluidics, Camozzi Automation S.p.A., Società Unipersonale, Aignep S.p.A., Dolomite Microfluidics, Fluigent S.A., IDEX Corporation, SMC Corporation, and Parker-Hannifin Corporation among others.