Microfluidics Market Worth $44.0 Billion by 2025 - Exclusive Report by MarketsandMarkets - Seite 2

The in-vitro diagnostics segment is expected to grow at the highest CAGR during the forecast period

Based on applications, the microfluidics market is classified broadly into three major application segments, i.e., in-vitro diagnostics, pharmaceutical and life science research and manufacturing, and therapeutics. The in-vitro diagnostics segment is expected to grow at the highest CAGR during the forecast period. This high growth can be attributed to the rising incidence of target diseases and conditions and the growing demand for PoC testing. In addition, the advantages of microfluidic devices over their traditional counterparts (such as portability, compact size, increased frequency of testing, and accurate & quick analysis) have driven their adoption in this application segment.

The point-of-care testing segment is expected to grow at the highest CAGR during the forecast period

The in-vitro diagnostics applications segment has been subsegmented into point-of-care testing, clinical diagnostics, and veterinary diagnostics. The point-of-care testing segment is estimated to grow at the highest CAGR during the forecast period. The growth of this segment can be attributed to the rising geriatric population, increasing prevalence of infectious and lifestyle diseases, advantages of PoC diagnostics over central lab testing methods, and the introduction of technologically advanced products.

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The hospitals & diagnostic centers segment is expected to grow at the highest CAGR during the forecast period

Based on end-users, the microfluidics market is segmented into hospitals and diagnostic centers, academic and research institutes, and pharmaceutical and biotechnology companies. The hospitals & diagnostic centers segment is estimated to grow at the highest CAGR during the forecast period. The growth of this segment can be attributed to the increasing use of microfluidic-based diagnostic devices, increasing adoption of the microfluidic technology for the rapid diagnosis of various chronic diseases, technological advancements, and the inherent advantages of the microfluidics technology.