Microfluidics Market Size, Share & Trends Report

Microfluidics Market Size, Share & Trends Analysis Report By Application (Medical/Healthcare, Non-Medical), By Material (Silicon, Glass), By Technology, By Region, And Segment Forecasts, 2024 - 2030

  • Report ID: GVR-1-68038-056-9
  • Number of Pages: 135
  • Format: Electronic (PDF)
  • Historical Range: 2018 - 2022
  • Industry: Healthcare

Research Methodology

A three-pronged approach was followed for deducing the microfluidics market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for microfluidics market to gather the most reliable and current information possible.

  • We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
  • We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
  • We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
  • We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
  • We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of microfluidics market data depending on the type of information we’re trying to uncover in our research.

  • Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

  • Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

  • Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

  • Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

  • Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

  • Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

  • This step also entails the finalization of the report scope and data representation pattern.

  • Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Microfluidics Market Categorization:

The microfluidics market was categorized into four segments, namely technology (Medical/Healthcare, Non-medical), material (Silicon, Glass, Polymer, PDMS), application (Lab-on-a-chip, Organs-on-chips, Continuous Flow Microfluidics, Optofluidics And Microfluidics, Acoustofluidics And Microfluidics, Electrophoresis And Microfluidics), and regions (North America, Europe, Asia Pacific, Latin America, Middle East & Africa).

Segment Market Methodology:

The microfluidics market was segmented into technology, material, application, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

  • Demand estimation of each product across countries/regions summed up to from the total market.

  • Variable analysis for demand forecast.

  • Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

  • Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

  • Used extensively for new product forecasting or analyzing penetration levels.

  • Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

  • Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

  • This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The microfluidics market was analyzed at a regional level. The global was divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into twenty-three countries, namely, the U.S.; Canada; the UK; Germany; France; Italy; Spain; Denmark; Sweden; Norway; Japan; China; India; Australia; Thailand; South Korea; Brazil; Mexico; Argentina; South Africa; Saudi Arabia; UAE; Kuwait.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Microfluidics market companies & financials:

The microfluidics market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

  • Illumina, Inc., based in California, develops, manufactures, and distributes integrated platforms and systems for sequencing. It is also involved in the analysis and investigation of genomic & proteomic information, determination of biological function, and expression of gene sequences. The company provides NGS platforms for genotyping, sequencing, and gene expression analysis. It operates majorly in North America and Europe. It is involved in the development of novel sequencing technologies that are aimed at reducing the cost of sequencing whole genomes. It offers genomic and molecular diagnostic products & services to cater to the fields of oncology, drug development, molecular epidemiology, microbial genomics, agri-genomics, infectious disease surveillance, forensic genomics, and translational research involving HLA sequencing & associated applications.

  • PerkinElmer, Inc., based in Massachusetts, U.S., is a leading provider of solutions for the development of diagnostics & personalized drugs, life sciences research, and clinical applications. The company primarily operates in two segments: diagnostics and discovery & analytical solutions. The diagnostics segment offers instruments, software products, and reagents used for the early detection of genetic disorders & infectious disease testing. The discovery & analytical solutions segment offers products such as reagents, detection, and imaging technologies & informatics that help scientists enhance research prospects in life sciences. The company serves clinical, food, life sciences, environmental, and industrial sectors in around 190 countries via its capabilities of detection, informatics imaging, and services.

  • Agilent Technologies, Inc. was established in 1999 and headquartered in California, U.S., as a spin-off of HP. The company is involved in developing and marketing scientific testing equipment, such as Nuclear Magnetic Resonance (NMR) systems, mass spectrometers, and oscilloscopes. The company is a leading laboratory partner and provides expertise, services, and instruments. It focuses on six major markets: pharmaceuticals, diagnostics, environmental & forensics, chemical & energy, food, and research. It has operations globally, including America, Europe, Africa, and Asia Pacific regions.

  • Danaher Corporation is an American company that designs, manufactures, and markets industrial, medical, and commercial products & services worldwide. The company offers products and services majorly through five segments – life sciences & diagnostics, test & measurement, industrial technologies, dental, and environmental via its more than 20 operating subsidiaries. The company’s life sciences segment offers technologies for purification, filtration, and separation in various fields such as medical research, biopharmaceuticals, and food & beverages. It also provides reagents, analytical instruments, consumables, and services to laboratories, hospitals, & other care-providing centers. Cepheid, Beckman Coulter, and Leica Biosystems are among the many subsidiaries of Danaher.

  • Thermo Fisher Scientific, Inc. is a manufacturer and provider of laboratory reagents, equipment, analytical instruments, consumables, and diagnostic products. The company operates through brands such as Thermo Scientific, Applied Biosystems, Fisher Scientific, Invitrogen, Unity Lab Services, Patheon, and Pharmaceutical Product Development (PPD). The company’s life sciences solutions segment includes four businesses: Clinical Next-Generation Sequencing, BioProduction, Biosciences, and Genetic Sciences. The bioscience segment offers products such as cell culture media, reagents, consumables, and instruments, which can help customers conduct medical and biological research, as well as discover new vaccines & drugs. The company provides services to pharmaceutical & biotechnology companies, clinical diagnostics laboratories, government agencies, hospitals, and research institutes.

  • Bio-Rad Laboratories Inc. provides tools and services for life science research, food science, and clinical diagnostics markets. It offers solutions for scientific research & development for the introduction of new technologies in the fields of proteomics, genomics, food safety, medical diagnostics, and drug discovery, among others. Bio-Rad’s business is segmented into life science and clinical diagnostics. The life science segment is involved in developing, manufacturing, and marketing of reagents, laboratory instruments, and apparatus that are used in clinical research, food testing regimes, and biopharmaceutical production processes. The company’s clinical diagnostics segment manufactures, designs, and sells test kits, test systems, specialized quality controls, and informatics systems that serve clinical laboratories in the diagnostics market.

  • Abbott Laboratories is involved in the discovery, development, manufacturing, and marketing of a wide range of healthcare products. The company operates through four major segments: diagnostic products, nutritional products, established pharmaceutical products, and medical devices. The diagnostic products segment includes various diagnostic systems and tests. The company markets and sells products directly to hospitals, clinics, commercial laboratories, government agencies, blood banks, and therapeutic companies through distribution centers, public warehouses, and third-party distributors.

  • F. Hoffmann-La Roche Ltd. develops and manufactures diagnostic & pharmaceutical products. The company is headquartered in Basel, Switzerland and has 26 manufacturing sites globally with two business segments: pharmaceuticals and diagnostics. The pharmaceutical segment manufactures drugs for infectious diseases, cardiovascular, respiratory, & metabolic disorders, cancer, and central nervous system & autoimmune diseases. Roche Diagnostics is involved in various fields ranging from patient self-monitoring to clinical laboratory systems. Roche Professional Diagnostics (RPD) is the company’s largest business segment and provides solutions, tests, and instrument systems to enable reliable and cost-effective delivery of results. It has operations in several regions, including North America, South America, Europe, Africa, Asia, and Oceania.

  • Standard BioTools, Inc., formerly known as Fluidigm Corporation, is a California-based company providing multi-omics solutions. It offers solutions to study inflammatory diseases, cancer, and immunotherapies in novel ways. CyTOF is its proprietary technology. The company serves customers in more than 35 countries across the globe. The company’s specialties include mass cytometry, microfluidics, tissue imaging, genotyping, real-time PCR, NGS library preparation, gene expression, single-cell genomics, and copy number variation. It works as a trusted partner of governments, academic institutions, biotechnology firms, pharmaceutical companies, and animal & plant research laboratories worldwide. 

Value chain-based sizing & forecasting

Supply Side Estimates

  • Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

  • Segment revenue determination via variable analysis and penetration modeling.

  • Competitive benchmarking to identify market leaders and their collective revenue shares.

  • Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

  • Identifying parent markets and ancillary markets

  • Segment penetration analysis to obtain pertinent

  • revenue/volume

  • Heuristic forecasting with the help of subject matter experts

  • Forecasting via variable analysis

Microfluidics Market Report Objectives:

  • Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

  • Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

  • Understanding market estimates and forecasts (with the base year as 2023, historic information from 2018 to 2022, and forecast from 2024 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Microfluidics Market Report Assumptions:

  • The report provides market value for the base year 2023 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

  • The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

  • We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

  • All market estimates and forecasts have been validated through primary interviews with the key industry participants.

  • Inflation has not been accounted for to estimate and forecast the market.

  • Numbers may not add up due to rounding off.

  • Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

  • Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

  • Latin America includes Central American countries and the South American continent

  • Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

  • Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

  • Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.

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