The microfluidic devices market will reach USD 59,785.3 million, advancing at a 17.3% compound annual growth rate, by 2030.
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The growth of the industry is attributed to the increasing technological advancements pace and the extension of genomic and proteomic research. Various commercial applications and scientific activities can benefit from methods that allow swift and cheap experiments with a high sensitivity level.
With the advancements in the field of biotechnology recently, several microfluidic technology applications have been identified, such as drug discovery, next-generation sequencing, point-of-care diagnostics, biomarker analysis, and cell analysis. Businesses are developing enhanced devices for numerous applications that have a smaller size, a lesser cost, and a higher sensitivity & speed.
In recent years, North America accounted for the largest industry share, and it will remain the largest in the years to come. This is because of the speedy acceptance of advanced technologies by the major users in the region. In addition, the increasing research & development activities and the existence of key players will boost the growth of the industry, particularly in the U.S.
China is one of the fastest-growing microfluidic devices industry in APAC because of the growing government investment and developing facilities of healthcare. Therefore, the APAC microfluidic devices industry will arise as an attractive industry for businesses producing such medical instruments.
Whereas, the Europe industry is driven by the growing requirements for diagnosis, because of the enhancing facilities of healthcare and the increasing prevalence of illnesses; itself because of the elderly population and lifestyle changes.
It is because of the extensive analytical application and commercial prospects of these devices, as well as the growing life science sector, the microfluidic devices industry will continue to grow in the years to come.
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