Application of cost-effective materials for manufacturing and technological advancement are likely to propel the global microfluidics market

calendar_today 28 November, 2022 person_outline Growth Plus Reports

Growing technological advancements in diagnostic devices, rising demand for microfluidics technology, and rising incidence of chronic diseases are major factors driving the growth of the microfluidics market. For instance, according to the Global Cancer Observatory (Globocan) 2020, the estimated global prevalence of cancer in 2020 is 15,545,712. Asia accounts for 6,108,288 of the total prevalent cases, while Europe accounts for 3,455,761. North America accounts for 2,166,628, Latin America and the Caribbean account for 1,023,898, and Africa accounts for 4.5% (615,015 of total prevalent cases). The current market is experiencing significant technological advancements. Microfluidics advancements are also enabling the development of a low-cost mass-production process for diagnostic devices, and smartphones combined with microfluidics are enabling the deployment of point-of-care testing. This has broadened the application of microfluidic devices, which is expected to grow further in the future.

The growing prevalence of infectious and chronic diseases drives the Microfluidic Devices Market. Microfluidic devices are used for disease screening. Furthermore, microfluidic devices are used in the early detection of cancer. According to the American Cancer Society (ACS), there will be an estimated 1.9 million new cancer cases diagnosed and 608,570 cancer deaths in the United States in 2021. Furthermore, the growing geriatric population drives market growth. According to Eurostat, the European Union's statistical office, more than 20.8% of the EU population will be 65 or older in 2021. Because of their slower metabolism and weaker immune systems, the elderly is more vulnerable to infectious and chronic diseases.

Moreover, increased R&D activity for advancements in microfluidic devices, new product launches, and product approvals all contribute to market growth. In May 2022, for example, a University of Minnesota Twin Cities research team developed a new microfluidic chip for disease diagnosis that has a small number of components and can be powered wirelessly by a smartphone. The breakthrough paves the way for faster and more affordable at-home medical testing. However, the developing-country healthcare research industry is undergoing rapid transformation. The lack of adequate research infrastructure in the healthcare sector in emerging markets may limit the growth of the global microfluidics market. Clinical practise guidelines have not been developed or implemented properly in a number of developing countries. Furthermore, a lack of skilled labour in these countries may impede market growth even further. In emerging markets, a lack of a proper regulatory framework is also impeding the growth of the microfluidics market.

The North America Market accounted for the largest revenue share during forecast period due to the region's well-established healthcare infrastructure, governmental and financial support, use of modern technologies, and high acceptance of novel treatments. The presence of various top research institutes in the region, as well as the design and development of revolutionary microfluidic devices, are expected to be major factors contributing to market revenue growth. The involvement of major research institutes, as well as their active participation in the development of more novel microfluids devices, is expected to continue over the forecast period.

During the forecast period, the Europe market sent the most revenue. Rapid advancements in the injection moulding and three-dimensional printing industries are major factors driving the region's market growth. Furthermore, governments in Germany, the United Kingdom, and other countries are investing heavily in organising meetings and research projects to showcase exciting microfluidic systems in the current market as well as future developments. For instance, HoliFAB was held from November 2017 to October 2020. The goal of the European funded H2020 project with ten partners from six countries was to provide a comprehensive design strategy and business model for prototyping, manufacturing, and commercialising fully integrated microfluidic devices. B.V. (Micronit) and iX-factory were to modernise three pilot production lines. Both companies specialised in the design and manufacture of cutting-edge microfluidics and MEMS components, and Micronit GmbH is still in business as iX- factory.

Some of the prominent market players in the global microfluidic market include Thermo Fisher Scientific Inc., Illumina, Inc., Qiagen N.V., Becton, Dickinson and Company, Bio-Rad Laboratories, Inc., Micronit Microtechnologies, Cellix, Microfluidic Chipshop, Biomérieux, Fluidigm Corporation, Danaher Corporation, Perkinelmer, Agilent Technologies, Inc., Abbott Laboratories, Danaher Corporation, Nanostring and Nortis Inc. The global microfluidics market strives to be extremely competitive because market participants are spending a lot of money on the development and advancement of new products. For instance, in March 2019, a brand-new microencapsulation system called "Encapsulator Systems" was introduced by Dolomite Microfluidics. In under 15 minutes, the technology can wrap nearly 300,000 cells into monodisperse droplets.

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