Number of pages: 100 | Report Format: PDF | Published date: October 27, 2022
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
The global microfluidics market was pegged at US$ 21.5 billion in 2021 and is expected to witness a CAGR of 19.5% during the forecast period.
Microfluidics is a type of technology that uses microchannels to manipulate and control fluids ranging in size from microliters to picoliters. It is the technology of manipulating fluids in channels with dimensions of tens of micrometres, it has emerged in recent years as a distinct new area of study as a result of its application in a wide range of fields, including chemistry, biology, medicine, and physical sciences. It is a highly effective technology for achieving quick analysis, accuracy in test results, and lowering the cost of drug development. It has a wide range of applications in the healthcare industry. A strong motivation in microfluidic research stems from the development of lab-on-chip (LOC) devices, which are expected to revolutionise chemistry and biology in the same way that integrated circuits revolutionised computation capabilities.
Over the forecast period, a high prevalence rate of lifestyle diseases is anticipated to fuel market expansion for microfluidics. For instance, 500 million individuals globally had type 2 diabetes in 2018, according to a report by the American Diabetes Association titled "Global Prevalence of Type 2 Diabetes for the Next Ten Years (2018-2028)". Furthermore, miniaturization, integration, and automation of priceless complicated chemical, biological, and physical assays are further factors that are anticipated to support market expansion. Due to advantages including decreased sample and reagent consumption, shorter analysis times, simplicity of automation, and the ability to run parallel tests, which reduces assay costs and time, microfluidics systems are a useful tool for biological and chemical assays.
The market has been analysed into four perspectives by product type, material, application and region.
Microfluidics Market by Product Type
Based on product type, the global microfluidic market has been segmented into microfluidic-based devices, and microfluidic components. The microfluidic components dominated the segment during forecast period and this trend will be maintained throughout the forecast period due to improvements in microfluidic technology and the rise in chronic disease prevalence. However, due to increased usage of microfluidics and product launches in the market, the segment for microfluidic-based devices is anticipated to experience significant growth over the forecast period.
Microfluidics Market by Material
Based on material, the global microfluidic market has been segmented into polymer, silicone, glass, and others. The polymer-based material dominated the segment during forecast period. According to several research, the microfluidic devices made of polymers performed better than those made of glass and silicon. As a result of the application of soft lithography, casting, injection moulding, and hot embossing processes, polymers are one of the most significant materials utilised in microfluidic chips for mass production.
Microfluidics Market by Application
Based on application, the global microfluidic market has been segmented into drug delivery, point-of-care diagnostics, pharmaceutical and biotechnology research, clinical diagnostics, and others. The point-of-care diagnostics dominated the segment during forecast period. Point-of-care testing tools have a lot of potential in the disciplines of genomics and proteomics. For instance, these tools are used in protein analysis and to identify the DNA of bacteria that cause various diseases. These devices can be used at the bedside, in hospitals, in labour rooms, critical care units, doctor's offices, emergency rooms, pharmacies, at home for self-testing, and even in space because of their compactness, disposability, and integration of intricate procedures. The point-of-care testing market is anticipated to grow over the forecast period as more end companies embrace point-of-care diagnostics equipment.
Microfluidics Market by Region
Based on region, the microfluidic market has been segmented into North America, Europe, Asia Pacific, and Rest of the World. North America emerged as the region with the largest share of the global microfluidics market due to the presence of well-established market players, the introduction of cutting-edge technologies, an increase in the number of studies chosen to improve sample optimization, and a sizable demand for POC diagnostics. Additionally, the active involvement of research institutes in the creation of novel microfluidic devices is anticipated to maintain the region's dominance in the next years.
However, the market in the Asia Pacific was found to be expanding at the highest rate due to the availability of cheap labour, a highly developed research infrastructure, and the use of microfluidic platforms. Additionally, a number of multinational businesses have expressed an interest in entering this undeveloped market. For instance, in November 2019, a conference was held in Japan by Select BIO Microfluidics and Organ-on-a-Chip Asia to discuss certain cutting-edge innovations in the disciplines of Lab-on-a-Chip, Organ-on-a-Chip, and Microfluidics.
Some of the prominent market players in the global microfluidic market include
The increasing demand for point-of-care testing, increasing incidences of chronic diseases and faster turn-around time for analysis and improved portability of devices are the factors driving the market growth.
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 and others.
The point-of-care diagnostics segmented dominated the market during forecast period.
North American market for dominated the region during forecast period.
The integration of Microfluidics Technology with Existing Workflows and low Adoption in Developing Countries Due to High Prices are the major restraining factors in the global microfluidic market
*Insights on financial performance is subject to availability of information in public domain