Microfluidics Market Outlook
The global microfluidics market was valued at USD 17,888.63 Mn in 2020 and is projected to reach USD 46,758.49 Mn by 2028, expanding at a CAGR of 12.76% during the forecast period. Growing number of clinical trials for cell-based therapeutics is driving the industry. Increasing demand for high-throughput screening approaches, low-volume sample analysis, In-vitro Diagnostics (IVD), and the development of innovative lab-on-a-chip technologies are all driving the market.
Microfluidics Market Dynamics
Growing technological breakthroughs in diagnostic devices, expanding demand for microfluidics technology, and rising incidence of chronic diseases are driving the microfluidics market. There have been significant technological breakthroughs in the contemporary market. Microfluidics advancements are enabling the creation of a cost-effective diagnostic device mass-production method, and cellphones linked with microfluidics are enabling the deployment of point-of-care testing.
This broadened the scope of microfluidic device applications, which is projected to continue in the future. In the following years, the global market for point-of-care diagnostics is estimated to expand at a growth rate of 10%. Rising prevalence of lifestyle-related and infectious diseases, as well as the growing preference for home healthcare, are driving the market.
In addition, rising private investment and venture capital funding for the development of new products, as well as government support for enhancing PoC device usage, are boosting the PoC diagnostics industry. According to the World Health Organization (WHO), 95 million persons in poor and middle-income countries underwent HIV testing in 2010.
Use of microfluidics in HIV testing at point-of-care (POCs) is projected to reduce costs and increase the demand for microfluidics. Growing incidence of chronic diseases, availability of insurance coverage for laboratory testing procedures, adequate reimbursements for medical devices, and the presence of well-structured distribution channels in the region are driving the microfluidics market in various regions.
Rising demand for self-administration and home healthcare devices, as well as increased applications of micro-pumps, inhalers, and transdermal microneedles for chronic illnesses such as migraine, diabetes, cancer pain, and asthma, promote the growth of the market. Medical device manufacturers are required to adhere to strict regulatory standards in order to advertise and sell their goods in international markets.
Key global players are situated in the US, hence it is a key manufacturing hub for microfluidic devices. The FDA established strict regulatory criteria and guidelines to ensure the safety and efficacy of medical devices in the US. The FDA clearance procedure for medical devices became a lengthy and difficult process in recent years.
Companies face many difficulties while launching innovative products in the US. Any government enforcement action generates unfavorable publicity, which has a detrimental influence on the market. Usage of bubbles as a substitute for mixers in microfluidics devices to solve challenges associated with device fabrication is expected to contribute to market expansion. There are two types of traditional microfluidic mixers: passive and active.
Active mixers are controlled externally, while passive mixers transport fluids in or out of plane by leveraging the geometry of the system to induce chaotic advection of the fluids. Both have fabrication challenges, with passive mixers requiring two layers of fabrication and active mixers requiring additional and complex micro fabrication. When mixed with bubbles, no further construction is required, allowing for quick and efficient mixing.
Microfluidics Market Segment Outlook
Based on types, the global microfluidics market is segmented into polymer, glass, silica gel, and others. The glass segment is expected to hold a substantial share of the market during the forecast period, due to favourable reimbursement policies. Rapid growth in foreign investments is estimated to propel the segment.
Based on applications, the global microfluidics market is segmented into in-vitro diagnostic, pharmaceuticals, drug delivery, and others. The pharmaceutical segment is projected to expand at a significant CAGR during the forecast period, due to rising R&D spending in pharmaceuticals and life sciences, as well as rising demand for point-of-care diagnostics.
Based on technology, the global microfluidics market is segmented into medical/healthcare and non-medical. The medical/healthcare segment is further bifurcated into PCR & RT-PCR, gel electrophoresis, microarrays, ELISA, and others. Microfluidics has non-medical applications such as extracting crude oil from porous rocks, detecting plant diseases, and creating different-sized gas bubbles. Optical analysis of fluid flow via porous media is difficult and complex.
Based on regions, the global microfluidics market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in countries such as the US and Canada is expected to grow at a rapid pace.
Research institutes are playing an increasingly important role in the creation of new microfluidic devices, ensuring regional dominance in the global market. Throughout the research period, the US emerged as a crucial contributor to the dominance of the region in the global market.
Key Benefits for Industry Participants & Stakeholders
- In-Depth Analysis of the Microfluidics Market.
- Historical, Current and Projected Market Size in Terms of Value.
- Potential & Niche Segments and Regions Exhibiting Promising Growth Covered
- Industry Drivers, Restraints and Opportunities Covered in the Study
- Recent Industry Trends and Developments
- Competitive Landscape & Strategies of Key Players
- Neutral Perspective on From Microfluidics Market Performance
- Silica Gel
- In-Vitro Diagnostic
- Drug Delivery
- PCR & RT-PCR
- Gel Electrophoresis
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Key Market Players Profiled in the Report
- Agilent Technologies, Inc.
- Bio-Rad Laboratories, Inc.
- Cellix Ltd
- Dolomite Microfluidics
- Fluidigm Corporation
- Hesperos, Inc.
- Illumina, Inc.
- Micronit GmbH
- MICRUX Technologies
- PerkinElmer, Inc.
- Sphere Fluidics Limited
- Thermo Fisher Scientific Inc.
- bioMérieux SA
Key players in the microfluidics market are Agilent Technologies, Inc., Bio-Rad Laboratories, Inc., Cellix Ltd, Dolomite Microfluidics, Elveflow, Fluidigm Corporation, Fluigent, Hesperos, Inc., Illumina, Inc., microLIQUID, Micronit GmbH, MICRUX Technologies, PerkinElmer, Inc., QIAGEN, Sphere Fluidics Limited, Thermo Fisher Scientific Inc., uFluidix, BD, and bioMérieux SA.'
The players are adopting key strategies such as product development, geographical expansion, mergers and acquisition, and many other strategies to cater the increasing demand for microfluidics system.
For instance, in June 2021, Sphere Fluidics Limited partnered with ClexBio to introduce CYTRIX Microfluidic Hydrogel Kit with features such as 3D view of cell structure along with efficient encapsulation.