Increasing demand for low volume sample analysis in diagnostics is a major factor driving market revenue growth
Increasing demand for low volume sample analysis in diagnostics is a major factor driving market revenue growth
The global microfluidics market size is expected to reach USD 81.13 Billion in 2030 and register a revenue CAGR of 16.2% over the forecast period, according to the latest report by Reports and Data. Increasing importance of Point-Of-Care (POC) testing in medical emergencies for quick diagnosis and decision making is expected to drive market revenue growth during the forecast period. POC devices are widely accepted diagnostic tools in the healthcare sector owing to advantages such as rapid and accurate detection, ease of operation, cost-effectiveness, portability, and non-requirement of specialized professionals.
Microfluidics platforms handle low volume samples such as femtoliters (fL), which is one quadrillionth of a liter. This allows researchers to work with fewer samples and reagents with more accuracy and provide results faster than with traditional methods. The need for immovable desktop scanners or cameras that are sensitive to ambient light conditions makes it difficult to use paper-based colorimetric immunoassays such as enzyme-linked immunosorbent assay (ELISA). Microfluidic POC testing has proven to be a robust and optimal medical technology compared to standard laboratory-based testing, especially in demanding and resource-constrained environments. The COVID-19 pandemic has been one of the major factors driving adoption of POC testing owing to cost-effectiveness and short duration of patient stay in hospital.
Microfluidics inclusion in point-of-care testing enables fluid manipulation and detection in a single device with reduced sample volume requirements. Additionally, microfluidics with advanced plasmonic biosensor technology is expected to improve POC testing. Microfluidics-based plasmonic biosensors offer a high-throughput platform for biochemical molecular analysis, with ultra-high sensitivity and real-time performance. New functionalities can be enabled by combining optics with microfluidics without compromising integrability or compactness. Demand for these microfluidics-based advanced biosensor technologies devices is projected to rise as well as benefit current and emerging chemical analysis, POC testing, and biomedical research.
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However, mass production and commercialization of microfluidic POC devices remain major obstacles to overcome. Regulatory requirements are an issue in the microfluidic market. Microfluidic devices are cost-intensive making them unaffordable in emerging low-income countries.
Future possibilities of microfluidic technology include food safety, agriculture, fertility, and gamete research, as well as single-cell analysis, in addition to diagnostics and point-of-care testing.
Some Key Highlights From the Report
- POC diagnostics segment accounted for a significantly large revenue share in 2021, especially as a result of rising prevalence of infectious diseases and high demand for home care. Microfluidics offers excellent functionality and flexibility and can be integrated into various on-chip diagnostic modules, which is an extremely attractive solution for developing countries. Low medical and research cost requires low volume samples, and this is driving demand for microfluidic-based devices, especially in low-income countries.
- Polymer material, especially Polydimethylsiloxane (PDMS), segment revenue is expected to register a steady growth rate during the forecast period. PDMS is currently in very high demand and is a widely used material for fabricating microfluidic devices owing to its flexibility in molding and pressing, ease to procure, and biocompatibility. Furthermore, microfluidic devices can utilize hybrids of silicon, glass, and polymer materials, providing for more usability.
- Market in North America accounted for largest revenue share in global microfluidics market in 2021, owing to well-established healthcare system and high acceptance of novel therapeutics in countries in the region. The US is one of the prime destinations for R&D, for which budgets are significantly high.
- Some major companies in the global market report include uFluidix, Nanōmix, Inc., Quidel Corporation, biosurfit SA, Abbott, Illumina, Inc., Abaxis, NanoEntek, PerkinElmer Inc., and Bio-Rad Laboratories, Inc.
- On 1 April 2022, engineering researchers from Florida Atlantic University’s College of Engineering and Computer Science developed an easy-to-operate and inexpensive microfluidic chip for sperm selection to treat infertility. The device is designed to isolate healthy sperms from the collecting chamber, while simultaneously reducing contamination by deformed or dead sperm cells.
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Segments Covered in the Report
For the purpose of this report, Reports and Data has segmented global microfluidics market based on components, application, material, and region:
Components Outlook (Revenue, USD Billion; 2019-2030)
- Microfluidic Chips
- Micropumps
- Microneedles
- Other Components
Application Outlook (Revenue, USD Billion; 2019-2030)
- Drug Delivery
- Point-of-Care (POC) Diagnostics
- Pharmaceutical and Biotechnology Research
- Clinical Diagnostics
- Others
Material Outlook (Revenue, USD Billion; 2019-2030)
- Polymer
- Silicone
- Glass
- Other Materials
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Regional Outlook (Revenue, USD Billion; 2019-2030)North America
-
- The U.S.
- Canada
- Europe
- The U.K.
- Germany
- France
- Asia Pacific
- India
- China
- Japan
- Latin America
- Brazil
- Mexico
- Middle East & Africa
- South Africa
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Some points on how the report benefits stakeholders:
- The reports include historical (2019–2020) and forecast (2021–2030) data points, revenues, and CAGR in table, figure, and chart formats, with detailed and qualitative, supporting written information for each.
- Revenue break-up is provided for each segment in these formats for global, regional, and for each country in the respective region for each year between 2019 and 2030.
- The report contains insights regarding growth drivers, restraints, opportunities, trends, company profiles, strategic developments, expansion details, product launches, and various other aspects related to the market.
- The report contains data and information on customers, competitors, vendors/distributors, and other players and in the global marketplace.
- Market research analysis is vital for all crucial business strategies and can aid in numerous ways and to provide a clearer understanding about strategies being deployed by competitors, product launches, competitive analysis, technological advancements and various other factors that enhance sales of a firm or perhaps provide insights to focus on merger and acquisition as a strategy or enter into strategic agreements or joint ventures etc.
- The report contains company profiles of the top companies operating in the market along with their respective revenue and operating segments, geographical reach, market footprint, headquarters, growth rates, recent developments, product /services, expansion strategies, investments in expansion, and more.
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