Global Microfluidics Market : Introduction
Microfluidics is defined as the science that studies the behaviour of fluids flowing through technologically improvised microminiaturized devices consisting of chambers and tunnels.
Microfluidics technology has evolved from MEMS (Micro-Electro-Mechanical Systems) devices and can duplicate all the functions of its counterparts in various healthcare applications, such as drug delivery, point-of-care diagnostics, and clinical diagnostics.
The ability of microfluidics technology to replicate all the functions of its authentic counterparts in various healthcare applications, such as drug delivery, point-of-care (PoC) diagnostics, and clinical diagnostics, has resulted in its heightened adoption throughout the world.
However, there are certain obstructions in incorporating microfluidics technology into existing workflows such as lack of standardized microfluidic devices that can be used by multiple end users. microfluidics is a medical approach involving the precise control of small fluid samples for medical analysis.
The sample sizes in microfluidics range from microliters to picoliters. At such low volumes, the transportation of fluid is governed significantly by its mass.
Global Microfluidics Market: Overview
The global microfluidics market size was valued at USD 23.114 Billion in 2022 and is expected to expand at CAGR of 16.3% reaching a value of USD 77.46 Billion in 2030.
The market is primarily driven by the rising number of clinical studies for cell-based therapies.
Rapid demand for low-volume sample analysis, high-throughput screening methodologies, In Vitro Diagnostics (IVD), and development of advanced lab-on-a-chip technologies are collectively contributing to market growth.
Moreover, microfluidics offers a high return on investment and helps in cost control by minimizing errors.
Pre-hospital analysis like routine blood glucose level check can be done at home, thereby reducing the number of hospital visits and stays.
The point-of-care diagnostics introduced by various market players led to decreased hospital visits and early disease diagnosis.
With advanced technologies, industry players now differentiate their products using minimally invasive features along with speed and accuracy. Microfluidics has thus made its mark in the IVD market.
Moreover, miniaturization is vital for microfluidics to be potentially applied across wearable devices.
Key Trends: Growth Determinants and Challenges:
- Rising technological advancements
Technological advancements in microfluidic components are focused on making operational processes in healthcare industries easy and reliable. Integrated microfluidic components have been used in research labs for over twenty years. In the last decade, their use in life sciences and medical research has increased significantly because of the invention of soft lithography and large-scale microfluidic integration.
These technological advancements have risen the throughput of device production, improved rapid prototyping efforts, and enabled researchers to enhance the complexity and sophistication of experiments that can be performed on a microfluidic chip.
With technological advancements, microfluidic components are quickly becoming a key technology in an expanding range of fields, such as medical sciences, pharmaceuticals, biosensing, bioactuation, and chemical synthesis.
- Standardization or commercialization of microfluidic devices
Customer acceptance and market adoption are the two major factors that affect the commercialization of any product or technology in the market.
There are various academic publications of proof-of-concept for microfluidic technology-embedded medical devices and equipment, but the incorporation of this technology in end-use products has been restricted over the last decade due to the lack of standardized microfluidic devices that can be used by multiple end users.
In order to overcome the barriers associated to the commercialization of microfluidics, key players in the market need to focus on standardization and the integration of this technology in medical devices and research equipment.
Competitive Landscape:
- Illumina, Inc.
- Hoffmann-La Roche Ltd
- PerkinElmer, Inc.
- Agilent Technologies, Inc.
- Bio-Rad Laboratories, Inc.
- Danaher Corporation
- Life Technologies Corporation
- Abbott Laboratories
- Thermo Fisher Scientific
- Qiagen
- Biomérieux
- Elveflow
- Cellix Ltd.
- Micronit Micro Technologies B.V.
- Fluidigm Corporation
Segmental Analysis of Global Microfluidics Market:
Based on Technology
- Medical or Healthcare
- PCR and RT-PCR
- Gel Enterprises
- Microarrays
- ELISA
- Others
- Non-Medical
Based on Application
- Lab-on-a-chip
- Medical
- Non-Medical
- Organs-on-a-chip
- Medical
- Non-Medical
- Continuous Flow Microfluidics
- Medical
- Non-Medical
- Optofluidics and Microfluidics
- Medical
- Non-Medical
- Acoustofluidics and Microfluidics
- Medical
- Non-Medical
- Electrophoreses and Microfluidics
- Medical
- Non-Medical
Based on Material
- Glass
- Silicon
- PDMS
- Polymer
- Others
Based on Region
NORTH AMERICA (Canada, US), EUROPE (Spain, UK, Germany, Italy, France), ASIA-PACIFIC (India, China, Thailand, Japan, South Korea), LATIN AMERICA (Colombia, Brazil, Mexico, Argentina), MIDDLE EAST & AFRICA (UAE, Saudi Arabia, South Africa)
North America accounts for the largest share of the global microfluidics market. The microfluidics market in North America is characterized by increasing investments for the development of lab-on-a-chip systems, growing academic and government investments in genomics and proteomics research, and many others resources which increase the market value of the region.
Major Developments:
- In March 2020, Parker-Hannifin Corporation (US) launched the LM-Pro linear motor proportional valves for the ventilators market.
- In March 2020, Bio-Rad Laboratories Inc. (US) launched the SARS CoV-2 Standard to support laboratory assay validation of COVID-19 testing Germitec S.A. (France) received acceptance for the UV reprocessor from the FDA in April 2019.
- In July 2018, IDEXX Corporation (US) acquired Velcora Holding AB (Sweden). This acquisition helped the company strengthen its foothold in the microfluidics market on a global scale.
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Major questions answered in the report:
- What are the challenges, key trends and growth factors in the global microfluidics market?
- Which top companies are contributing in the growth of global microfluidics market?
- Which regional segments hold the largest market share in the global microfluidics market?
Key Takeaways from the report:
- Segmental analysis and deep-insights in regional segment.
- Challenges, trends and growth determinants.
- The global microfluidics market size was valued at USD 23.114 Billion in 2022 and is expected to expand at CAGR of 16.3% reaching a value of USD 77.46 Billion in 2030.
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