Microfluidics Market Forecasts to 2030 - Global Analysis By Product (Microfluidics-Based Device, Microfluidics Components and Other Products), Material (Polymer, Metal, Ceramics, Silicon and Glass), Technology, End User and By Geography

According to Stratistics MRC, the Global Microfluidics Market is accounted for $22.3 billion in 2023 and is expected to reach $59.3 billion by 2030 growing at a CAGR of 15% during the forecast period. Microfluidics is a technological method used to investigate the nature and characteristics of fluids. Its application involves the manipulation and control of small volumes of fluids' chemical and biological processes through the use of a set of tools. It is also employed in the creation of microminiaturized apparatuses that contain a large number of chambers and tunnels that allow fluids to pass through or be contained.

According to Globocan 2020, there were 19,282,789 new cancer cases worldwide in 2020, with a projected increase to 28,887,940 cases by 2040.

Market Dynamics:

Driver:

Technological advancements

Large-scale microfluidics integration and soft lithography have greatly expanded their applications in medical and biological science research. These technological advancements have accelerated development efforts and allowed researchers to carry out experiments on microfluidics chips with greater complexity and sophistication. Additionally, microfluidics components are quickly becoming an indispensable technology in a growing number of fields, such as chemical synthesis, bio sensing, bio actuation, and medicine. These factors are propelling market demand.

Restraint:

High cost

Widespread adoption of microfluidics devices is severely hampered by the high cost of the development and manufacturing processes. Frequently employed methods include photolithography, soft lithography, and micro-machining, which can be expensive to set up and maintain in terms of equipment. Furthermore, the materials used in microfluidics, like glass or polymers, might be more expensive than conventional materials used in other industries. These factors are hampering the growth of the microfluidics market.

Opportunity:

Demand for point-of-care diagnostics

The microfluidics market is anticipated to exhibit profitable growth potential over the forecast period due to the surge in demand for point-of-care diagnostics. Point-of-care diagnostics offer rapid and quick detection of diseases as compared to other conventional methods. Moreover, better patient monitoring, diagnosis, and treatment results from this and it also facilitate prompt medical decision-making by medical professionals.

Threat:

Time-consuming and complex regulatory process

Manufacturers of medical devices are required to comply with stringent regulatory policies to ensure the safety and efficacy of the devices. The approval process for medical devices has grown increasingly complicated and drawn out. Certain integrated microfluidics medical devices may take a while to receive regulatory approval, and if this is denied, there is a chance that investment will be wasted. These elements are hindering the expansion of the microfluidics market.

COVID-19 Impact

The COVID-19 pandemic had a beneficial effect on the microfluidics market. In-demand diagnostics included COVID-19 testing, rapid diagnostic tests, and IVDs that use microfluidic technology for drug discovery. Several industry participants were focusing on introducing rapid antigen testing based on microfluidics technology to diagnose COVID-19. In an attempt to combat the pandemic, regulatory bodies also promised to support the approval of microfluidics testing. In order to ensure the accuracy and precision of patient sample results, microfluidics kits were predicted to become more in demand as the number of IVD devices, point-of-care testing, and rapid diagnostic tests increased. However, the market is expected to show a steady recovery and relative increase in the future.

The in vitro diagnostics segment is expected to be the largest during the forecast period

The in vitro diagnostics segment is estimated to hold the largest share A growing number of diagnostic, pharmaceutical, and biotechnology companies, as well as forensic applications, are using IVD embedded with microfluidics technologies, such as PCR systems, analyzers, PoC diagnostics, and electrophoretic systems. Multiple advantages are offered by these devices, including portability, increased testing frequency, reduced reagent and sample consumption, and precise and speedy analysis. Moreover, other important factors driving the increased use of microfluidics-based proof-of-concept (PoC) technologies include the availability of inexpensive consumables and the ability of PoC devices to obtain faster test results with compact integrated systems and significantly lower costs.

The microfluidics-based device segment is expected to have the highest CAGR during the forecast period

The microfluidics-based device segment is anticipated to have lucrative growth during the forecast period. The synthesis of nanoparticles and nanocomposites could be greatly enhanced by microfluidics devices because of their effective heat and mass transfers, spatial limitations, ease of parameter adjustment, and in situ process monitoring in micro reactors. Many nanoparticles with tunable sizes, size distributions, and morphologies, including hybrid, inorganic, and organic ones, have been successfully synthesized using microfluidics devices. Moreover, automated micro-robotic injection, drug discovery and analysis, and single-cell trapping are among the biomedical uses of microfluidics devices.

Region with largest share:

North America commanded the largest market share during the extrapolated period owing to the introduction of innovative technologies, the presence of well-established market players, the rise in the number of studies chosen to improve sample optimization, and the substantial demand for POC diagnostics. Furthermore, it is anticipated that research institutes will continue to play a leading role in the development of innovative microfluidics devices, maintaining their dominance in the region for the foreseeable future.

Region with highest CAGR:

Asia Pacific is expected to witness profitable growth over the projection period, owing to the advanced infrastructure for research, the growing economy, and the accessibility of labor. Furthermore, a sizable pool of highly qualified scientists, engineers, and researchers who support the development of microfluidics technologies reside in the Asia Pacific region. These experts are actively engaged in creating cutting-edge microfluidics applications in fields like biotechnology, pharmaceuticals, healthcare, and environmental monitoring. However, prominent players in the region are putting forth creative and intriguing performance- and, more importantly, cost-effective solutions, which may enable them to increase their market share in the years to come.

Key players in the market

Some of the key players in the Microfluidics Market include: Thermofisher, Biomerieux, Quidel Corporation, Illumina Inc, Fluidigm Corporation, Abbott Laboratories, Smc Corporation, Perkinelmer, Idex Corporation, Hologic, Parker-Hannifin Corporation, Becton, Dickinson, and Company, Agilent, Bio-RAD, Hoffmann La-Roche, Danaher Corporation, Fortive Corporation, Aignep S.P.A, Dolomite Microfluidics and Elveflow.

Key Developments:

In July 2021, Abbott launched the Panbio COVID-19 Antigen Self-Test in India for the detection of the SARS-CoV-2 virus in adults and children with or without symptoms.

In June 2021, Danaher's Life science segment acquired Precision Nanosystems (PNI) to complement the former vaccines and therapeutics development business.

In February 2021, Thermo fisher acquired the point-of-care molecular diagnostic company Mesa Biotech, Inc. This is expected to raise Thermo fisher's revenue by approximately USD 200 million.

Products Covered:

• Microfluidics-Based Device
• Microfluidics Components
• Other Products

Materials Covered:

• Polymer
• Metal
• Ceramics
• Silicon
• Glass

Technologies Covered:

• Pharmaceutical & Life Science Research and Manufacturing
• In Vitro Diagnostics
• Therapeutics

End Users Covered:

• Academic and Research Institutes
• Hospitals and Diagnostic Centers
• Pharmaceutical and Biotechnology Companies

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

Free Customization Offerings:

All the customers of this report will be entitled to receive one of the following free customization options:

• Company Profiling
  • Comprehensive profiling of additional market players (up to 3)
  • SWOT Analysis of key players (up to 3)
• Regional Segmentation
  • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
  • Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances