Published Date : 17 Apr 2023
The microfluidics market size accounted for USD 18 billion in 2021 and is estimated to achieve a market size of USD 62 billion by 2030, growing at a CAGR of 16.5% from 2022 to 2030.
The microfluidics market growth is driven by the growing demand for point-of-care (POC) devices, increasing prevalence of chronic diseases, increasing demand for In Vitro Diagnostics (IVD), wide use of microfluidic systems in laboratory procedures, development of advanced lab-on-a-chip technologies, and improved portability of devices.
Microfluidics is a way of precisely controlling small fluid samples for medical examination. Microfluidic sample sizes range from microliters to picoliters. Microfluidics is the study of fluid dynamics through micro-channels. It is a technology employed for developing microminiaturized devices. Fluids flow via tubes and chambers in these small devices. Microfluidics systems use microscopic channels to process small amounts of fluids. The diameters of these channels range from tens to hundreds of micrometers. Microfluidics devices require a very tiny amount of samples for the interpretation of data.
The use of microfluidics has enabled conventional laboratory techniques to be miniaturized into a lab-on-a-chip. The ability of microfluidics devices to evaluate tiny amounts of samples is its primary advantage. This decreases reagent waste and aids in the preservation of difficult-to-produce samples. Microfluidics devices have driven up demand for low-volume sample devices. The increasing prevalence of infectious diseases and chronic diseases such as diabetes, cancer, chronic respiratory diseases, cardiovascular diseases, and others increases the demand for point-of-care testing which is projected to fuel the demand for the microfluidics market during the forecast period.
For instance, according to the 2022 statistics published by World Health Organization (WHO), 41 mn people died each year from Noncommunicable diseases which is equivalent to 74% of all deaths across the globe. 17 mn people die from non-communicable diseases before reaching the age of 70 and premature deaths occur in low- and middle-income countries is 86%. Thus, the proper prevention and investment in chronic disorders have become very crucial and the increasing prevalence of diabetes increases the requirement for porous microcapsules encapsulating β cells for diabetes treatment utilizing microfluidic electrospray technology. The rapidly growing research and development activities undertaken by clinical researchers have also boosted the demand for microfluidics devices during the forecast period.
The demand for microfluidics-based devices is anticipated to grow owing to the launch or introduction of advanced technology such as digital microfluidics, which allows on-chip biochemical analysis. Additionally, the market has grown as a result of the rising adoption of microfluidics devices in many research and diagnosis areas. Furthermore, the growing adoption of several strategic initiatives and increasing focus on developing microfluidics devices and technologies.
Microfluidics Market Report Scope:
|Market Size in 2021||USD 18 Billion|
|Projected Forecast Value in 2030||USD 62 Billion|
|Growth Rate||16.5% from 2022 to 2030|
|Largest Market||North America|
|Forecast Period||2022 to 2030|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America and Middle East & Africa
North America accounted for the larger market share of 40% in 2022, due to the presence of sophisticated healthcare infrastructure, increasing demand for point-of-care (POC) testing, a rise in the adoption of modern technologies, a significant rise in the number of studies opted to enhance the sample optimization. In addition, rapid growth in research funding from private and government organizations and industries is the primary factor boosting the market expansion in the region.
On the other hand, the Asia Pacific market is expected to grow at a CAGR of more than 14% during the forecast period. The growth is attributed to favorable government policies, a developing economy, rapid growth in research infrastructure, low-cost labor, and the rising prevalence of chronic disorders. In the Asia-Pacific microfluidics market, the most revenue-generating countries are India and China.
Increasing demand for point-of-care testing
Point-of-care testing is crucial to healthcare in disease diagnosis. The rapidly growing demand for point-of-care testing is anticipated to create immense potential for the microfluidics market during the forecast period. The growth is mainly attributed to the increasing prevalence of chronic and infectious disorders as well as the growing inclination for home healthcare. Microfluidics technology is believed to be ideal for point-of-care diagnostics. Point-of-care testing helps to detect and diagnose diseases used near the patient faster than conventional methods. It assists healthcare professionals to make prompt decisions regarding the patient.
The significance of POCT is increased during the difficult times of the COVID-19 pandemic. Several point-of-care tests or diagnostic devices are available in the market such as pregnancy testing, glucose monitoring, infectious disease testing, cholesterol testing, and others. By integrating microfluidics into POCT, fluid manipulation, and detection may be performed in a single device with minimal sample needs.
Low adoption in emerging economies
The low adoption in emerging economies due to the high prices is projected to hamper the growth of the market. In addition, the integration of microfluidics technology with existing workflows is likely to limit the expansion of the global microfluidics market during the forecast period.
New product development
The new product innovation is projected to offer lucrative opportunities for the growth of the microfluidics market. Prominent companies operating in the microfluidics market continuously develop new and innovative products in order to meet the industry demand as well as market expansion. For instance, In March 2022, Miroculus Inc. announced the launch of Miro Canv, easy-to-use digital microfluidics which allows on-demand automation of and simplifies complex NGS sample preparation protocols.
Stringent regulatory approvals
The stringent regulatory approvals act as a key challenge to the growth of the microfluidics market. Manufacturers of medical devices are necessarily required to comply with strict regulatory regulations in order to ensure the sales and marketing of their respective products in the market. Therefore, a difficult and complex regulatory approval process serves as a major challenge for the launching of new products in the market.
Major key Players:
By Regional Outlook
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