Microfluidics Market

Market Overview

The global microfluidics market size was valued at USD 20.98 billion in 2022. It is projected to reach USD 117.13 billion by 2031, growing at a CAGR of 23.98% during the forecast period (2023-2031).

Microfluidics is a technology that allows scientists to study fluids and their properties. It is used by employing a toolkit for influencing chemical and biological processes in microfluidic systems. It also makes tiny devices with many channels and compartments for directing or enclosing fluids. Compared to traditional fluid measuring devices, these have many advantages, including a smaller footprint, greater parameter control, and higher quality data with less sample run time. Therefore, it is widely employed in DNA analysis, cell separation and manipulation, and polymerase chain reaction (PCR).

Highlights

• Microfluidic chips dominate the product type segment.
• Point-of-Care diagnostics (In-vitro Diagnostics) dominates the application segment.
• Hospitals and diagnostic centers dominate the end-user segment.
• North America is the most significant shareholder in the global market.

Market Dynamics

Global Microfluidics Market Drivers

Rising Burden of Infectious and Chronic Diseases

The demand for point-of-care testing is increasing due to the growing prevalence of infectious and chronic illnesses, including cancer, diabetes, cardiovascular diseases, and others. This demand is anticipated to drive the microfluidics market over the forecast period. For instance, the IDF's 2022 estimates state that approximately 6.1 million diabetics were living in Germany in 2021, which is expected to rise to 6.5 million by 2030. Therefore, the necessity for innovative porosity microcapsules encasing cells for diabetes treatment employing microfluidic electrospray technology is increased by the anticipated rise in the number of persons with the disease.

According to a study that appeared in PLOS One in January 2021, France is anticipated to have roughly 2.8 million chronic obstructive pulmonary disease (COPD) cases by 2025. This is expected to drive the market's growth by increasing demand for COPD testing using microfluidic chips and tiny blood samples. According to Dementia Australia's 2022 statistics, there will be 487,500 Australians living with dementia in that country in 2022, expected to rise to 1.1 million by 2058. As a result, there is a greater need for efficient medication discovery, screening techniques, and toxicological investigations as dementia rates among the target demographic rise. Maintaining fluid isolation and developing neurites, glial cells, endothelial cells, and skeletal muscle cells also enhance the need for microfluidics devices.

Growing Interest of Key Players

The market is expanding due to manufacturers' and developers' rising interest in creating microfluidic devices. The united efforts of the producers to establish a presence in emerging markets also aid in market expansion. For example, uFluidix, a pioneer in the bespoke fabrication of microfluidic devices composed of thermoplastics and PDMS, issues a call for funding for manufacturing projects. In the last 12 months, the uFluidix team has successfully increased its production capacity. In order to produce thermoplastic microfluidic chips, they are currently optimizing for new process variables. Such factors drive market growth over the forecast period.

Global Microfluidics Market Restraint

Complex and Time-Consuming Regulatory Approval Process

Medical device producers must adhere to stringent regulatory requirements to ensure the marketing and sales of their products in foreign markets. Since most major international players are in the US, the nation is a significant manufacturing hub for microfluidics devices. To assure the efficacy and safety of medical devices, the FDA in the US has established strict regulatory criteria and guidelines. However, the FDA approval procedure for medical devices has grown drawn out and complicated over the past few years. This is a significant obstacle that businesses must overcome when introducing new and cutting-edge products in the US.

Global Microfluidics Market Opportunities

Development of New Products

The growing development of new and innovative products is expected to create tremendous opportunities for market growth over the forecast period. The Loschmidt laboratory team worked with collaborators from ETH Zurich to efficiently and quickly study enzymes and their properties. The cutting-edge platform was already being utilized to research the evolution of bioluminescent enzymes and create fresh thrombolytics to treat stroke. In addition, Panasonic Corporation and IMT worked together in November 2019 to develop a technique for glass molding-based mass production of microfluidic devices. In contrast to conventional glass etching methods, this technology uses mass production that is low-cost and highly accurate. Further, the microfluidics market is anticipated to be driven by these devices during the forecast period because they can be utilized for analysis and sensing in biological, environmental, and medicinal applications.

Regional Analysis

Based on region, the global microfluidics market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

North America Dominates the Global Market

North America is the most significant global microfluidics market shareholder and is anticipated to exhibit a CAGR of 20.7% over the forecast period. The region held the largest market share of 38.98% in 2022. Increasing research funding from government agencies and businesses is fueling market expansion. In addition, the industry-academia partnership has been driven by the demand for microfluidics devices in the research and diagnostics fields to hasten the commercialization of lab-built devices. For instance, Fluidigm Corporation signed a letter of agreement in July 2020 with the National Institute of Biomedical Imaging and Bioengineering and the National Institutes of Health for the Rapid Acceleration of Diagnostics program. With a total proposed expenditure of up to USD 37 million, the project aimed to increase the COVID-19 testing's output capabilities and manufacturing capacity using Fluidigm's microfluidics technology. The program also accelerated the commercialization and development of ground-breaking technologies to greatly expand SARS-CoV-2 testing capacity in the United States.

Asia-Pacific is predicted to exhibit a CAGR of 18.08% during the forecast period. This is due to its developed research infrastructure, expanding economy, and inexpensive labor. The untapped Asia-Pacific microfluidics market has attracted the attention of investors worldwide. Foreign competitors predominate the market for microfluidic diagnostic tests. However, the biggest rivals in the market are releasing intriguing and distinctive products that are both exciting and interesting in terms of performance and, more importantly, appealing in terms of price. This could help them increase their market share in the upcoming years. In addition, China's government has established a strategic strategy to greatly expand the domestic market and elevate the nation to a major player. This "Made in China 2025" strategy emphasizes pharmaceuticals and medical devices. Microfluidic technology is anticipated to provide a return on investment from the standpoint of this strategic strategy because it is an essential instrument for life sciences and diagnostics applications.

Segmental Analysis

The global microfluidics market is segmented into product type, application, and end-user.

Based on the product type, the microfluidics market is bifurcated into microfluidic-based devices and microfluidic components.

The microfluidic chips segment is the highest contributor and is expected to grow significantly over the forecast period. The segment held the highest share of 38.65%. The drivers driving the growth of this market are rising demand for PoC testing, rising interest in personalized medicine, rising numbers of drug discovery and life science research projects, rising need for high-speed diagnostics, and rising government funding.

Based on the application, the global microfluidics market is split into in-vitro diagnostics, pharmaceutical and life science research and manufacturing, and therapeutics.

The point-of-care diagnostics segment (in-vitro diagnostics) owns the largest market share and is predicted to exhibit a CAGR of 19.22% over the forecast period. This is due to the rising prevalence of chronic diseases, demand for point-of-care testing devices, and technological advancements. For instance, GLOBOCAN 2020 estimates that there were 19,282,789 new cancer cases in the world in 2020, and that figure is projected to increase to 28,887,940 cases by 2040. Therefore, an increase in cancer cases is anticipated to enhance the need for point-of-care diagnostics and spur the market's expansion. According to sources, using the microfluidic cartridge, the real-time PCR test Revogene can identify C. difficile, Strep B, and Streptococcus A in about two minutes. As a result, it is anticipated that the market for microfluidics in point-of-care testing will grow.

Based on end-user, the microfluidics market is categorized into hospitals and diagnostic centers, academic and research institutes, and pharmaceutical and biotechnology companies.

The hospitals and diagnostic centers sector is the highest contributor to the market and is anticipated to grow at a CAGR of 21.02% over the forecast period. This segment's significant market share and rapid expansion can be primarily attributable to expanding acceptance of microfluidic-based diagnostic equipment, microfluidic technology for quickly diagnosing various chronic diseases and technological advancements.

Recent Developments

• November 2022- LumiraDx launched Rapid Microfluidic Immunoassay C-Reactive Protein Test to help combat Antimicrobial Resistance in India.
• November 2022- Nagi Bioscience started testing drugs on worms using microfluidics. The Swiss startup Nagi Bioscience aims to speed up drug and chemical safety testing by automating research on a worm called Caenorhabditis elegans.