Dublin, Feb. 06, 2024 (GLOBE NEWSWIRE) -- The "Microfluidic Immunoassay Market by Product, Technology, Application, and End User - Global Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The global microfluidic immunoassay market is expected to reach $1.47 billion by 2030 at a CAGR of 7.4% from 2023 to 2030.
The growth of this market is driven by the increasing use of microfluidic immunoassays in drug discovery & development and biomarker detection, the advantages of lab-on-chip immunoassays over conventional immunoassays, pharmaceutical & biotechnology companies' increasing focus on research & development, and the miniaturization of biological and chemical assays. However, bubble formation and dead volume in microfluidics devices restrain the growth of this market.
Moreover, the increasing demand for point-of-care diagnostics and recent advancements in microfluidic immunoassay technology are expected to generate market growth opportunities. However, the selection of suitable substrate materials for designing microfluidic chips and product design and cost-related limitations in developing countries are major challenges for market stakeholders.
The report offers a competitive landscape based on an extensive assessment of the product portfolio offerings, geographic presences, and key strategic developments adopted by leading market players in the industry over the years (2020-2023). The key players operating in the global microfluidic immunoassay market are Becton, Dickinson and Company (U.S.), Revvity, Inc. (U.S.), Abbott Laboratories (U.S.), Siemens Healthineers AG (Germany), Nanomix Corporation (U.S.), Micropoint Biotechnologies Co., Ltd. (China), Biosurfit SA (Portugal), Koninklijke Philips N.V. (Netherland), NanoEnTek Inc. (South Korea), and QuidelOrtho Corporation (U.S.).
Among all the products studied in this report, in 2023, the consumables segment is expected to account for the largest share of the microfluidic immunoassay market. The large market share of this segment is attributed to the repetitive use of kits, the growing portfolio of disease-specific kits for early diagnosis of diseases, and the increasing product approvals. The continuous advancements in reagents and kits, the development of user-friendly diagnostic kits, and the adoption of microfluidic immunoassay cartridges in clinical and research laboratories are positively impacting the demand for consumables used in microfluidics.
Among all the technologies studied in this report, the electrochemical detection segment is projected to register the highest CAGR during the forecast period. Electrochemical detection is increasingly used in the microfluidic immunoassay owing to benefits such as low cost & power requirements, low sample & reagent consumption, portability, and short response time, contributing to the highest CAGR of this segment.
Among all the applications studied in this report, in 2023, the cardiology segment is expected to account for the largest share of the microfluidic immunoassay market. The large market share of this segment is attributed to increasing applications of microfluidic cartridges in biomarker profiling of cardiovascular diseases and understanding disease mechanisms. The demand for microfluidic immunoassay is increasing in biomedical and clinical fields for research on cardiac biomarkers, contributing to the largest share of the market.
Among all the end users studied in this report, the pharmaceutical & biotechnology companies segment is expected to grow at the highest CAGR during the forecast period. The highest CAGR of this segment is attributed to factors such as the increasing R&D investments by pharmaceutical & biotechnology companies, the widespread utilization of microfluidic immunoassay in drug discovery & development, and a growing emphasis on personalized medicine research. The rising spending on R&D by pharmaceutical companies is also contributing to the largest share of this segment.
In 2023, North America is expected to account for the largest share of the microfluidic immunoassay market, followed by Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America's large share is attributed to the region's high R&D spending by the pharmaceutical & biotechnology companies for the development of drugs and biomarker identification, increasing prevalence of chronic diseases, rising healthcare expenditure, presence of leading market players in the region, and favorable government initiatives for research & development. According to the U.S. Congressional Budget Office, U.S. pharmaceutical R&D expenditure increased from USD 91.1 billion in 2020 to USD 102.3 billion in 2021.
Scope of the Report:
Microfluidic Immunoassay Market Assessment, by Product
- Consumables
- Cartridges
- Polymer
- Glass
- Silicon
- Reagents
- Systems
Microfluidic Immunoassay Market Assessment, by Technology
- Electrochemical Detection
- Optical Detection
Microfluidic Immunoassay Market Assessment, by Application
- Cardiology
- Single Biomarker Detection
- Multiplexed Biomarker Detection
- Infectious Diseases
- Oncology
- Other Applications
Microfluidic Immunoassay Market Assessment, by End User
- Pharmaceutical & Biotechnology Companies
- Diagnostic Laboratories
- Hospital
- Other End Users
Microfluidic Immunoassay Market Assessment, by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe (RoE)
- Asia-Pacific (APAC)
- China
- Japan
- India
- Rest of Asia-Pacific (RoAPAC)
- Latin America
- Middle East & Africa
Market Insights
Factors Affecting Market Growth
- Impact Analysis of Market Dynamics
- Increasing Use of Microfluidic Immunoassays in Drug Discovery & Development and Biomarker Detection Driving Market Growth
- Bubble Formation and Dead Volume Limiting the Adoption of Microfluidics Devices
- Increasing Demand for Point-of-Care Testing Generating Growth Opportunities for Market Players
- Selecting Suitable Substrate Materials to Design Microfluidic Chips to Remain a Major Challenge for Market Players
Technology Trends
- Multiplexed Panel Detection
- Paper-Based Microfluidics
Company Profiles (Company Overview, Financial Snapshot, Product Portfolio, and Strategic Developments)
- Becton Dickinson and Company (U.S.)
- Revvity Inc. (U.S.)
- Abbott Laboratories (U.S.)
- Siemens Healthineers AG (Germany)
- Nanomix Corporation (U.S.)
- Micropoint Biotechnologies Co. Ltd. (China)
- Biosurfit SA (Portugal)
- Koninklijke Philips N.V. (Netherland)
- NanoEnTek Inc. (South Korea)
- QuidelOrtho Corporation (U.S.).
For more information about this report visit https://www.researchandmarkets.com/r/6la20c
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