Chicago, April 06, 2023 (GLOBE NEWSWIRE) -- The microfluidics industry is expected to experience significant growth in the near future due to the increasing demand for its products and services. The development of new applications and technologies in the field of nanotechnology and biotechnology is expected to drive the growth of the market. The rising demand for highly efficient and reliable systems and components, such as lab-on-a-chip devices, is likely to fuel the growth of the microfluidics market. Additionally, the growing demand for miniaturization and cost-effectiveness is likely to drive the market. Furthermore, the increasing demand for point-of-care diagnostics and the development of new drug delivery systems are expected to propel the growth of the microfluidics market. The growing demand for research and development activities and collaborations among various stakeholders is also expected to contribute to the growth of the market.
Microfluidics market in terms of revenue was estimated to be worth $20.7 billion in 2021 and is poised to reach $58.8 billion by 2026, growing at a CAGR of 23.2% from 2021 to 2026 according to a latest report published by MarketsandMarkets™. Microfluidic technologies offer quick analysis, reduced reagent consumption, and accurate test results and help in reducing the overall cost of the drug development process. In addition to these factors, the demand for microfluidics technology is increasing owing to the growing demand and adoption of PoC diagnostic devices, such as glucose monitoring and pregnancy test kits. The factors such as regulatory approval process which are time consuming & complex and the level of acceptance of microfluidics in the existing workflow are restraining the growth of the market. Emergence of microfluidic based 3D cell cultures systems, growing Asian market, expanding applications of drug delivery technologies using microfluidics are some growth opportunities for microfluidics market.
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Microfluidics Market Scope:
| Report Coverage | Details |
| Market Revenue in 2021 | $20.7 billion |
| Estimated Value by 2026 | $58.8 billion |
| Growth Rate | Poised to grow at a CAGR of 23.2% |
| Market Size Available for | 2019–2026 |
| Forecast Period | 2021–2026 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product type, application and end user |
| Geographies Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunity | Emergence of microfluidic-based 3D cell culture systems |
| Key Market Drivers | Rising demand for point-of-care testing |
Based on product, the microfluidics market is broadly classified into microfluidic-based devices and microfluidic components. In 2020, the microfluidic-based devices segment accounted for the highest CAGR of 21.8% of the microfluidics market by product. The large share of this segment can majorly be attributed to the increasing adoption of technologically advanced microfluidic-based devices in pharmaceutical & life science research, increasing need for miniaturization of laboratory equipment, growing demand for microfluidic-based PoC testing, and the increasing use of microfluidic technology for drug discovery.
The microfluidic components market, by type, is segmented into microfluidic chips, flow and pressure sensors, flow and pressure controllers, micropumps, microfluidic valves, microneedles, and other microfluidic components. The microfluidic chips segment accounted for a share of 58.4% of the microfluidic components market in 2020. The increasing demand for PoC testing, growing preference for personalized medicine, an increasing number of drug discovery and life science research activities, growing need for high-speed diagnostics, and increasing government funding are factors responsible for the growth of this segment in the microfluidic market.
In this report, the microfluidics market is broadly classified into three major application segments—in vitro diagnostics, pharmaceutical & life science research and manufacturing, and therapeutics. The in vitro diagnostics segment accounted for the highest CAGR of 23.8% of the microfluidics market in 2020. The large share of this segment is mainly attributed to the rising incidence of target diseases and the growing demand for PoC testing. The advantages of microfluidic devices over traditional devices (such as portability, compact size, increased frequency of testing, and accurate & quick analysis) have also driven the adoption of these devices in IVD applications.
The in vitro diagnostics applications segment has been segmented into point-of-care testing, clinical diagnostics, and veterinary diagnostics. The clinical diagnostic testing segment accounted for the largest share 0f the IVD application segment in 2020, owing to the prevalence of infectious and lifestyle diseases, increased clinical testing due to the COVID-19 pandemic, and the introduction of technologically advanced products.
The microfluidics market is segmented into hospitals and diagnostic centers, academic & research institutes, and pharmaceutical & biotechnology companies based on end users. The hospitals and diagnostic centers segment accounted for the highest CAGR of 23.0% of the end users market in 2020. Factors attributing to the large share of the segment include the increasing use of microfluidic-based diagnostic devices, increasing adoption of microfluidic technology for the rapid diagnosis of various chronic diseases, and rising technological advancements.
In 2020, North America accounted for the largest share—41.7%—of the global microfluidics market, followed by Europe, the Asia Pacific, and Latin America. North America has various additional advantages—investment initiatives by governments and the presence of high-quality infrastructure for clinical and laboratory research. However, the market in APAC is estimated to grow at the highest CAGR during the forecast period. The growth in the market can be attributed to increasing R&D activities, rising government funding for drug discovery research, and high growth in the pharmaceutical and biotechnological industries.
Key Market Players:
The prominent players in the microfluidics market are Parker Hannifin Corporation (US), SMC Corporation (Japan), IDEX Corporation (US), Fluigent SA (France), Aignep S.P.A. (Italy), Camozzi Automation SPA Societá Unipersonale (Italy), Dolomite microfluidics (UK), Elveflow (France), Cellix Limited (Ireland), Fortive Corporation (US), Danaher Corporation (US), Thermo Fisher Scientific Inc. (US), Perkinelmer, Inc. (US), Agilent Technologies, Inc. (US), Bio-Rad Laboratories, Inc. (US), Becton, Dickinson and Company (US), Illumina Inc. (US), F. Hoffmann-La Roche Ltd. (Switzerland), Fluidigm Corporation (US) and Abbott Laboratories (US). Due to the intense competition in the market, major market players are increasingly focusing on expanding their geographic presence into high-growth emerging markets and strengthening their competitiveness in the market by acquiring smaller players with desired technological capabilities or geographic presence.
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Hypothetic Challenges of Microfluidics Market in Near Future:
- Increasing demand for high-precision microfluidic components: As technology advances, microfluidic components require higher precision and accuracy to meet the needs of researchers and industry. This will require costly investments in R&D and manufacturing.
- Increasing competition from low-cost suppliers: As the microfluidics market matures, low-cost suppliers from countries such as China and India may start competing for market share. This could lead to a decrease in prices, making it difficult for established suppliers to maintain their current profit margins.
- Regulations and standards: The development and implementation of regulations and standards for microfluidics can be a costly and lengthy process. This could limit the growth of the industry in certain countries or regions.
- Limited access to capital and venture funding: Microfluidic startups often struggle to obtain the capital and venture funding they need to develop their products and enter the market. This could limit the growth of new players in the industry.
- Lack of technical expertise: Microfluidics is a highly technical field and requires specialized knowledge and skills. This could limit the development of products and services as well as the growth of the industry.
Top 3 Use Cases of Microfluidics Market:
- Point-of-Care Diagnostics: Microfluidics technology is increasingly being used in point-of-care diagnostics for the detection of various diseases, such as cancer and HIV. The technology can be used to quickly and accurately detect and monitor the presence of various biomarkers from a small sample of blood or other bodily fluids.
- Drug Discovery and Development: Microfluidics technology is also being used to help accelerate the drug discovery and development process. The technology can be used to quickly and accurately test various compounds for their potency, efficacy, and safety.
- Lab-on-a-Chip: Microfluidics technology is also being used to create ‘lab-on-a-chip’ devices. These are miniaturized laboratories that are capable of performing multiple tests on a single sample in a short period of time. These devices are becoming increasingly popular in clinical laboratories, as they are much more cost-effective and efficient than traditional laboratory equipment.
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Recent 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 approval for the UV reprocessor from the FDA in April 2019.
Related Reports:
Point of Care Diagnostics Market
Veterinary PoC Diagnostics Market
Microfluidic Components Market
