The global microfluidics market was valued at approximately USD 4,632 million in 2020 and it is expected to reach USD 9,538 million by 2026, registering a CAGR of nearly 12.95% during the forecast period.
Rapid detection is of crucial importance in the COVID-19 pandemic. A large number of cases are being tested which puts a heavy burden on laboratories. Rapid detection can reduce the number of unnecessary visits to the health clinics and will help the health sector to save lives by treating patients with positive test results. Microfluidics is associated with handling a tiny amount of fluid in micron-scale channels and chambers. Hence, it will allow researchers to handle fewer amount of samples and reagents with higher efficiencies and generate results faster than conventional methods, owing to the high potentials of microfluidic technology. For instance, a December 2020 article 'Evaluation of current diagnostic methods for COVID-19' states that biosensor-based virus detection systems that utilize nanotechnology and microfluidics and instrumental advances are considered promising technologies in pandemic situations like COVID-19.
Major factors propelling the growth of the microfluidics market are growing technological advancements in diagnostic devices, rising demand for microfluidics technology, and rising incidence of chronic diseases.
The current market is witnessing major technological advancements. The developments in microfluidics is also leading to the evolution of a cost-effective mass-production process of diagnostic devices, and smartphones being paired to microfluidics is enabling the deployment of point-of-care testing This has widened the application of microfluidic devices, and it is expected to further expand in future.
The studied market is also plagued with issues of a regulatory requirement, coupled with a lack of skilled technicians. Microfluidics is high-cost capital equipment, making them unaffordable in emerging low-income countries. As such, the current market has been largely unsuccessful in augmenting the growth of microfluidic technologies in high potential countries of Asia-Pacific, and the Middle East and Africa.
Key Market Trends
Point-of-Care Diagnostics is Expected to Show a High CAGR in the Upcoming Years
Point-of-Care Diagnostics (POC) is believed to act as an integral part of healthcare, especially in the diagnostics of diseases. Microfluidics technology is well-suited for point-of-care diagnostics. This technology has the potential to offer rapid and affordable point-of-care diagnostic tools to help during the COVID-19 pandemic.
The major advantages associated with the devices are rapid and precise response, cost-effectiveness, and portability. Research is being done in the Point of care diagnostics to develop a chip-based device, which can examine multiple analytes in complex samples. Hence, the integration of microfluidics is believed to contribute to the improvisation of point of care diagnostics.
Microfluidic techniques are geared toward the timely and inexpensive diagnosis of disease. Thus, the rise in chronic diseases, such as Diabetes and Cancer is expected to further fuel the growth of the microfluidics market, as it can offer a high-throughput screening of these diseases.
Moreover, the market players have expanded their diagnostic platforms to include POC on microfluidic devices. Therefore, due to the growth in the range of POC diagnostics, there will be a significant growth of microfluidics, which enables the development of new devices.
North America Dominates the Market and is Expected to do the Same in the Forecast Period
North American dominates the microfluidics market, which is majorly attributed to the factors, such as the well-established healthcare system, and the higher adoption of novel therapeutics among the general population.
Microfluidics is a vastly growing field in the United States with a high budget for R&D. In 2018, US healthcare accounted for 17.9% of GDP. The United States is one of the major destinations for all the recent advancements. The point-of-care diagnostics uses microfluidic technology for various applications, like molecular diagnostics, infectious diseases, and chronic diseases, which aim to produce integrated microfluidic devices, which are easy-to-use, and rapid.
In 2020, researchers from the University of Illinois at Urbana-Champaign demonstrated a prototype of a rapid COVID-19 molecular test and a portable instrument for reading the results with a smartphone, which does not require sending samples to a lab. Thus, owing to these factors, the microfluidics market in the United States is expected to grow at a healthy rate.
In terms of market share, few major players currently dominate the market. However, with technological advancements and product innovations, mid-size to smaller companies are increasing their market presence by introducing new technologies at affordable prices. Companies, like uFluidix, Bio-Rad Laboratories Inc, Fluidigm Corporation, Illumina Inc., and PerkinElmer Inc., hold a substantial share in the market. Additionally, the key players have been involved in various strategic alliances such as acquisitions, collaborations along with the launch of advanced products to secure the position in the global market. For instance, In September 2019, Fluidigm Corporation launched a novel microfluidics-based workflow - Advanta RNA-Seq NGS Library Prep Kit, that provides substantial cost savings and operational efficiencies for mid-to-high-throughput laboratories.
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TABLE OF CONTENTS
- 1.1 Study Deliverables
- 1.2 Study Assumptions
- 1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
- 4.1 Market Overview
- 4.2 Market Drivers
- 4.2.1 Increasing Demand for Point-of-care Testing
- 4.2.2 Increasing Incidences of Chronic Diseases
- 4.2.3 Faster Turn-around Time for Analysis and Improved Portability of Devices
- 4.3 Market Restraints
- 4.3.1 Integration of Microfluidics Technology with Existing Workflows
- 4.3.2 Low Adoption in Developing Countries Due to High Prices
- 4.4 Porter's Five Forces Analysis
- 4.4.1 Threat of New Entrants
- 4.4.2 Bargaining Power of Buyers/Consumers
- 4.4.3 Bargaining Power of Suppliers
- 4.4.4 Threat of Substitute Products
- 4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
- 5.1 By Component
- 5.1.1 Microfluidic Chips
- 5.1.2 Micro Pumps
- 5.1.3 Micro Needles
- 5.1.4 Other Components
- 5.2 By Application
- 5.2.1 Drug Delivery
- 5.2.2 Point-of-Care Diagnostics
- 5.2.3 Pharmaceutical and Biotechnology Research
- 220.127.116.11 High-throughput Screening
- 18.104.22.168 Proteomics
- 22.214.171.124 Genomics
- 126.96.36.199 Cell-based Assay
- 188.8.131.52 Capillary Electrophoresis
- 184.108.40.206 Other Pharmaceutical and Biotechnology Research
- 5.2.4 Clinical Diagnostics
- 5.2.5 Other Applications
- 5.3 By Material
- 5.3.1 Polymer
- 5.3.2 Silicone
- 5.3.3 Glass
- 5.3.4 Other Materials
- 5.4 Geography
- 5.4.1 North America
- 220.127.116.11 United States (By Component, By Application, and By Material)
- 18.104.22.168 Canada (By Component, By Application, and By Material)
- 22.214.171.124 Mexico (By Component, By Application, and By Material)
- 5.4.2 Europe
- 126.96.36.199 France (By Component, By Application, and By Material)
- 188.8.131.52 United Kingdom (By Component, By Application, and By Material)
- 184.108.40.206 Germany (By Component, By Application, and By Material)
- 220.127.116.11 Italy (By Component, By Application, and By Material)
- 18.104.22.168 Spain (By Component, By Application, and By Material)
- 22.214.171.124 Rest of Europe (By Component, By Application, and By Material)
- 5.4.3 Asia-Pacific
- 126.96.36.199 China (By Component, By Application, and By Material)
- 188.8.131.52 Japan (By Component, By Application, and By Material)
- 184.108.40.206 India (By Component, By Application, and By Material)
- 220.127.116.11 Australia (By Component, By Application, and By Material)
- 18.104.22.168 South Korea (By Component, By Application, and By Material)
- 22.214.171.124 Rest of Asia-Pacific (By Component, By Application, and By Material)
- 5.4.4 Middle East and Africa
- 126.96.36.199 GCC (By Component, By Application, and By Material)
- 188.8.131.52 South Africa (By Component, By Application, and By Material)
- 184.108.40.206 Rest of Middle East and Africa (By Component, By Application, and By Material)
- 5.4.5 South America
- 220.127.116.11 Brazil (By Component, By Application, and By Material)
- 18.104.22.168 Argentina (By Component, By Application, and By Material)
- 22.214.171.124 Rest of South America (By Component, By Application, and By Material)
6 COMPETITIVE LANDSCAPE
- 6.1 Company Profiles
- 6.1.1 UFluidix
- 6.1.2 Bio-Rad Laboratories Inc.
- 6.1.3 Emulate Inc.
- 6.1.4 Dolomite Microfluidics (Blacktrace Holdings Ltd)
- 6.1.5 Sphere Fluidics Limited
- 6.1.6 FluIdigm Corporation
- 6.1.7 Illumina Inc.
- 6.1.8 Micronit Microfluidics
- 6.1.9 PerkinElmer Inc.
- 6.1.10 Hesperos Inc.
- 6.1.11 ZEON CORPORATION
- 6.1.12 Bartels-Mikrotechnik
- 6.1.13 Agilent Technologies, Inc.
- 6.1.14 Quidel Corporation
- 6.1.15 Fluigent SA
- 6.1.16 Nanomix, Inc.
- 6.1.17 Biosurfit SA
7 MARKET OPPORTUNITIES AND FUTURE TRENDS