The Global Microfluidics Market size is expected to reach USD 81.13 Billion in 2030 and register a revenue CAGR of 16.2% over the forecast period, according to the latest report by Reports and Data. Increasing importance of Point-Of-Care (POC) testing in medical emergencies for quick diagnosis and decision making is expected to drive market revenue growth during the forecast period. POC devices are widely accepted diagnostic tools in the healthcare sector owing to advantages such as rapid and accurate detection, ease of operation, cost-effectiveness, portability, and non-requirement of specialized professionals.
Microfluidics platforms handle low volume samples such as femtoliters (fL), which is one quadrillionth of a liter. This allows researchers to work with fewer samples and reagents with more accuracy and provide results faster than with traditional methods. The need for immovable desktop scanners or cameras that are sensitive to ambient light conditions makes it difficult to use paper-based colorimetric immunoassays such as enzyme-linked immunosorbent assay (ELISA). Microfluidic POC testing has proven to be a robust and optimal medical technology compared to standard laboratory-based testing, especially in demanding and resource-constrained environments. The COVID-19 pandemic has been one of the major factors driving adoption of POC testing owing to cost-effectiveness and short duration of patient stay in hospital.
Microfluidics inclusion in point-of-care testing enables fluid manipulation and detection in a single device with reduced sample volume requirements. Additionally, microfluidics with advanced plasmonic biosensor technology is expected to improve POC testing. Microfluidics-based plasmonic biosensors offer a high-throughput platform for biochemical molecular analysis, with ultra-high sensitivity and real-time performance. New functionalities can be enabled by combining optics with microfluidics without compromising integrability or compactness. Demand for these microfluidics-based advanced biosensor technologies devices is projected to rise as well as benefit current and emerging chemical analysis, POC testing, and biomedical research.
However, mass production and commercialization of microfluidic POC devices remain major obstacles to overcome. Regulatory requirements are an issue in the microfluidic market. Microfluidic devices are cost-intensive making them unaffordable in emerging low-income countries
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The pharma and healthcare industry is expected to observe significant growth over the coming years attributed to the increasing incidence of chronic diseases across the globe, growing geriatric patient pool, availability of advanced and minimally invasive surgical and diagnostics procedures, favorable reimbursement scenario, and presence of a robust product pipeline of drugs and therapeutics. In addition, the growing integration of IoT, ML, and AI in medical procedures and equipment along with rapid progress in drug design and development. A combination of innovation and technology has brought about massive changes in the healthcare industry and the rapid adoption of telemedicine, remote consultation, and e-prescription has significantly contributed to the revenue growth of the market.
Research Methodology:
Reports and Data utilizes a unique approach to research to offer a comprehensive overview of the global Microfluidics Market to offer insights into investment opportunities for stakeholders, investors, clients, and businesses to make informed decisions. The report includes SWOT analysis, Porter’s Five Forces analysis, feasibility analysis, and investment return analysis to offer a better understanding of the market scenario.
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Asia Pacific is expected to lead the market growth over the coming years owing to rapid advancements in the healthcare sector in APAC countries such as India, China, and Japan. North America is anticipated to register the highest market growth over the forecast period attributed to the increasing availability of robust healthcare and clinical settings, legalization of medical marijuana, favorable reimbursement scenario, presence of key market players, and rapid technological advancements in the region.
The growing popularity of over-the-counter medications driving market growth
Growing incidence of acute and chronic diseases and lesser access to advanced medical facilities owing to low disposable income levels are driving the demand for over-the-counter medications. Availability of generic and low-cost alternatives to medical therapies are some other factors playing a major role in driving demand for over-the-counter medications.
Restriction on product launches and R&D activities to hamper the market growth
The imposition of strict government regulations and shortage of funds has put a halt on product launches and R&D activities and is expected to restrain market growth over the forecast period. In addition, the launch of expensive drugs and therapies and increasing regulations regarding safety and approvals are also hampering the market growth.
Competitive Landscape:
The global market comprises various market players operating at regional and global levels. These key players are adopting various strategies such as R&D investments, license agreements, partnerships, mergers and acquisitions, collaborations, and joint ventures to gain a robust footing in the market.
Top Companies Profiled in the Report:
uFluidix, Nanōmix, Inc., Quidel Corporation, biosurfit SA, Abbott, Illumina, Inc., Abaxis, NanoEntek, PerkinElmer Inc., and Bio-Rad Laboratories, Inc.
Microfluidics Market Segmentation:
Components Outlook (Revenue, USD Billion; 2019-2030)
- Microfluidic Chips
- Micropumps
- Microneedles
- Other Components
Application Outlook (Revenue, USD Billion; 2019-2030)
- Drug Delivery
- Point-of-Care (POC) Diagnostics
- Pharmaceutical and Biotechnology Research
- Clinical Diagnostics
- Others
Material Outlook (Revenue, USD Billion; 2019-2030)
- Polymer
- Silicone
- Glass
- Other Materials
Regional Outlook:
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
- Latin America (Brazil, Rest of LATAM)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of the Middle East & Africa)
Frequently asked questions addressed in the report:
- What is the revenue growth rate of the global Microfluidics market over the forecast period?
- What are the major factors driving the growth of the Global Microfluidics Market?
- What are the key challenges impacting the global Microfluidics market growth?
- What are the outcomes of the SWOT Analysis and Porter’s Five Forces Analysis conducted in the report?
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