The global microfluidics market size is expected to reach USD 44 billion by 2027 from an estimated value of USD 15.7 billion in 2020, growing at a CAGR of 22.9 % during the forecast period. High incidence rate of lifestyle diseases is expected to propel growth of the global microfluidics market over the forecast period. For instance, according to the study, ‘Global Prevalence of Type 2 Diabetes over the Next Ten Years (2020-2028)’, published by the American Diabetes Association, 500 million people worldwide suffered from type 2 diabetes in 2020.
Moreover, miniaturization, integration, and automation of precious complex chemical, biological, and physical assays is also expected to aid in growth of the market. Microfluidics system is an effective tool for biological and chemical assays, owing to its benefits such as less consumption of sample and reagents, minimization of analysis time, easy of automation, and permit to conduct parallel assays, which decreases the cost of the assays and time required. Furthermore, it has huge potential in next generation sequencing point-of-care diagnostic devices due to its cost-effective manufacturing as well as high system integration and portability, which increases demand for microfluidics over the forecast period.
The healthcare research industry in developing countries is undergoing rapid changes. However, the lack of proper healthcare research infrastructure in emerging markets may restrain growth of the global microfluidics market. Moreover, lack of proper regulatory framework, improper development and implementation of clinical practice guidelines and dearth of skilled labours in the developing countries also has negative impact on growth of the market.
The high cost involved in R&D of microfluidics technology-based products and limited financial support has posed a great challenge to growth of the global microfluidics market. Moreover, long gestation times for R&D activities with the inclusion of clinical trials required to test the devices and chips adds up to significant expenditure. Hence, considering the current scenario, manufacturers need to be cautious and ensure investment in markets that would provide better return on investments.
Increasing demand for point-of-care (PoC) instruments and kits to replace conventional technologies is expected to offer lucrative growth opportunities for players in the market. The PoC devices are based on the microfluidics technology. The healthcare industry is witnessing high adoption of lab-on-chip ‘PoC’ devices. The implementation PoC testing (POCT) has a significant impact on operational efficiency and patient care compared to conventional technologies.
The use of bubbles as a substitute to mixers in microfluidics devices to overcome difficulties associated with the fabrication incorporated into the devices is also expected to aid in growth of the market. Conventional microfluidic mixers come in two varieties: passive and active. Passive mixers move fluids in or out of plane by using geometry of the system to create chaotic advection of the fluids where as active mixers can be controlled externally. Both have difficulties associated with their fabrication as passive mixers need two layers of fabrication and active mixers require additional and complicated micro fabrication. However, no additional fabrication is necessary when mixing with bubbles, which allows rapid and efficient mixing.
The prominent players in the global microfluidic components market include Parker-Hannifin Corporation (US), Fluigent SA (France), Idex Corporation (US), Camozzi Automation Spa Società Unipersonale (Italy), Gems Sensors and Control (US), Aignep S.P.A. (Italy), SMC Corporation (Japan), Dolomite Microfluidics (UK), Cellix Ltd. (Ireland), Elveflow (France), Microfluidic ChipShop (Germany), Micronit Microtechnologies (Netherlands), and MicroLiquid (Spain).
The global microfluidics market study is analysed into five major regions, namely, North America, Europe, the Asia Pacific (APAC), Latin America, and the Middle East & Africa. In 2020, North America accounted for the largest share of the market. This can be attributed to the increasing demand for PoC testing, increasing incidence of chronic diseases, growing academic & government investments in genomics & proteomics research, rising demand for high-quality research tools for data reproducibility, and the increasing focus of stakeholders on research projects involving proteins, associated biomolecules, and genes.
Report : Microfluidics Market - By End Users (Hospitals & Diagnostic Centres, Academic & Research Institutes, And Pharmaceutical & Biotechnology Companies), By Application (In-Vitro Diagnostics, Pharmaceutical, Life Science Research & Manufacturing, And Therapeutics) By Products (Microfluidic-Based Devices And Microfluidic Components) and By Region (North America, Asia Pacific, Europe, Middle East & Africa and Latin America) - Industry Analysis, opportunity and Forecast 2020 To 2027