Microfluidics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Microfluidics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The global Microfluidics Market is estimated to be USD 19,284.65 million in 2021. It is expected to reach USD 50,934.63 million by 2027, registering a CAGR of 17.5% over the forecast period (2022-2027).

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 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 amounts of samples and reagents with higher efficiencies and generate results faster than conventional methods, owing to the high potential 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; for instance, according to the Global Cancer Observatory (Globocan) 2020, the estimated prevalent cases of cancer all over the globe in 2020 accounts for 15,545,712. Out of which Asia has 6,108,288 of the total prevalent cases, Europe accounts for 3,455,761. North America has 2,166,628, Latin America and the Caribbean have 1,023,898, and Africa has 4.5% 615,015 of the total prevalent cases.

The current market is witnessing major technological advancements. The developments in microfluidics are also leading to the evolution of a cost-effective mass-production process of diagnostic devices, and smartphones being paired with microfluidics is enabling the deployment of point-of-care testing. This has widened the application of microfluidic devices, and it is expected to expand further in the future.

Several companies are implementing strategic initiatives to strengthen their positions in the market. In November 2020, Dolomite Microfluidics and MilliporeSigma collaborated to release off-the-shelf NanoFabTx microfluidic device kits for the production of PLGA nano- and microparticles for drug development and controlled drug release applications. Additionally, in March 2020, the Food and Drug Administration approved the use of Cepheid's GeneXpert rapid molecular diagnostic machines to test for the new coronavirus. The module uses disposable cartridges, pre-filled with the required chemicals that are channeled around test chambers using microfluidics. Moreover, in June 2021, Sphere Fluidics, a company commercializing single-cell analysis systems underpinned by its patented picodroplet technology, and ClexBio, a pioneer in solutions for tissue engineering and single-cell techniques, announced the launch of the biocompatible CYTRIX Microfluidic Hydrogel Kit. Similarly, in January 2021, LumiraDx received approval for a microfluidic immunofluorescence assay to detect SARS-CoV-2 antigen in Japan and Brazil.

The studied market is also plagued with issues of regulatory requirements, 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 Middle-East, and Africa.

Key Market TrendsThe Point-of-Care Diagnostics Segment is Expected to Show a High CAGR in the Forecasted Period

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 point-of-care diagnostics offers rapid and quick detection of diseases as compared to other conventional methods used near to the patients, which leads to better diagnosis, monitoring, and management and helps healthcare professionals in making quick medical decisions regarding the patient as point-of-care diagnostics enable the early detection of the disease because of which the demand of point-of-care molecular diagnostics is expected to increase in future which in turn drive the growth.

The major advantages associated with the devices are rapid and precise response, cost-effectiveness, and portability. Research is being done in point-of-care diagnostics to develop a chip-based device that 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 diseases. 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. For instance, according to GLOBOCAN 2020, there were 19,282,789 new cancer cases worldwide in 2020, with the number expected to rise to 28,887,940 cases by 2040. therefore, the global incidence of cancer, as well as modern healthcare facilities, have been major drivers of the market's growth. ​​

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 in microfluidics, which may enable the development of new devices.

North America Dominates the Market and is Expected to do the Same in the Forecasted Period

North America dominates the microfluidics market, which is majorly attributed to 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 region with a high budget for R&D. For instance, according to the Pharmaceutical Research and Manufacturers of America data updates from September 2021, since 2000, PhRMA member companies have invested more than USD 1.1 Trillion in the search for new treatments and cures, including USD 102.3 Billion in 2021 alone. Furthermore, these are expected to increase further over the forecast period. 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 that are easy to use and rapid.

In August 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.

Additionally, increasing product launches by key market players in the region boost the market. For instance, in January 2021, LexaGene announced the launch of the MiQLab system from research-only use to POC use to detect the SARS-CoV-2 virus after receiving emergency use authorization (EUA) in the United States. moreover, in October 2021, LumiraDx announced it had submitted the LumiraDx SARS-CoV-2 & Flu A/B Test to the Food and Drug Administration (FDA) for Emergency Use Authorization (EUA). The microfluidic immunofluorescence assay can quickly verify infection for patients suspected of flu and/or COVID-19 to aid diagnosis and clinical decision-making.

Thus, owing to these factors, the microfluidics market in the North American region is expected to grow at a healthy rate.

Competitive Landscape

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, and launches of advanced products to secure their positions in the global market.

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