Microfluidic Devices Market is expected grow USD 1,820.0 million at a CAGR 17.20% during the forecast period 2022-2030.
Microfluidic Devices Market Overview
Microfluidic Devices Market is expected to reach USD 1,820.0 Million by 2030 at 17.20% CAGR during the forecast period 2022-2030. Microfluidics is becoming more and more popular in the field of diagnostics, especially in the field of point of care (POC) diagnostics. This is complemented by microfluidic integrated biosensor technology, which is expected to improve point-of-care diagnostics in the near future. It is primarily aimed at improving sensitivity, stability, accuracy, and cost, and acquiring minimally invasive POC technology by integrating microfluidic components with POC devices.
The main advantage of using the microfluidic device is the use of very small amounts of chemicals observed. Reduce overall research costs. Microfluidic devices can also be connected wirelessly to mobile phones. This is another benefit of advances in science and technology. This feature allows for point-of-care tests which are driving the Microfluidic Devices Market.
There is a growing demand for genomics or complete cell lines and proteomes. This is the main driver of the microfluidic device market. Testing microscopically small cells are only possible with the help of microfluidic devices. Very little is used and stored for testing, making it easier to handle and the results obtained are faster than the basic test method.
COVID 19 Analysis
People across the globe are suffering from the covid19. This has weighed down the pathological labs for continuous testing and diagnosis of diseases so that they can be treated well in time. The government of every nation is investing a huge lump of their resources in research & development projects. This has made the labs and research centers more equipped than they were before.
As testing increased, a need arises for procuring and manufacturing more mobile microfluidics devices. This has made possible the rise in the sales of the point of care devices market which made possible the rapid testing of antigens.
Microfluidic Devices Market Dynamics
The demand for genomics or complete strand of cells, and proteomes is increasing. This is the major driving force for the microfluidic devices market. The testing of microscopic cells has also become possible only with the help of microfluidic devices. As the quantity used and preserved for testing is very minute, it has made the handling less cumbersome and the results attained are quicker than primitive methods of testing
The major benefit of using microfluidic devices is that they use a very small quantity of chemicals which is under observation. It, altogether, lowers the cost of research. The microfluidic devices can also be connected wirelessly to cell phones. This is another boon of the advancement of scientific technology. Point of care testing is possible because of this feature.
Businesses have to abide by the law of the land and cannot operate outside it. The rigid policies of medical authorities to provide standardized microfluidic devices may hinder the growth of the market globally. The raw material for manufacturing or assembling the testing equipment is expensive. This is another obstacle for the manufacturers of microfluidic devices.
Value Chain Analysis
Owing to unhealthy lifestyles resulting in deteriorating health, and moving up statistics of chronic diseases, it has become important to get a quicker diagnosis of diseases and finding the least hazardous cure for the same. The key players of the microfluidic devices market are launching devices, such as microfluidics device collagen gel, microfluidics device syringe pump, piezoelectric device microfluidics, microfluidics chromatography device, and others, that have made testing easier and more proficient.
Microfluidic Devices Market Segmentation
The microfluidic devices market can be divided into various segments. These are: based on industry, based on materials used, and based on application
Based on industry
This segment is further divided into in-vitro, or in a test tube, diagnosis, pharmaceutical products, and medical devices. In-vitro diagnosis alone had a market share of 50.6% in the year 2018. Pharmaceuticals are further sub-divided into chips that are used for lab analysis, accurate dispensing apparatus, and micro-reactors for drug synthesis. The medical devices include micro-pumps and dispensing systems, inhalers, micro-needles, etc.
Based on material used
Various kinds of materials used in the manufacturing of microfluidic devices are polymer, glass, silicon, and others. Polymer, as a material, is cost-effective and is easy to procure than glass or silicon. This is the reason why polymer holds the largest market share in microfluidic devices.
Based on application
The various places where microfluidic devices are installed or used are Pharmaceutical and Life Science Research institutions, Clinical and Veterinary Diagnostics labs, Point of Care Diagnosis and rapid testing centers, Drug manufacturing and delivery, Environmental and Industrial equipment, and others.
Microfluidic Devices Market Regional Analysis
Microfluidic devices market size is increasing with every passing day. It is leaving its impression in every corner of the world. The regions where they are operating include America, Europe, Asia-pacific, and the rest of the world.
America, which includes the area of North America (the US and Canada) and Latin America, eclipses above the share of all other regions. America is the largest consumer because of the increasing geriatric population, widespread infectious and chronic diseases. Larger investments in medical infrastructure by the authorities, and awareness among the general public, related to the unhealthy habits and their effects in long run, are the key driving factors.
The European region which includes Germany, UK, France, Russia, and Italy, has bagged the position of second-largest market share in the microfluidic devices market. This is because of the easy and cost-effective availability of raw material. Some of the major key players are also investing in these areas because of the ease of doing business.
Asia-Pacific region, which includes China, Japan, India, Australia, and South Korea, provides a huge market for microfluidic devices. It owns to the fact that the government of these countries is investing a large share of their resources in developing a robust medical infrastructure. This region will hit the largest CAGR throughout the period under analysis.
The rest of the world, which includes the region of the Middle East and Africa, is showing a constant but slow growth because of the limited resources with the government and lack of awareness among the general public. Low economic income is also another reason for inactive growth.
Microfluidic Devices Market Competitive Landscape
The list of major global key players involved in data analysis of the microfluidic devices market is as follows:
The above-listed companies come together in joint ventures, mergers and, acquisitions to launch new devices and products. Their main objective is to deliver cost-effective goods, hassle-free operations, and give concrete results. With advanced technologies, the key players are focusing on developing portable and mobile microfluidic devices.
In May 2021
E Ink was acquired by Nuclera to expand its microfluidic product portfolio by adding the E Inks Digital Microfluidics Unit.
In June 2021
uFLuidix has announced an expansion of its manufacturing capacity to meet the growing demand for microfluidics due to pandemics.
In November 2020
Dolomite Microfluidics and Millipore Sigma have collaborated to bring to market a ready-to-use NanoFab Tx microfluidic equipment kit for the production of PLGA nano and microparticles for drug development and controlled drug release applications.
In June 2020
Illumina has announced the latest cohort of start-ups that are expected to work with the company's San Francisco and London teams. This cohort includes WellSIM Biomedical Technologies, Inc., a high-throughput microfluidics startup. The company manufactures automated, high-throughput microfluidic-based processors designed for exosome isolation and analysis.
This market research report of the Microfluidic devices market includes the following elements:
This Microfluidic devices market research report includes the basic meaning of microfluidics and their functioning. The microfluidics device model is generally used to transfer, preserve, blend and separate the fluids for further testing in laboratories. Due to the coronavirus, global pandemic, testing has increased. Therefore, a need arises for procuring and manufacturing more mobile microfluidics devices. The major benefit of using microfluidic devices is that they use a very small quantity of chemicals which is under observation. It, altogether, lowers the cost of research.
|Market Size||USD 1,820.0 Million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Industry, Material and Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Abbott Laboratories, F. HOFFMANN-LA ROCHE AG, Agilent Technologies, Inc., Siemens, Fluidigm, BIO-RAD LABORATORIES, INC., CEPHEID, RainDance Technologies, Inc., Dolomite Microfluidics, Micronit Microtechnologies, Johnson & Johnson Services, Inc., BD, Elveflow, Perkinelmer Inc., Thermo Fisher Scientific Inc., and BioMérieux|
|Key Market Opportunities||The development and adoption of clinical tests are expected to drive demand for microfluidic devices.|
|Key Market Drivers||
The microfluidic devices market is predicted to touch USD 1,820.0 Million by 2030.
The microfluidic devices market is predicted to grow at a 17.20% CAGR between 2022-2030.
The Americas is predicted to have lions share in the microfluidic devices market during the forecast period.
Increasing use in proteomics and genomics and growing demand for point of care testing products is boosting market growth.
Strict government policies may hamper the microfluidic devices market growth.