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

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

  • April 2022
  • 184 pages
  • ID: 6272890
  • Format: PDF
  • Mordor Intelligence LLP

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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% for the forecast period of 2022 to 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 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. 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 Caribbean has 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 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 the future.

Several companies are implementing startegic 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 FDA 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.

The studied market is also plagued with issues of a regulatory requirement, coupled with a lack of skilled technicians. Microfluidics are 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 Trends

The Point-of-Care Diagnostics Segment 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 point-of-care diagnostics offers rapid and quick detection of diseases as compared to other conventional methods used, near to the patients which led to better diagnosis, monitoring and management and helps healthcare professionals in taking quick medical decision regarding the patient as point-of-care diagnostics enables 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, 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 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 of microfluidics, which may enable the development of new devices.

North America Dominates the Market and is Expected to do the Same in the Forecast 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. According to the April 2021 report of the Congressional Budget Office, in the United States, in last two decades, the research and development, as well as the launch of new drugs in the country, increased significantly and in 2019, the research and development expenditure by the pharmaceutical industry in the country was about USD 83 billion which shows a huge investment in the research and development activities of pharmaceuticals in the country. 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 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 launch by key market player 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 US. 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. 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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