Global Microfluidics Market Size, Share, Opportunities, And Trends By Components (Chips, Pumps, Sensors, Others), By Sector (Industrial, Healthcare), And By Geography - Forecasts From 2023 To 2028

The global microfluidics market is projected to grow at a CAGR of 12.72% over the forecast period, increasing from US$4.160 billion in 2021 to reach a total market size of US$9.617 billion by 2028.

The expansion of the microfluidics market can be attributed to various significant factors, including the rising need for point-of-care (POC) devices for analyzing low-volume samples in addition to the requirement for In Vitro Diagnostics (IVD), adoption of high-throughput screening methods, and advancements in lab-on-a-chip technologies among others. These factors are anticipated to drive the growth of the microfluidics market during the analysis period

Rise In the Demand For Point-Of-Care (Poc) Devices, Research And Development               

The increasing demand for point-of-care (POC) devices in different sectors especially healthcare, are projected to increase the demand for microfluidics technology used extensively in the development of such products, thereby increasing their market share.

In another instance, as per the survey conducted by Biomed Central Ltd in Germany revealed that most respondents commonly utilize five types of POCTs. These include urine dipstick tests (99%), with 98% regular and 1% infrequent usage; glucose tests (urine [91%] and plasma [69%]) with 84% regular and 7% infrequent usage; SARS-CoV-2 tests (80%) with 61% regular and 13% infrequent usage; urine microalbumin tests (77%) with 64% regular and 13% infrequent usage; and troponin I/T (74%) and prothrombin time / international normalized ratio (65%) tests, with 43% regular and 31% infrequent usage and 26% not in use, respectively. The critical role of microfluidics in the POC devices on a regular basis used for tests is anticipated to propel the market growth further.

As outlined in a January 2021 article by Genome Technology Center, School of Medicine, Standford University, the Revogene real-time PCR test has demonstrated the capability to rapidly detect C. difficile, Strep B, and Streptococcus A within approximately two minutes through the utilization of a microfluidic cartridge. This advancement is anticipated to fuel the demand for microfluidics in the realm of point-of-care testing, thereby contributing to the growth of this segment.

In addition, as per the November 2021 news release by the University of Toronto Engineering, the university announced the launch of new research facility, through a partnership with the National Research Council of Canada (NRC). The new foundry will be focusing on advancing micro-nano fluidic device fabrication.

The United States in North America is an Expected Dominant Market

The US healthcare industry is the largest in the world, with a total spending of over $3.8 trillion in 2022. This large and growing market provides a significant opportunity for microfluidics companies. POC diagnostics are medical tests that can be performed outside of a traditional laboratory setting, such as in a doctor's office or at home. Microfluidics is a key technology in POC diagnostics, as it allows for the miniaturization of these tests, making them more portable, affordable, and accessible.

Moreover, thermo Fisher Scientific's release of Diomni Enterprise Software in July 2023 exemplifies the growth of the microfluidics market by addressing challenges in molecular testing. The software streamlines diagnostics, enhancing lab efficiency and adapting to changing testing needs. Such innovations exemplify how advanced solutions, like microfluidics, are being leveraged to improve accuracy, speed, and standardization in diagnostics, contributing to the expanding microfluidics market.

The escalating number of new cancer cases in the USA from 2020 to 2022, with counts of 18,06,590, 18,98,160, and 19,18,030 respectively, underscores the pressing need for advanced diagnostic technologies. This trend directly corresponds to the growth of the microfluidics market, as precision diagnostics play a pivotal role in cancer detection and treatment monitoring. Microfluidic platforms enable quicker and more accurate analysis of biological samples, facilitating early-stage cancer detection and personalized treatment approaches. The rising demand for such innovative solutions aligns with the expanding microfluidics market, emphasizing its role in addressing critical healthcare challenges.

Key Developments

• In Dolomite Microfluidics, a bran of Blacktrace Holdings Ltd., in its April 2023 news release announced that research group at the University of Manitoba has been utilizing microfluidics technologies developed by the company for making a nanoparticle drug delivery system for effective treatment of various diseases during pregnancy
• SigTuple Technologies Pvt Ltd, an emerging startup since 2015 in the field of artificial intelligence and microfluidics technology, in April 2023, announced the collaboration with Molbio Diagnostics Pvt Ltd., for the development of POC devices.
• In August 2022, Bio-Rad Laboratories, Inc., a global leader in life science research and clinical diagnostic products, announced its acquisition of Curiosity Diagnostics, a developer of innovative medical diagnostic solutions. This strategic move reflects the growing importance of microfluidic technology in revolutionizing healthcare diagnostics and driving market growth.

Global Microfluidics Market Scope:

Segmentation:

• By Component
  • Chips
  • Pumps
  • Sensors
  • Others

• By Sector
  • Industrial
  • Healthcare
• By Geography
  • North America
    • United States
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Israel
    • Others
  • Asia Pacific
    • Japan
    • China
    • India
    • South Korea
    • Indonesia
    • Thailand
    • Others