PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1555675
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1555675
The market for Microfluidic Devices was projected to reach USD 32,514.6 million in 2023 and expand at a CAGR of 13.00% between 2024 - 2032.
Microfluidic devices utilize the physical and chemical characteristics of liquids and gases at the microscale. Compared to systems of a traditional size, microfluidic devices provide a number of advantages. Because microfluidics makes it possible to analyze and use fewer volumes of samples, chemicals, and reagents, application costs are lower overall. Microfluidic devices find extensive application in processes including capillary electrophoresis, isoelectric focusing, immunoassays, flow cytometry, mass spectrometry sample injection, PCR amplification, DNA analysis, cell manipulation and separation, and cell patterning.
Microfluidic Devices Market- Market Dynamics
increasing Demand for Quick and On-site Diagnostic Solutions
The increasing need for quick and on-site diagnostic solutions is driving the market for microfluidic devices. These devices are suitable for point-of-care testing because of their portability and quick analytical capabilities. The Irish business Altratech plans to replace conventional PCR techniques with microfluidic tests that use peptide nucleic acid (PNA) technology in March 2023, with the goal of revolutionizing molecular diagnostics. The UbiHealth system presents a novel "molecular detection by proxy" method that uses capacitance to identify molecular targets on beads. Altratech, which has its headquarters in Cork, specializes in fever and respiratory assays at first, but it also intends to monitor tests for chronic illnesses. This creative idea questions the accepted uses of PCR in molecular diagnosis. Multiplex testing in microfluidic devices is made easier by the use of capacitance to distinguish between different types and numbers of beads. This allows for the simultaneous study of several targets, improving the efficiency of the diagnostic process. These developments are expected to have a major impact on the market for microfluidic devices as it continues to expand.
Microfluidic Devices Market- Key Insights
According to our research analyst's analysis, the global market is projected to expand at a CAGR of approximately 13.00% during the forecast period of 2024-2032.
On the basis of material, the polymer category was projected to have the largest market share in 2023.
On the basis of device type, the chips category emerged as the top segment in 2023.
On the basis of application, the pharmaceutical & life science research category emerged as the top segment in 2023.
North America held the largest revenue share by region in 2023.
The Microfluidic Devices Market is segmented into Material, Device Type, Application, End-user, and Region.
The polymer, glass, silicon, and other segments of the microfluidic devices market are based on material. Since polymers are the most readily fabricated, and suitable for various applications, they are predicted to dominate the microfluidic device market. Glass ranks second in the largest segment due to its exceptional optical properties, which makes it suitable for applications requiring precise measurement and observation. Due to its chemical resistance and optical clarity, glass continues to have the second-largest market share in the material group; polymer's dominance is fueled by its cost-effectiveness and adaptability.
The market is divided into various categories based on applications: Diagnosis & Treatment, Pharmaceutical & Life Science Research, and Others. Due to increased research in the field of microfluidics, the use of chips and sensors for a variety of drug discovery applications, immunoassays, cell analysis, microarray, high-throughput screening, and the growing demand for devices for early and rapid disease diagnosis, the pharmaceutical and life science research segment leads the others. Throughout the projected period, the segment is probably going to rise at a faster CAGR. The increased use of micro-sized devices for drug delivery and infectious disease detection will also considerably contribute to the growing market size of microfluidic devices in the diagnosis and treatment sector. It has been demonstrated that lab-on-a-chip technology offers enormous promise for molecular disease screening.
Microfluidic Devices Market- Geographical Insights
The Microfluidic Devices market is widely distributed geographically in North America, Europe, Latin America, Asia Pacific, the Middle East and Africa. These areas are further separated based on the countries that provide business.
The growing cases of chronic illnesses in the region contributed to North America's dominance of the microfluidic devices market in terms of revenue in 2023. Additional factors that contributed to the region's market dominance were the need for point-of-care testing (POC), rising government and academic investments in proteomics and genomics research, the growing demand for high-quality research tools, and the focus of stakeholders on projects involving proteins, related biomolecules, and genes.
The second-largest market was Europe, which was closely behind. After North America, Europe is the second-largest market for microfluidic devices. Europe has a robust research climate, exemplified by large investments in the fields of proteomics, genomics, and other life sciences, much like North America. The local market is expanding as a result of the focus on research pertaining to proteins and genetics, as well as the demand for top-notch research instruments. The collaborative nature of government efforts and European research organizations facilitates the development of microfluidic devices in this region.
The leading manufacturers of microfluidic devices include Fluidigm, uFluidix, Philips, Perkin Elmer, and Micronit, among others. The market for microfluidics devices is now characterized by substantial competitiveness in addition to the dominance of a few major companies in terms of market share. Innovations in products and technology are changing the industry, giving mid-size and smaller businesses more opportunities to stand out. These businesses are putting themselves in a key position by launching cutting-edge solutions that are reasonably priced without sacrificing functionality. The market is becoming more dynamic as a result, and a wider variety of businesses are assisting in the general expansion and diversification of microfluidic technology.
October 2023: The diagnostics startup 3EO Health, which specializes in "Point of Life" solutions, has announced that it has obtained an emergency use permission (EUA) for its molecular test that looks for signs of SARS-CoV-2. The test is designed to be used for both at-home and point-of-care testing, and it marks an advancement in the company's mission to provide high-quality, reasonably priced molecular diagnostics. Microfluidic devices are excellent for facilitating point-of-care testing because of their compact design, ease of portability, and quick analysis speed.
January 2022: uFluidix released a call for manufacturing ideas looking for funding. In the previous year, the uFluidix team has effectively doubled its manufacturing capacity, demonstrating significant growth. In the field of thermoplastic microfluidic chip manufacturing, the emphasis at the moment is on optimizing processes to take into account novel process variables. By this calculated growth, the company hopes to improve its capacity and adaptability to various manufacturing needs within the microfluidics industry.