SEATTLE, March 16, 2021, (MEDGADGET) — The microfluidics technology is known for facilitating highly parallelized assays, which aids in the reduction of costs of precious fluids, along with biological and chemical assays. This technology has gained major traction worldwide, with a wide application spectrum, including point-of care testing, clinical diagnostics, drug delivery, and analytical testing. In the area of analytical testing, instruments and chips powered by the microfluidics technology are largely employed for genomics, proteomics, and cell-based analyses.
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Global Microfluidics Market Dynamics
The global microfluidics market accounted for US$ 3,800.4 million, in terms of value, in 2018 and is expected to garner US$ 12,927.6 million by the end of 2027.
Acceleration in the field of drug delivery is an essential factor boosting the global microfluidics market growth in the present day. Use of microfluidics in the development of drug delivery devices, such as micro-pumps, inhaler nozzles, transdermal, and micro-needle arrays, facilitates predictable and precise drug release. In addition, there is a higher demand for the transdermal microfluidic drug delivery platform, owing to its painless drug delivery and ability to be incorporated into multifunctional systems.
Stereolithography (SL) is capable of fabricating microfluidic devices in just a single step, with the help of a computer-generated model. Research and development in this area offers lucrative growth opportunities for the key players in this market. For instance, in January 2020, researchers from Singapore University of Technology and Design reported development of a design approach that can improve the attainable channel dimensions and complexity of networks with existing SL.
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On the contrary, the presence of expensive and complex fabrication methods acts as a major barrier to the growth of the global microfluidics market.
Key Takeaways:
Increasing implementation of microfluidics in digital media manufacturing is expected to augment the global market growth over the projected timeframe. For instance, in 2018, Technicolor presented a prototype chip at the Lab-on-a-Chip World Congress that can amplify a fluorescence signal eightfold by integrating optical diffractive lens technology into the chip.
The ceramic material segment was valued at US$ 1,447.4 million in the global microfluidics market in 2018. Ceramic materials are utilized in the manufacture of microfluidic chips, which offer several advantages, such as a simple fabrication process allowing the easy division of structure into multiple horizontal layers.
The point-of-care testing segment spearheaded the global microfluidics market in 2018, accounting for a whopping 33.3% market share, in terms of value. Point-of-care diagnostics offer numerous benefits, such as rapid diagnosis, increased access to innovative diagnostic tests, time and cost saving, and many more. Moreover, surging prevalence of chronic diseases, such as cancer, diabetes, and cardiovascular conditions, is likely to foster the growth of this segment, with higher preference of patients for rapid diagnosis and treatment.
Furthermore, the in-vitro diagnostics segment held the foremost position in the global microfluidics market in 2018, accumulating a 32.2% market share. Rising prevalence of cancer and autoimmune diseases is expected to drive the global in-vitro diagnostics market growth in the foreseeable future. The American Diabetes Association estimated around 29.1 million Americans with severe Type II diabetes in 2016, while around 1.25 million children and adults in the country were diagnosed with type 1 diabetes.
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Competitive Scenario
The key players operating in the global microfluidics market include Agilent Technologies, PerkinElmer Inc., Thermo Fisher Scientific Inc., Qiagen NV, Bio-Rad Laboratories, Inc., Fluidigm Corporation, Abbott Laboratories, and F. Hoffmann-La Roche Ltd.
These manufacturers are highly focused on raising funds in order to expand their product portfolios. For instance, in January 2020, Aspect Biosystems Inc. raised US$ 20 million in the series A funding to help develop the 3D bio-printer technology, which uses microfluidics to create fresh human tissue. Also, in February 2020, Sphere Fluidics, a developer of single cell analysis systems, invested in the production and supply of its proprietary biocompatible surfactant, Pico-Surf, for reliable and highly stable droplet generation and processing.
Market Segmentation:
- By Material Type,
- Polymer
- Polyvinyl Chloride (PVC)
- Non-polyvinyl Chloride
- Glass
- Silicon
- Metal
- Ceramics
- By Application,
- Point of care testing
- Clinical Diagnostics
- Drug Delivery
- Analytical Testing
- Genomics
- Proteomics
- Cell based Analysis
- Others
- By Industry,
- Pharmaceuticals
- In-vitro Diagnostics
- Environmental Research
- Life Science Research
- Clinical Diagnostics
- By Region,
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East
- Africa
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