Microfluidics Market
Chips, nozzles, and pumps are all examples of microscale channels that fall under the purview of microfluidics, the science that studies the movement of fluids in these miniature systems. Products built on the microfluidics technology can control and manipulate fluids with tens to hundreds of micrometre dimensions. Microfluidics is the study of fluids in tiny volumes, from microliters (10-6) to Picoliters (billionths of a litre). It focuses on designing, manufacturing, and formulating devices and assays that work with these tiny volumes (10-12).
The market for microfluidics worldwide is projected to increase from US$ 3,800.4 Million in 2023 to US$ 12,927.6 Million by 2030’s end at a CAGR of 16.0% during the forecast period.
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Market for Microfluidics Worldwide: Competitive Landscape
The main players functioning in the market for microfluidics worldwide are Agilent Technologies, PerkinElmer Inc., Thermo Fisher Scientific Inc., Qiagen NV, Bio-Rad Laboratories, Inc., Fluidigm Corporation, Abbott Laboratories, and F. Hoffmann-La Roche Ltd.
Market for Microfluidics Worldwide: Key Developments
Market participants are also concentrating on introducing novel products to consumers. For instance, in January of 2020, the health tech startup Nicoya released Alto, an automated benchtop surface plasmon resonance (SPR) system. This SPR system is a laboratory instrument that combines digital microfluidics, AI, and nanotechnology to measure molecular interactions in real time without the need for labels.
MicroMedicine, Inc., a technology firm specializing in the life sciences, debuted its automated, microfluidics-based Sorterra Cell Isolation System at the 2019 Society for Immunotherapy of Cancer (SITC) Meeting in November.
Microfluidic Market Report Coverage
| The market size value in 2018 |
Market for Microfluidics Worldwide: Drivers
Growth in the market for microfluidics worldwide is anticipated to be driven by the rising prevalence of lifestyle-related diseases. For instance, in 2018, 500 million people around the world were diagnosed with type 2 diabetes, as reported in the American Diabetes Association study titled “Global Prevalence of Type 2 Diabetes over the Next Ten Years (2018-2028)”.
The miniaturization, integration, and automation of expensive, time-consuming, and labor-intensive chemical, biological, and physical assays are also anticipated to contribute to the expansion of the market. The advantages of using a microfluidics system for biological and chemical assays include a reduction in the amount of sample and reagents needed, a shorter analysis time, the possibility of automating the process, and a shorter overall time and cost for the assays themselves. Additionally, its cost-effective production in addition to high system integration and portability, increases demand for microfluidics over the forecast period, and it has enormous potential in next-generation sequencing point-of-care diagnostic devices.
In 2018, Europe accounted for 32.2% of the market for microfluidics worldwide’s value, making it the dominant region. North America came in second.
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Market for Microfluidics Worldwide: Restraints
In developing countries, the healthcare research industry is evolving rapidly. However, the market for microfluidics worldwide could be hampered by the absence of adequate healthcare research infrastructure in emerging markets. Furthermore, the lack of a proper regulatory framework, the inappropriate development and implementation of clinical practice guidelines, and the scarcity of skilled laborers in developing countries all act as barriers to market expansion.
Growth of the market for microfluidics worldwide has been hindered significantly by the high cost of research and development of products based on microfluidics technology and the lack of financial support for such endeavors. In addition, testing the devices and chips involves expensive clinical trials that take a long time to plan and implement. Therefore, manufacturers need to exercise caution in light of the current situation and guarantee investment in markets that would provide better return on investment.
Market for Microfluidics Worldwide: Opportunities
A rise in the use of point-of-care (PoC) instruments and kits as an alternative to more established technologies is anticipated to create significant new opportunities for market expansion. The Proof-of-Concept devices utilize microfluidics technology. Lab-on-a-chip ‘PoC’ devices are becoming increasingly popular in the healthcare sector. When compared to traditional technologies, Point-of-Care Testing’s (POCT) implementation has a major effect on operational efficiency and patient care.
Microfluidics devices that use bubbles as a mixer alternative to get around problems with the devices’ incorporated fabrication are also expected to contribute to market expansion. There are two common types of conventional microfluidic mixers: passive and active. Active mixers can be controlled from the outside, while passive mixers shift fluids in or out of the plane based on the geometry of the system. Both active and passive mixers are difficult to manufacture due to their complexity and the number of layers required for fabrication. In contrast, when using bubbles for mixing, no supplementary fabrication is required, allowing for quick and efficient mixing.
In 2018, the ceramic material segment of the market for microfluidics worldwide was worth US$ 1,447.4 Mn. This figure is projected to increase to US$ 5,516.0 Mn. by 2027, a CAGR of 16.0%.
Market Trends/Key Takeaways
For antibody screening, microfluidics is essential for preserving the endogenous pairing of immunoglobulin heavy and light chains. Emulsion droplet microfluidics, molecular genomics, and yeast single-chain variable fragment (scFv) display can all work together to accomplish this.
In the production of microfluidics, plastic is widely used. Disposable polymer microfluidic devices can be made in a variety of ways, including by replica molding with thermoset polyester, embossing, injection molding, and laser ablation.
Table of Contents with Major Points:
Executive Summary
- Introduction
- Key Findings
- Recommendations
- Definitions and Assumptions
Executive Summary
Market Overview
- Definition of Microfluidics Market Market
- Market Dynamics
- Drivers
- Restraints
- Opportunities
- Trends and Developments
Key Insights
- Key Emerging Trends
- Key Developments Mergers and Acquisition
- New Product Launches and Collaboration
- Partnership and Joint Venture
- Latest Technological Advancements
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
Qualitative Insights Impact of COVID-19 on Global Microfluidics Market Market
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
Conclusion
Appendix
- Data Sources
- Abbreviations
- Disclaimer
TOC Continued…!
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