The key factors propelling the growth of this market are growing technological advancements in diagnostic devices, growing demand for microfluidics technology and devices in point-of-care diagnostics, and rising incidence of chronic diseases. These factors are augmenting the demand for molecular diagnosis and positively impacting the growth of the microfluidics market.
- The current market is witnessing major technological advancements. The developments in microfluidics, like microfluidic 3D lab-on-a-chip devices, are 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 in a wide range of fields. This leap in technology widened the application profile of microfluidic devices, and it is expected to further expand during the forecast period.
- The current global microfluidics market is also plagued with issues of regulatory requirement, coupled with 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 & Africa.
Key Market Trends
Point-of-Care Diagnostics is Expected to Show a High CAGR in the Upcoming Years
POC is believed to act as an integral part of healthcare, especially in the diagnostics of diseases. The major advantages of the POC devices are rapid and precise response, cost-effectiveness, portability, and non-requirement of any specific equipment. More research is being done in the POC diagnostics to develop a chip-based, self-containing miniaturized device, which can examine multiple analytes in complex samples. Hence, the integration of microfluidics that has advanced biosensor technology is believed to contribute to the improvisation of POC diagnostics.
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 stable growth of microfluidics, which enables the development of new and better devices, reducing the cost to produce them.
North America Dominates the Market and is Expected to do the Same in the Forecast Period
The North American region holds the largest market share in the market for microfluidics. This is attributed to the factors, such as the well-established healthcare system, along with better reimbursement policies, and the higher adoption of novel therapeutics among the general population.
Microfluidics is a vastly growing field in the United States in terms of high budget sanctions for R&D of more advanced microfluidic devices and revenue generation. The field of point-of-care (POC) diagnostics widely uses microfluidic technology for various applications, like molecular diagnostics, infectious diseases, chronic diseases, and resource-limited settings. The latest advances from researchers in microfluidics aim to produce integrated devices, which are self-contained, automated, easy-to-use, and rapid. As the United States has been at the forefront of technological advancements, the microfluidics market in the United States is expected to grow at a healthy rate.
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 Bio-Rad Laboratories Inc, Fluidigm Corporation, Illumina Inc., and PerkinElmer Inc., hold a substantial share in the market.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support