iCrowd Newswire – Jul 20, 2020
The global microfluidics market is expected to reach US$ 43,398.7 million by 2027 from US$ 11,851.1 million in 2019; the market is estimated to grow at a CAGR of 17.9% from 2020 to 2027. The rising demand for microfluidics technologies in point-of-care testing, and innovation in microfluidics product portfolio are among the major factors boosting the growth of the market. However, the lower adoption of these products in emerging economies restrains the market growth.
Microfluidic technologies are evolving and offering a great range of applications. It has emerged as a promising technology in the point of care (POC) testing for disease diagnosis. POC tests can be used for early disease detection, with easier monitoring and greater personalization. Microfluidics benefit POC diagnostics through faster turnaround times, smaller sample volume requirements, portability, and lesser test costs; moreover, they don’t require any specific equipment setup. Hence, the integration of microfluidics that has advanced the improvisation of POC diagnostics, thereby driving the growth of the microfluidics market in the forecast period.
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The European Medical Association (EMA), Emergency Medical Communication Centers (EMCC), Food and Drug Administration (FDA), National Center for Biotechnology Information (NCBI), and Non-Government Organizations (NGOs) a few of the essential secondary sources referred to while preparing this report.
Agilent Technologies, Inc.; BD, Bio-Rad Laboratories Inc.; Danaher; Dolomite Microfluidics (Blacktrace Holdings Ltd.); Fludigm Corporation; Illumina, Inc.; microfluidic ChipShop GmbH; Perkin Elmer, Inc.; and Thermo Fisher Scientific Inc.; are among the leading companies operating in the microfluidics market.
The Laboratory of Integrated Bio-Medical/Nanotechnology & Applications (LIBNA) designed a microfluidic point-of-care sepsis chip; this chip can quantify white blood cell counts and CD64 expression levels on neutrophils in 30 minutes. Sepsis is a life-threatening complication, and the condition is cause of the highest burden of death and medical expenses worldwide. As per the Sepsis Alliance, it affects over 30 million people and causes 8 million deaths each year worldwide. Additionally, the researchers at Columbia University School of Engineering and Applied Science has developed mChip-Ld, for the early diagnosis of Lyme disease. With cases of Lyme disease on the rise, and a lack of highly specific clinical manifestations, rapid detection of the disease is crucial. As per the Centers for Disease Control and Prevention (CDC), the US reports ~300,000 Lyme disease cases every year.
The global microfluidics market is segmented on the basis of product, material, and application. Based on product, in 2019, the devices segment held the largest share of the market and is expected to register the significant CAGR during the forecast period. The market for this segment is likely to witness lucrative growth owing to have a great potential to synthesize nanoparticles and nanocomposites, due to the efficient heat and mass transfers and spatial limitations in microfluidic devices, convenient parameter adjustments, and in situ process monitoring in microreactors. The microfluidic devices are used in the biomedical applications such as single-cell trapping and automated micro-robotic injection and drug discovery and analysis. On the basis of material, the market is segmented into PDMS (i.e., polydimethylsiloxane), polymers, glass, silicon, and others. Based on application, the market is segmented into in vitro diagnostics, pharmaceutical and life science research, drug discovery, and other applications.
The report segments global microfluidics market as follows:
- Microfluidic Chips
- Microfluidic Sensors
- Other Products
- Other Materials
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