Microfluidics Market

Updated on : Aug 27, 2024

The global microfluidics market, valued at $22.3 billion in 2023, is projected to grow to $41.1 billion by 2028, driven by a compound annual growth rate (CAGR) of 13.0%. Key factors fueling this growth include advancements in technology, which enhance drug development, testing efficiency, and cost reduction, as well as increased demand for home-use point-of-care test kits. Opportunities in drug delivery systems and miniaturized, wearable devices are significant, with a focus on portable insulin pumps and intelligent medications. Major challenges include the integration of microfluidics into existing workflows and the slow pace of commercialization due to standardization issues. Leading players in the market are Thermo Fisher Scientific, Perkin Elmer, and other prominent companies. North America leads the market, driven by supportive government initiatives and increased healthcare expenditure.

Attractive opportunities in the microfluidics market

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Microfluidics Market Dynamics

Driver: Rising technological advancement

The goal of technological developments in microfluidic components is to improve and simplify operating procedures in the healthcare sector. For more than 20 years, integrated microfluidic components have been used in research labs. The development of soft lithography and large-scale microfluidic integration has considerably enhanced their use in the life sciences and medical research during the past ten years. Researchers have been able to expand the complexity and sophistication of experiments that may be carried out on a microfluidic chip because of these technological improvements, which have also boosted rapid development efforts. Microfluidic components are swiftly emerging as a crucial technology in an expanding number of industries, including medicines, biosensing, bioactuation, and chemical synthesis. This is an indication of how microfluidics has transformed from a potential R&D technology to one used in clinical studies to collect data using AI. Microfluidics, in particular, in lab-on-a-chip technology, is an effective tool for the development and application of AI in a large-scale, economical, high-throughput, automated, and diversified manner.

Restraint: Incorporation of microfluidics into existing workflows

The first microfluidic screening equipment entered the market less than a decade ago. Currently, microfluidics technology presents significant opportunities for the further miniaturization and integration of instruments and exhibits the potential for greater automation and cost reduction in the drug discovery and development processes. However, even though microfluidics adds value to the process and instruments, it is likely to take about 10 to 15 years before this technology will completely replace conventional macro-scale research instrumentation. Until such a scenario presents itself, the market will witness irregular installments of microfluidic devices, owing to which manufacturers will be sidelined by conventional technology providers to some extent.

Opportunity: Expanding applications of drug delivery technologies using microfluidics

Implantable drug delivery systems are one example of a technologically advanced system that can offer considerable opportunities for expansion for players in the market. This is because microfluidics technology supports the manufacturing of portable and wearable products that can assure accurate and reliable drug delivery. Insulin pumps are the most widespread microfluidics-based drug delivery devices, and several related micro-pumping techniques are currently being developed. Over the next two to three years, more of these devices are expected to be accessible.

The key advantages of microfluidics, including the regulated release of medications and biocompatibility, are anticipated to open up a lot of possibilities for technology adoption. In addition to developing portable, wearable, and implantable gadgets, experts are currently focusing on the development of intelligent medications and subcutaneous patches for controlled release. The release can be more effectively controlled through the establishment of diffusion barriers utilizing microtechnologies. Pharmaceutical and medical device businesses are making substantial investments in their development of novel drug delivery systems utilizing microfluidics technologies in order to take benefit from the fast growth in this industry.

Challenge: Standardization/ commercialization of microfluidic devices

Commercialisation of any equipment is impacted by customer acceptance. Numerous research prove the concept of microfluidics technology-based devices and provide numerous assurance on the results obtained by it. However, incorporation by end users is limited due to the standardization of this technology into commercial space, and scalability is questionable. Although this technology shows promising results in research, it will take a few years to be completely adopted in each and every space of the industries. Investors tend to invest in more promising technologies. Thus, researchers are likely to shift their focus on microfluidics technologies to other industries like the environment or food industry.

Microfluidics Market Ecosystem

Prominent companies in this market include Beckton Dickinson and Company (US), Agilent Technologies, Inc. (US), Bio-Rad (US), F. Hoffmann La-Roche, Ltd. (Switzerland), Danaher Corporation (Japan), Illumina, Inc. (US), Fluidigm Corporation (Switzerland), Abbott Laboratories (US), Biomérieux SA (France), Hologic (US), and Quidel Corporation (US).

The microfluidic devices segment of the accounted for the largest share of the microfluidics industry.

Integration of microfluidics in point-of-care testing devices is a major application of microfluidics technology. Microfluidic technology enables detection and fluid regulation in one single component, increasing sensitivity and specificity to detect target analytes at small volumes, thus overcoming several challenges associated with the use of traditional point-of-care testing (POCT) diagnostics. Microfluidic-based POCT devices are widely used for molecular biology and chemical & biochemical analysis. Some examples of microfluidic-based POCT devices are Revogene, a microfluidics cartridge-based real-time PCR device that can test for C. difficile, Stret B., and Streptococcus A and provide results in about 2 minutes.

The in vitro diagnostic segment accounted for the largest share in the microfluidics industry.

IVD embedded with microfluidic technologies, such as PoC diagnostics, PCR systems, analyzers, and electrophoretic systems, is increasingly being used in diagnostic, pharmaceutical, and biotechnology companies and forensic applications. These devices provide various advantages such as portability (due to their compact size), increased frequency of testing, less reagent and sample consumption, and accurate and quick analysis. The presence of low-cost consumables and the potential of PoC devices to significantly reduce costs and get faster test results with compact integrated systems are some of the other key factors supporting the greater utilization of microfluidics-based PoC technologies.

Hospitals and Diagnostic Centers accounted for the largest share and are expected to grow at the highest rate in the microfluidics industry.

Growing use of proteomics and genomics technologies in diagnostic procedures, quicker detection of viral load and antigens at diagnostic laboratories,  ease and faster identification of high volume tests, and early-stage detection of numerous viral diseases are the factors responsible for the growth of the microfluidic market in hospitals and diagnostic laboratories.

North America is expected to account for the largest share of the microfluidics industry.

The microfluidics market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & and Africa. In 2022, the North American region accounted for the largest share of the market. Government initiative to boost the adoption of advanced technology like microfluidics, rise in cost-effective microfluidic components to develop microfluidic devices, increased healthcare expenditure, and rise in biotech research, is expected to boost the market in this region.

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The prominent players in the microfluidics market are Beckton Dickinson and Company (US), Agilent Technologies, Inc. (US), Bio-Rad (US), F. Hoffmann La-Roche Ltd. (Switzerland), Danaher Corporation (Japan), Illumina, Inc. (US), Fluidigm Corporation (Switzerland), Abbott Laboratories (US), Biomérieux SA (France), Hologic (US), and Quidel Corporation (US). These players include high shares in the market due to strategic mergers, acquisitions, partnerships, and large distribution channels adopted by them. This also leads to an increase in their geographic reach.

Scope of the Microfluidics Industry:

The research report categorizes the microfluidics market to forecast revenue and analyze trends in each of the following submarkets:

By Product Type

• Microfluidic-based devices
• Microfluidic Components
  • Microfluidic Chips
  • Flow & Pressure Sensors
  • Flow & Pressure Controllers
  • Microfluidic Valves
  • Micropumps
  • Microneedles
  • Other Components
• Material
  • Silicon
  • Polymer
  • Glass

By Application

• In-vitro Diagnostics
  • Clinical Diagnostics
  • Point-of-care Testing
  • Veterinary Diagnostics
• Pharmaceutical & Life Science Research and Manufacturing
  • Lab Analytics
    • Proteomics
    • Genomics
    • Cell-based Assays
    • Capillary Electrophoresis
  • Microdispensing
  • Microreaction
• Therapeutics
  • Drug delivery
  • Wearable devices

By End User

• Hospitals & Diagnostic Centers
• Academic & Research Institutes
• Pharmaceutical and biotechnology Companies

By Region

• North America
  • US
  • Canada
• Europe
  • Germany
  • France
  • UK
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • South Korea
  • Rest of APAC
• Latin America
  • Brazil
  • Mexico
  • Rest of LATAM
• Middle East and Africa

Recent Developments of Microfluidics Industry

• In July 2021, Abbott launched the Panbio COVID-19 Antigen Self-Test in India for the detection of the SARS-CoV-2 virus in adults and children with or without symptoms.
• In June 2021, Danaher’s Life science segment acquired Precision Nanosystems (PNI) to complement the former vaccines and therapeutics development business.
• In February 2021, Thermofisher acquired the point-of-care molecular diagnostic company Mesa Biotech, Inc. This is expected to raise Thermofisher's revenue by approximately USD 200 million.

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