Global Microfluidics Market to Surpass Valuation of $90.26 Billion by 2030, Recording a CAGR of 15.16%, Driven by Growing Integration in Healthcare & Diagnostics, States Kings Research

DUBAI, UAE, Feb. 5, 2024 /PRNewswire/ -- As per the latest report published by Kings Research, the global Microfluidics Market size was recorded at USD 29.17 billion in 2022 and is estimated to grow to USD 90.26 billion by 2030, registering a CAGR of 15.16% through the projection period of 2023-2030. The main factor impelling market growth is the growing integration of microfluidic technology in several sectors. Microfluidics is revolutionizing patient care in the healthcare and diagnostics industry by enabling faster and more accurate diagnostic testing, drug delivery systems, and lab-on-a-chip applications. Microfluidics is also particularly beneficial to the pharmaceutical and life sciences sectors, which use it for high-throughput screening, formulation, and drug discovery.

Microfluidics refers to the discipline that focuses on the manipulation and regulation of fluids on a minuscule scale, often occurring within channels measuring only a few micrometers. This field encompasses the creation, construction, and utilization of devices capable of accurately managing small quantities of liquids. The range of applications for microfluidics is extensive and spans multiple industries. Within the healthcare and diagnostics sector, microfluidic devices have found utility in point-of-care diagnostic examinations, DNA analysis, and drug administration systems. Microfluidic devices have the advantage of delivering quicker and more precise outcomes, all while minimizing the quantity of samples needed.

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Trending Now: Australian Scientists Unveil Innovative Static Droplet Microfluidic Device Enabling Cancer Cell Detection through Simple Blood Tests

In September 2023, researchers at the University of Technology (UTS) in Sydney, Australia, devised an innovative method for identifying tumor cells in the blood. According to a UTS news release, this approach utilizes imaging to induce fluorescence in cells with elevated lactase.

The UTS team engineered a Static Droplet Microfluidic (SDM) device capable of detecting circulating tumor cells (CTCs) that have detached from the cancer source and entered the bloodstream. The isolation of CTCs aligns with the fundamental concept of liquid biopsies, and the use of microfluidic devices can enhance the efficiency of capturing problematic cells.

The newly developed SDM device at the UTS holds the potential for early cancer detection, paving the way for medical professionals to monitor and treat cancers more effectively.

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Competitive Landscape

Major companies operating in the global microfluidics market are focusing on partnerships and collaborations to retain their standing in the competitive market landscape. For instance, Dolomite Microfluidics and Phosphorex formed a collaboration in January 2022 with the goal of accelerating the advancement of lipid nanoparticle (LNP) technology. This partnership strives to optimize the production of LNPs, which play a pivotal role in the efficient delivery of genetic therapies, vaccines, and medications. By working together, these companies aspire to bring about a paradigm shift in the realm of drug delivery, ultimately leading to improved patient outcomes.

Prominent players in the global microfluidics market include:

• Illumina Inc.
• Agilent Technologies Inc.
• Fluidigm Corporation
• PerkinElmer Inc.
• Bio-Rad Laboratories Inc.
• Thermo Fisher Scientific Inc.
• Dolomite Microfluidics
• Danaher Corporation
• Bio-Rad
• Becton, Dickinson and Company

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The global Microfluidics Market is segmented as:

By Application

• Healthcare and Diagnostics
• Pharmaceutical and Life Sciences
• Electronics
• Academic and Research

Ongoing Development of Innovative Microfluidics Solutions to Fuel Demand in Healthcare and Diagnostics Sector

On the basis of application, the healthcare and diagnostics segment contributed to a sizable share of the microfluidics market revenue in 2022 and is anticipated to experience significant growth through the projection timeframe. The healthcare industry is expected to grow substantially in the coming years due to the increasing demand for fast and accurate diagnostic tests, point-of-care devices, and the continuous development of innovative microfluidic solutions. Microfluidics plays a vital role in improving patient care by providing efficient and precise diagnostic tools. Given the current emphasis on healthcare efficiency and accessibility, the healthcare and diagnostics segment is set to dominate the market in the near future.

By Material

• Polymer-Based
• Glass-Based
• Silicon-Based
• Others

Use of Polymer-based Materials in the Production of Microfluidic Devices to Increase Due to its Versatility

In terms of material, the polymer-based segment accounted for the largest revenue share in the global microfluidics market in 2022 and is anticipated to continue to lead the market over the forecast period. The growth of the segment can be attributed to the versatility and cost-effectiveness of polymer materials in producing microfluidic devices. Microfluidics made from polymers have several advantages, such as easy fabrication, transparency, and compatibility with various applications in healthcare, diagnostics, and research. As the demand for affordable and scalable microfluidic solutions continues to increase, polymer-based microfluidics are expected to maintain their position as the preferred choice in the market. This ensures their continued prominence and market dominance.

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Growing Need for Point-of-care Diagnostics in the Healthcare Industry to Fuel Microfluidics Market Expansion

The microfluidics market is witnessing substantial growth as a result of the increasing need for point-of-care diagnostics within the healthcare industry. These devices facilitate the creation of handheld and user-friendly diagnostic tools that deliver rapid and precise results. This holds particular significance in distant or resource-constrained regions where traditional laboratory testing accessibility is restricted.

Moreover, there is another potential avenue for growth in the field of microfluidics that pertains to the further development of organ-on-a-chip technology. This emerging area presents significant possibilities for pharmaceutical research, disease modeling, and drug testing. Organ-on-a-chip devices are capable of replicating the physiological conditions of specific organs, facilitating a more precise examination of the effects of drugs and treatments. By minimizing dependence on animal testing and enhancing the efficiency of drug development procedures, this technology carries the potential to vastly improve the industry.

North America to Dominate Microfluidics Market Due to Established Framework for R&D

North America led the global microfluidics market in 2022 and is likely to experience considerable growth in the following years. The presence of a firmly established framework for research and development in the region incorporates various educational establishments, research bodies, and tech enterprises actively engaged in the study and practical use of microfluidics. Moreover, the healthcare and pharmaceutical industries in the region have been quick to embrace microfluidic technology, employing it for purposes such as diagnostic examinations, drug creation, and lab-on-a-chip applications.

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Key Points from TOC:

1 Introduction of The Global Microfluidics Market 
1.1 Market Definition
1.2 Market Segmentation
1.3 Research Timelines
1.4 Limitations
1.5 Assumptions

2 Executive Summary

3 Research Methodology
3.1 Data Collection
3.1.1 Secondary Sources
3.1.2 Primary Sources
3.1.3 Research Flow
3.2 Subject Matter Expert Advice
3.3 Quality Check
3.4 Final Review
3.5 Bottom-Up Approach
3.6 Top-down Approach

4 Global Microfluidics Market Outlook
4.1 Market Evolution
4.2 Overview
4.3 Market Dynamics
4.3.1 Drivers
4.3.2 Restraints
4.3.3 Opportunities
4.3.4 Challenges
4.4 Pricing Analysis
4.5 Porter's Five Forces Analysis
4.6 Value Chain Analysis
4.7 Macroeconomic Analysis

5 Impact of Russia-Ukraine War

6 Global Microfluidics Market, By Application
7 Global Microfluidics Market, By Product
8 Global Microfluidics Market, By Material
9 Global Microfluidics Market, By Geography
10 North America 

12 Asia Pacific 
13 Middle East & Africa 
14 Latin America 

15 Global Microfluidics Market Competitive Landscape
15.1 Overview
15.2 Key Developments
15.3 Key Strategic Developments
15.4 Company Market Ranking
15.5 Regional Footprint
15.6 Industry Footprint

16 Company Profiles
16.1 Illumina Inc.
16.1.1 Key Facts
16.1.2 Financial Overview
16.1.3 Product Benchmarking
16.1.4 Recent Developments
16.1.5 Winning Imperatives
16.1.6 Current Focus & Strategies
16.1.7 Threat from competition
16.1.8 SWOT Analysis

16.2 Agilent Technologies Inc.
16.2.1 Key Facts
16.2.2 Financial Overview
16.2.3 Product Benchmarking
16.2.4 Recent Developments
16.2.5 Winning Imperatives
16.2.6 Current Focus & Strategies
16.2.7 Threat from competition
16.2.8 SWOT Analysis

16.3 Fluidigm Corporation
16.3.1 Key Facts
16.3.2 Financial Overview
16.3.3 Product Benchmarking
16.3.4 Recent Developments
16.3.5 Winning Imperatives
16.3.6 Current Focus & Strategies
16.3.7 Threat from competition
16.3.8 SWOT Analysis

16.4 PerkinElmer Inc.
16.4.1 Key Facts
16.4.2 Financial Overview
16.4.3 Product Benchmarking
16.4.4 Recent Developments
16.4.5 Winning Imperatives
16.4.6 Current Focus & Strategies
16.4.7 Threat from competition
16.4.8 SWOT Analysis

Continued…...

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