According to a new report published by Allied Market Research, titled, “Microfluidic Devices Market," The microfluidic devices market was valued at $21 billion in 2021, and is estimated to reach $158.1 billion by 2031, growing at a CAGR of 22.4% from 2021 to 2031.
Microfluidic devices exploit the physical and chemical properties of liquids and gases at a microscale. Microfluidic devices offer several benefits over conventionally sized systems. Microfluidics allow the analysis and use of less volume of samples, chemicals and reagents reducing the global fees of applications.
The increase in prevalence of infectious diseases and cancer drives the growth of the Microfluidic Devices Market. Microfluidics devices are used for the diagnosis of infectious diseases. For instance, according to World Health Organization (WHO), cancer is a leading cause of death worldwide, accounting for nearly 10 million deaths in 2020. The microfluidics platforms are being used to detect genetic mutations that correspond to breast cancer, including DNA and miRNA mutations. Microfluidics platforms are able to analyze more sample volume in a shorter amount of time than traditional detection methods owing to their high throughput and low time requirements.
Furthermore, rise in number of geriatric populations boosts the growth of the Microfluidic Devices Market size. Old age people are more prone to infectious diseases and cancer. Thus, geriatric population signifies increase in patients of chronic diseases. For instance, according to World Health Organization (WHO), by 2050, the world’s population of people aged 60 years and older will reached to 2.1 billion.
Advancement in technology by key players for the development and manufacturing of microfluidic device contributes to drive the growth of the Microfluidic Industry. Increase in the awareness regarding use of micro pump in medical device and effectiveness of microfluidic components in drug delivery system cause rise in the demand of microfluidic system in biomedical industry. Thus, this factor is anticipated to drive the market growth. Moreover, increase in number of pharmaceutical and biotechnology companies cause rise in the demand for micro pump which boosts the market growth
Furthermore, Microfluidic Devices Market trends that drive the Microfluidic Devices Market growth include R&D for development of microfluidics device, increase in product type approvals, and new product launched in market. For instance, in November 2021, Fluidigm Corporation, a biotechnology tools provider with a vision to improve life through comprehensive health insight, has announced the launch of Biomark X, the latest generation of its Biomark microfluidics platform. Biomark X integrates the Fluidigm Juno and Biomark HD instruments into a single platform while adding an expansive set of sample-to-answer capabilities on a single versatile, scalable and transformative genomics platform. Furthermore, the rise in healthcare expenditure and improvements in healthcare facilities in developing nations contributes towards growth of the microfluidics device market.
The microfluidics device market is segmented into by product type, application, end user, and region.
On the basis of product type, the market is divided into microfluidic-based devices and microfluidic components. The microfluidic components segment dominated the market in 2021, and this trend is expected to continue during the forecast period, owing to growing demand for microfluidics devices and rise in adoption of microfluidics in diagnosis & drug delivery.
On the basis of application, the market is categorized into in-vitro diagnostics, pharmaceutical & life science research & manufacturing and therapeutics. The in-vitro diagnostics segment dominated the Microfluidic Devices Market share in 2021, and this trend is expected to continue during the forecast period, owing to increase in prevalence of infectious diseases and autoimmune diseases.
On the basis of end user, the market is classified into hospitals & diagnostic centers, academic & research institutes and pharmaceutical & biotechnology companies. The hospitals & diagnostic centers segment dominated the market in 2021, and this trend is expected to continue during the forecast period, owing to growing application in diagnosis of infectious diseases and rise in healthcare expenditures.
North America accounted for a majority of the global microfluidics device market share in 2021, and is anticipated to remain dominant during the forecast period. This is attributed to rise in prevalence of infectious diseases, well established healthcare infrastructure and presence of key players in the region. Asia-Pacific is anticipated to witness lucrative growth, owing to increase in incidences of cancer, growing geriatric population and high population base.
KEY FINDINGS OF STUDY
- On the basis of product type, the microfluidic components segment was the highest contributor to the market in 2021.
- On the basis of application, the in-vitro diagnostics segment was the highest contributor to the market in 2021.
- On the basis of end user, the hospitals & diagnostic centers segment was the highest contributor to the market in 2021.
- On the basis of region, North America garnered the largest revenue share in 2021, whereas Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period