Microfluidic Devices Market

Global Microfluidic Devices Market Size (2023 to 2028)

The global market size for microfluidic devices is expected to grow at a CAGR of 20.02% from 2023 to 2028 and be worth USD 21.46 billion by 2028 from USD 8.61 billion in 2023.

Microfluidic devices are used to observe and analyze the behavior of liquids in tiny quantities. Microfluidic chips have channeled more minor than a submicron and a millimeter, and they measure the behavior of liquid sizes less than a droplet. Liquids behave differently in smaller quantities, and these microfluid chips help analyze their behavior. These devices are extremely useful in biosciences research and experimentation as they save time and help make research more accessible. Microfluidic chips help observe the smallest cells, microstructures, germs, and nanoparticles in the human body, supporting research. The electrical synapses are also easier to capture through these devices. The ability to save and observe structures at a micro level helps keep costs and enhance results. Microfluid devices are used in genetics, fluid dynamics, micro-mixing, Point of Care Diagnostics, Lab on Chip, Tissue engineering, Organ on-a Chip, medication delivery systems, fertility testing and assistance, chemical or protein synthesis, and others.

Impact of COVID-19 on the global microfluidic devices market:

Millions of individuals and companies are severely impacted by the COVID-19 outbreak, which has developed into a severe humanitarian and economic problem. Lockeconomy's industrial closures have significantly hindered the economy's ability to expand economically. More than 200 million individuals have been impacted by SARS-CoV-2 globally, and 4,300,000 people have died as a result. Healthcare institutions are already developing new strategies to deal with the growing number of COVID-19 patients. These strategies cover everything from locating rapid diagnostic tools to giving staff members enough PPE kits.

The COVID-19 pandemic had a positive impact on the global microfluidic devices market. In addition, the pandemic leads to an increase in the research and development activities in microbiologic to study the virus and develop an antidote to the same. The rise in the need for researching microfluidics has led to an increased demand for microfluid devices. The pandemic, therefore, has proven to be beneficial to the market.

MARKET DRIVERS:

The growing need for precise and efficient analysis in laboratory research and the rising demand for point-of-care diagnosis and treatment procedures fuel the growth of the microfluidic devices market.

The rising adaptability towards portable medical devices and the efforts of advancements from healthcare departments are helping promote market growth. Furthermore, the increasing R&D in biomedical and life sciences R&D is expected to propel market growth. Additionally, the high returns from investments in the market encourage more investments from key players and government support. 

Technological advancements and the need for reduced research costs to promote microfluidic devices market expansion.

Researchers are now developing new technological advancements in microfluid devices, supporting trends like healthcare at home and solving cell biology problems. In addition, pharmaceutical companies are also actively using techniques to develop effective drugs for consumer use and dramatically decrease the costs of research, which is expected to enhance the market. The costly materials like silicone, glass, and PDMS, which were previously used to develop microfluid chips, are now being replaced by materials like polymers and paper to reduce the costs of microfluid chips. Therefore, not only do microfluid chips mitigate research costs, but they are also becoming cheaper to purchase, promoting market growth. 

With the expansion of the market into several fields of research like the Organ on a chip, lab on a chip, etc., the lab on a chip helps in the faster diagnosis of infectious diseases and conducting immunoassays along with its usefulness as a biomarker analyzer. Additionally, microfluid devices also have applications in the biotechnology and pharma industries, further pushing the boundaries of the market. 

MARKET RESTRAINTS:

The market for microfluid devices is hindered by the low rate of adoption of the technology due to its frequent mishaps. Furthermore, as the biofluid devices technology is still relatively new, the researchers are still adjusting to the advancements, and the device standardization is still unclear. Therefore, traditional macro research is still prevalent, posing a threat to market expansion. 

REPORT COVERAGE:

This research report on the global microfluidic devices market has been segmented and sub-segmented based on the product, application, end-user, and region.

Microfluidic Devices Market – By Product:

• Microfluidic-based devices
• Microfluidic Components
  • Microfluidic Chips
  • Flow & Pressure Sensors
  • Flow & Pressure Controllers
  • Microfluidic Valves
  • Micropumps
  • Microneedles

Based on the product, the microfluidic components segment is predicted to have the upper hand during the forecast period. Especially the microfluidic chips segment is expected to dominate the market during the forecast period due to the varied applications of chips in different fields of biomedicine. Furthermore, chips also have several advantages like quicker response times, increased sensitivity, reduced costs, simple integration, micro sensing, reduced reagent and energy use, and less wastage, which help the segment provide complete services under minimum expenses.

Microfluidic Devices Market – By Application:

• Point-of-care testing
• Pharmaceutical and life science research
• Drug Delivery
• Analytical devices
• Clinical and veterinary diagnostics
• Environment and Industrial

Based on the application, the pharmaceuticals and life sciences segment is expected to dominate the market during the forecast period due to the applications of biochips in drug processing and testing services. In addition, pharmaceuticals have noticed a high acceptance from the FDA in case drug creations pass through HCU. Therefore, the segment is dominating the market due to its investments.

Microfluidic Devices Market – By End-User:

• Pharmaceutical And Biotechnology Companies
• Research Institutes
• Diagnostic Centers
• Healthcare Facilities

Based on the end-user, the pharmaceuticals and biotechnology companies segment is expected to dominate the market during the forecast period due to the pharmaceuticals drug testing applications and the biotechnologies research in molecular biology, which is greatly assisted by microfluid devices.

Microfluidic Devices Market – By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

Geographically, the North American region is expected to dominate the market for microfluidic devices market worldwide during the forecast period due to the clinical and veterinary diagnostics being the most effective application of microfluidic devices, growing R&D activities, growing academic and government investments, presence of key market players, higher adoption of novel therapeutics, rising demand for high-throughput testing, and in-vitro diagnostics being the most significant industry. In addition, the rapid adoption of advanced technologies, increasing investments in the development of lab-on-a-chip systems, an increase in product launches, and well-established healthcare systems in countries like the U.S. and Canada are expected to support market growth.

The market in Asia-Pacific is also expected to increase due to the growing demand for early and rapid diagnostics, rising healthcare costs, and investments in water infrastructure. In addition, the fastest-growing sector is the point of care testing leading to growth. Furthermore, increasing disposable incomes, development of the healthcare infrastructure, rising standards of living, adoption of microfluidic technology, a large population, and growing urbanization in countries like India, China, South Korea, Japan, etc., are expected to support market expansion.

KEY MARKET PLAYERS:

Ufluidix, Perkin Elmer, Fluidigm, Backtrace Holdings Ltd., Micronit, BioFluidix GmbH, Fluigent, Aline Inc., and Philips are a few of the noteworthy companies operating in the global microfluidic devices market profiled in this report.

RECENT HAPPENINGS IN THIS MARKET:

• Curate Biosciences is getting ready to launch its products. The company recently announced the completion of a $12 million strategic funding round to support the commercialization of its Curate Cell Processing System. This automated platform provides more T cells at higher purity for cell therapies. In addition, the company is developing key enabling technology for manufacturing cell therapies. Ventana Capital, Amgen Ventures, and other previous investors took the lead in the funding round. The National Institutes of Health (NIH) Commercialization Readiness Program also gave the business a grant. The most recent NIH award expands on a series of earlier funds from the Small Business Technology Transfer (STTR) program that helped develop the Curate Platform and the most recent financing round.
• In September 2022, The 3M (NYSE: MMM) Health Care Business, a manufacturer and distributor of medical products and solutions, and Innovize Inc. (Innovize), a custom medical device manufacturer, joined forces with Epicore Biosystems, a digital health company developing advanced sweat-sensing wearables to provide real-time personalized hydration insights for performance and safety. In addition, Epicore Biosystems will scale up its portfolio of cutting-edge wearable hydration solutions by utilizing 3M's and M'sry-leading skin-interfacing materials and InnovizInnovize'stion capabilities.