Microfluidic Market to Actively Foray into Emerging Consumer Marketplaces
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The global microfluidic market was valued at US$ 2.8 billion in 2016 and is expected to witness a robust CAGR of 19.4% over the forecast period (2017–2025).
Major factors influencing growth of the microfluidic market is rising demand for point-of-care (POC) testing and advancements in microfluidic technology to reduce cost of sample analysis and enabling higher efficiency. Moreover, increasing demand for home healthcare to address growing prevalence of diabetes is supporting to growth of the microfluidic market. For instance, in 2017 researchers at the Ewha Womens University developed an endocrine system on chip, based on microfluidic perfused 3D cell-culture chip which detect the drugs for the treatment of diabetes by measuring insulin release over time. According to the statistics published by International Diabetes Federation (IDF), the global prevalence of diabetes is around 424.9 million in 2017, which is expected to increase to 628.6 million in 2045. In addition, increasing innovation in microfluidics technology is further expected to bolster growth of the market. Researchers at the Brigham Young University, in April 2017, developed first 3D-print viable microfluidic device which has size less than 100 micrometers and employed to use in molecular biology, proteomics and cell biology diagnostic technologies.
Rising demand for point-of-care testing to augment microfluidic market growth:
Point-of-care testing (POC Testing) is medical diagnostic testing performed primarily outside medical care facilities and in close proximity that is at the time and place of patient care. Point-of-care testing is relatively expensive than regular lab testing; however, it offers appropriate and immediate results for further clinical management. Microfluidic technology primarily offers three advantages to POC diagnostic: smaller sample volume, lower test costs, and faster detection time. Point-of-care testing enables miniaturization and integration of complex functions facilitating their usage in limited resources.
Continuous innovation strategy adopted by manufacturers is expected to aid in accelerating growth of the microfluidic market:
Adoption of microfluidics as a key technology in medical science and biosensing is increasing significantly in the recent past. Manufacturers are focusing on continuous innovation in microfluidic technology such as laboratory-on-a-chip, point-of-care testing, microfluidic enabled drug delivery systems, and microfluidic gradient generators to enhance their product portfolios. Introduction of thermoplastic as a new material for microfluidic device fabrication instead of conventional PDMS polymer, adoption of novel microfluidic flow rate detection method, and advancement in nanoparticle separation using microfluidic devices is further expected to boost the microfluidic market in the near future. Microfluidic techniques are being extensively used to separate micro sized particles such as blood cells, parasites, spores, tumor cells, and bacteria due to its advantages such as low sample volume, low cost, and miniature sample handing with precise control. However, to separate submicron particle, nanofluidics is emerging as a suitable technology for separation.
Some of the major players operating in the microfluidic market are Abbott Laboratories, Agilent Technologies, Thermo Fisher Scientific Inc., Qiagen N.V., Bio-Rad Laboratories, Inc., F. Hoffmann-La Roche Ltd., Fluidigm Corporation, Danaher Corporation, PerkinElmer Inc., Siemens Healthcare GmbH, and Micronit Microfluidic BV
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