Market Trends of Microfluidics Industry
This section covers the major market trends shaping the Microfluidics Market according to our research experts:
The Point-of-Care Diagnostics Segment is Expected to Register a High CAGR During the Forecast Period
The point-of-care diagnostics segment is expected to witness significant growth in the microfluidics market over the forecast period due to factors such as the rising prevalence of chronic diseases, increasing demand for point-of-care testing devices, and rising technological advancements. For instance, according to GLOBOCAN 2020, there were 19,282,789 new cancer cases worldwide in 2020, with the number expected to rise to 28,887,940 cases by 2040. Thus, an expected increase in cancer cases is anticipated to increase the demand for point-of-care diagnostics, propelling the market's growth.
According to an article published in Frontiers in Bioengineering and Biotechnology in 2021, Revogene, a real-time PCR test, can detect C. difficile, Strep B, and Streptococcus A in about two minutes by using the microfluidic cartridge. This is expected to increase the demand for microfluidics in point-of-care testing, boosting the segment's growth.
Point-of-care diagnostics (POC) is integral to healthcare, especially in disease diagnosis. POC diagnostics offers rapid detection of diseases compared to other conventional methods used near the patients, which leads to better diagnosis, monitoring, and management of disease status and helps healthcare professionals make quick medical decisions regarding the patient. Microfluidics technology is well-suited for point-of-care diagnostics and has the potential to offer rapid and affordable point-of-care diagnostic tools to help during the COVID-19 pandemic, which has increased the segment's growth.
The major advantages associated with the devices are rapid and precise response, cost-effectiveness, and portability. Research is being done in point-of-care diagnostics to develop a chip-based device that can examine multiple analytes in complex samples. Hence, the integration of microfluidics is believed to contribute to the improvisation of point-of-care diagnostics.
Therefore, due to the growth in the range of POC diagnostics, there will be a significant growth in microfluidics, which may enable the development of new devices.
North America is Expected to Dominate the Market Studied During the Forecast Period
North America dominates the microfluidics market and is expected to hold the major share over the forecast period due to factors such as the well-established healthcare system and the higher adoption of novel therapeutics among the general population, increasing prevalence of infectious and chronic diseases among the population in the region.
Microfluidics is a vastly growing field in the region with a high budget for R&D. For instance, according to the Pharmaceutical Research and Manufacturers of America data updates from September 2021, PhRMA member companies have invested more than USD 1.1 trillion in the search for new treatments and cures, including USD 102.3 billion in 2021. These are expected to increase the segment's growth during the forecast period. The point-of-care diagnostics uses microfluidic technology for various applications, like molecular diagnostics, infectious diseases, and chronic diseases, which aim to produce integrated microfluidic devices that are easy to use and rapid.
In August 2020, researchers from the University of Illinois at Urbana-Champaign demonstrated a prototype of a rapid COVID-19 molecular test and a portable instrument for reading the results with a smartphone, which does not require sending samples to a lab.
Increasing product launches by key market players in the region boosts the market's growth. For instance, in January 2021, LexaGene launched the MiQLab system from research-only use to POC use to detect the SARS-CoV-2 virus after receiving emergency use authorization (EUA) in the United States. In October 2021, LumiraDx submitted the LumiraDx SARS-CoV-2 & Flu A/B Test to the Food and Drug Administration (FDA) for Emergency Use Authorization (EUA). The microfluidic immunofluorescence assay can quickly verify infection for patients suspected of flu and COVID-19 to aid in diagnosis and clinical decision-making.
Thus, due to the above-mentioned factors, the microfluidics market in North America is expected to grow at a healthy rate.
