According to FutureWise analysis the market for microfluidics in 2023 is US$ 25.25 billion, and is expected to reach US$ 68.17 billion by 2031 at a CAGR of 13.22%.
The global microfluidics market growth is steered by the growing insistence for point-of-care (POC) testing, rising prevalence of persistent diseases, quicker turn-around analysis time and improvements in device portability. Point-of-care testing permits healthcare professionals to conduct the patient diagnosis in an ambulance, the physician’s office, at field, hospital or at home. Devices assisted with microfluidic technology are currently deployed for point-of–care testing owing to their requirement of small sample volumes and they use channels that are micro-fabricated for analysing samples. Devices used for POC testing are already widely used in blood, HIV, glucose and haemoglobin testing sectors. The POC testing devices of the future would possibly emphasize on cancer and antibiotics therapies. The POC testing devices that are based on the microfluidic technique have massive potential in the developed as well as developing nations, owing to the high amount of population affected by such diseases.
The clinical diagnostics segment is likely to hold the largest global microfluidics market share and is predicted to exhibit a substantial growth rate over the forecast time frame. A substantial area of application for microfluidics is clinical diagnostics. Diseases, for instance, toxicity, can be identified by undertaking multiple biochemical analysis procedures and by symptom observation. The changes occurring in the blood of the patients can signify organ dysfunction or damage, before observable damages of the microscopic cells or other kinds of symptoms.
There has been an increase in the insistence for the development of an inexpensive and easy-to-handle biochip for clinical diagnostics by using plastic microfluidic chips that are fully integrated and which have the identifying or sampling capability of reliable and fast metabolic parameter measurements from a patient and that too with no or minimal invasion. Therefore, the augmentation of clinical diagnostics is predicted to aid the expansion of the global microfluidics market size.
The North America region accounts the largest microfluidics market share and it is predicted to continue its domination over the forecast period. This is credited to factors, for instance, the better reimbursement policies coupled with a well-established healthcare system and the higher adoption rate of advanced therapies amongst the population. Microfluidics is growing at a meteoric pace, especially in the U.S, with respect to massive budget sanctions for research and development. Point-of-care and molecular diagnostics primarily use microfluidic techniques for multiple applications, and thus, they account a large market share in the U.S. Due to this, the U.S holds most of the market share in the North American region.