Market Trends of Microfluidics Industry
The Point-of-Care Diagnostics Segment is Expected to Witness Considerable Growth During the Forecast Period
Driven by the rising prevalence of chronic diseases, a growing demand for point-of-care testing devices, and ongoing technological advancements, the microfluidics market is poised for substantial growth in the point-of-care diagnostics segment during the forecast period. For example, Cancer Australia reported in 2023 that 162,163 cancer cases were diagnosed in Australia in 2022. This high prevalence of cancer is likely to boost the demand for point-of-care diagnostics, fueling the market's expansion.
Technological advancements and ongoing research are enhancing microfluidics technology, broadening its applications, and elevating the accuracy and sensitivity of point-of-care diagnostics. These enhancements are pivotal drivers for the adoption of microfluidic technology. For instance, a March 2023 study in the Biosensors Journal highlighted the extensive research on microfluidics technology, emphasizing its rapid operation, minimal reagent requirement (down to microliters or even nanoliters), and high integration capability, consolidating sample preparation, detection, and analysis onto a single platform.
New product launches and developments in microfluidics for point-of-care diagnostics by major companies are set to accelerate the segment's growth. For instance, Orange Biomed announced in September 2024 its plan to showcase a microfluidic-based A1C test at the upcoming 2024 Diabetes Technology Meeting in October. The company's innovative device, a compact, single-cell, micro-electro-mechanical A1C analyzer, is designed to be agnostic to hemoglobin variants, promising faster and more reliable results for diabetes patients. Such innovations and the introduction of microfluidic-based point-of-care testing products are anticipated to propel the segment's growth in the coming years.
As the scope of point-of-care diagnostics broadens, the significance of microfluidics is set to surge, potentially paving the way for the creation of new devices.
North America is Expected to Witness Significant Growth During the Forecast Period
North America is poised for significant growth in the microfluidics market. Factors such as a robust healthcare system, widespread adoption of innovative therapeutics, and a rising prevalence of both infectious and chronic diseases are driving this trend.
For instance, data from the International Agency for Research on Cancer indicates that Mexico had approximately 8,600 liver cancer cases in 2022, with projections suggesting a rise to 11,200 cases by 2030. Similarly, data from the Canadian Cancer Society in November 2023 highlighted that an estimated 239,100 Canadians would be diagnosed with cancer in 2023, with around 45.0% of the population expected to receive a cancer diagnosis in their lifetime. Such escalating cancer statistics in the region are anticipated to boost the demand for microfluidics, propelling the market growth.
The U.S. is set to see substantial growth in the North American microfluidics market, driven by rising cancer cases and robust investments in the pharmaceutical sector. With a significant R&D budget, the microfluidics field is rapidly expanding in the region. Technologies like point-of-care diagnostics, leveraging microfluidics for applications ranging from molecular diagnostics to infectious and chronic diseases, are focusing on creating user-friendly and rapid integrated devices. For instance, projections from the American Cancer Society in January 2024 estimated over 2.0 million cancer diagnoses in the U.S. for 2024, up from 1.9 million in 2023. This escalating cancer burden is set to amplify the demand for microfluidics.
Key market players, through their relentless innovation in advanced microfluidics devices, are further propelling the country's market growth. For example, in August 2023, Cytovale introduced the IntelliSep sepsis test, receiving 510(k) clearance from the U.S. FDA. This advanced test, utilizing microfluidics, high-speed video, and sophisticated algorithms, measures white blood cells (WBCs) to indicate sepsis, delivering results in just an hour.
Given these dynamics, especially the surging prevalence of chronic diseases and the expanding application of microfluidics, North America's microfluidics market is set for robust growth.
