What is the global market size of Microfluidic Immunoassay Market?

Global Microfluidic Immunoassay Market size was valued at USD 25597.94 million in 2021 and is poised to grow from USD 28718.33 million in 2022 to USD 71897.42 million by 2030, growing at a CAGR of 12.19% in the forecast period (2023-2030).

Microfluidic Immunoassay Market Size

Microfluidic Immunoassay Market Insights

Global Microfluidic Immunoassay Market size was valued at USD 1.2 billion in 2023 and is poised to grow from USD 1.29 billion in 2024 to USD 2.36 billion by 2032, growing at a CAGR of 7.8% during the forecast period (2025-2032).

The microfluidic immunoassay market is expanding quickly and has the potential to improve patient care in situations with limited resources. POC tests are carried out in hospitals, ambulatory care facilities, doctor's offices, or even at the patients' homes. The demographic shift and demand for cost-effective, high throughput diagnosis are driving the POC industry's rapid growth. However, a lot of the current POC devices require sample pre-treatment before testing, yield inconsistent results, and provide subpar quantitative, qualitative, or qualitative and semi-quantitative test results. This prompted the downsizing of POC devices and a growing emphasis on delivering precise and quantitative results. A lot of interest has been paid to microfluidic systems (lab-on-a-chip) as a platform for miniature immunodiagnostics. Small amounts of reagents and samples are consumed, and exact findings are delivered quickly, as two major benefits of LOC.

The Microfluidic Immunoassay market is growing due to the larger benefits offered by LOC over conventional measurable methods, the growing need for POC in low-resource settings, increased research efforts in the field of microfluidic technology, a high intake of venture capital financing for the development of LOC-based POC diagnostics, rapid decision making employing POC diagnostics technologies in emergency care, and the rising incidence and prevalence of chronic diseases integrated with aging population across the globe.

US Microfluidic Immunoassay Market is poised to grow at a sustainable CAGR for the next forecast year.

FAQs

Global microfluidic immunoassay market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D. 'Abbott Laboratories (US) ', 'Bio-Rad Laboratories (US) ', 'Becton, Dickinson and Company (US) ', 'Danaher Corporation (US) ', 'Fluidigm Corporation (US) ', 'GE Healthcare (US) ', 'Illumina Inc. (US) ', 'Luminex Corporation (US) ', 'Merck Millipore (Germany) ', 'PerkinElmer Inc. (US) ', 'Randox Laboratories Ltd. (UK) ', 'Roche Diagnostics (Switzerland) ', 'Siemens Healthineers AG (Germany) ', 'Thermo Fisher Scientific Inc. (US) ', 'Tosoh Corporation (Japan) ', 'Wako Pure Chemical Industries, Ltd. (Japan) ', 'Waters Corporation (US)'

For the companies in the microfluidic immunoassay market, emerging economies and novel technologies like paper-based microfluidics are projected to present several prospects for expansion. High growth in emerging economies is attributed to a number of factors, including an ageing population, a sizable patient population suffering from infectious and non-communicable diseases, an increase in R&D funding, a rise in the demand for high-quality healthcare, rising disposable income, and improved healthcare infrastructure.

Recently, there has been a lot of interest in microfluidic technology. This is primarily because combining the entire laboratory technique onto a single chip has reduced the need for bulky tools. The development of LOC technology took over two decades, and materials were employed in the creation of the devices. For the production of microfluidics-based POC cartridges for developing nations, paper is getting a lot of interest. This is due to a number of benefits of paper material, including the fact that it is an incredibly affordable substrate material, is suitable for many medical applications, and transfers fluid by capillary forces without the need for external forces. There is currently a lot of commercial and academic research being done in the area of paper-based microfluidics.

The market for microfluidic immunoassays was dominated by North America, which was followed by Europe, Asia-Pacific, Latin America, the Middle East, and Africa. However, the Asia Pacific region is anticipated to grow at the fastest CAGR during the forecast period. This is largely because of the region's economies' accelerated growth, improved healthcare infrastructure, increased accessibility to healthcare services, and innovative products. It is also because of the aging population's increased risk of infectious and noncommunicable diseases, rising disposable income, and ongoing investment and focus by major players in emerging Asian markets.