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Microfluidic Sensors Market Estimated to Grow at a CAGR of 6.9% During 2021-2026

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Microfluidic Sensors Market Estimated to Grow at a CAGR of 6.9% During 2021-2026

September 21
18:28 2021
Microfluidic Sensors Market Estimated to Grow at a CAGR of 6.9% During 2021-2026
Microfluidic Sensors Market
Advancements in Technology and Adoption of Wearable Technology Has Been Driving the Microfluidic Sensors Market

Microfluidic Sensors market size was valued at $1.4 billion in 2020, and it is estimated to grow at a CAGR of 6.9% during 2021-2026. The growth is mainly attributed to the increasing demand for point-of-care testing, technological advancements, and increasing focus on data precision and accuracy is set to drive the market growth. Additionally, the growing demand for miniature portable devices, and consumer electronics and wearable devices further propel the microfluidic sensor market during forecast period. Miniaturization is transforming the world of electronics and this has led to the increase in businesses around the world. The adoption of technologies such as nanotechnology, mass spectrometry, prototyping and micro-technologies in numerous end-user industries is changing the landscape and positively influencing the implementation of a procedure in businesses. Healthcare is one industry that is using such technologies exuberantly. Integrating micro and nanotechnologies in the healthcare segment in Integrated circuits and X-Ray Lithography which is optimizing microbiological process, biochemical process, and clinical diagnostics.

Microfluidic Sensors Market Segment Analysis – By Type

In vitro diagnostics held the major share of 46.9% in 2020. These sensors can monitor body signals with high sensitivity and wide dynamic range, enabling in vitro diagnostics and the use of therapeutic devices, thereby driving the market growth. Adoption of wearable sensor devices in diagnostics further propel the market growth owing its low cost, portability and ease of use. Additionally, increasing effective and rapid point-of-care (POC) diagnostics to revolutionize public healthcare both in developed and developing countries further boost the market growth. The growing incidences of diseases, as stated above, support the dire need for ethical, efficient and fast diagnostic systems. Microfluidics is an electronic device that is used for diagnostics purposes. Microfluidics, also known as lab-on-chip, is used for micro total analysis that assists in chemical and biological analysis. This technology is mostly applied in the healthcare sector that deals with the study of the flow of fluids through microscopic or miniscule channels. It can be explained by managing the manipulation and control of fluids at a sub-millimeter scale. Microfluidics involves formulation, manufacture, and designing of processes and devices which further deals with an exceptionally low volume of fluid. This ultimately helps in optimizing control of laboratory processing, analytical techniques, and instrument handling.

Microfluidic Sensors Market Segment Analysis – By End User

Hospitals and diagnostic centers is the fastest growing segment in Microfluidic Sensors market and estimated to grow at a CAGR of 8.0% during the forecast period 2021-2026. The growth is mainly attributed to the growing use of microfluidic sensors for the rapid application in diagnosis of various chronic diseases. Additionally, technological advancements, and the inherent advantages of microfluidics technology further drive the market growth. The need for closer monitoring and faster diagnosis is also propelling the market growth.

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Microfluidic Sensors Market Segment Analysis – By Geography

North America dominated the Microfluidic Sensors market in 2020 with a market share of 34.7%, followed by Europe and APAC owing to the early adoption of advanced technologies. Additionally, the presence of major players increases the market growth. As U.S. is the leading in healthcare sector, high adoption of microfluidic sensors in this sector drives the market in this region. Additionally, active participation of research institutes in this region for the development of novel microfluidic devices is expected to enhance the market growth in this region.

Microfluidic Sensors Market Drivers

Adoption of microfluidic sensors in industries such as pharmaceutical and research centers

Adoption of micro fluidic sensors in the pharmaceutical sector drives the market growth as they are used for drug development. Advancements in micro fabrication and microfluidics provide opportunities for drug analysis, including drug screening, active testing and the study of metabolism. Additionally, growing global pandemic disease such as covid-19 further drives the adoption of microfluidic sensors in research laboratories.

Advancements in Technology

Development and adoption of wearable technology is poised to drive the microfluidic sensor market. Growing trend for wearable flexible sensors based on integrated microfluidic networks with multiplex analysis has been pushing the market growth. This technology is used for assessing human health status and show great potential in applications such as clinical medicine and athletic monitoring. The microfluidic sensors can be attached to the skin surface in order to gather various pieces of physiological information with high precision such as sweat loss, electrolyte balance and information regarding metabolites and this pushes the market growth.

Microfluidic Sensors Market Challenges

Noise and Sensor defects

Noise is the huge problem associated with the microfluidic sensors in analytical particularly in a clinical environment. The noise caused by air bubbles trapped within the microfluidic system hampers the market growth. Additionally, high cost associated with these sensors restricts the market growth. However, adoption of advanced technologies and development of advanced sensors create opportunities for the market growth.

Microfluidic Sensors Market Landscape

Product launches, Acquisitions, Collaboration, and R&D activities are key strategies adopted by players in the Microfluidic Sensors market. Microfluidic Sensors top 10 companies include Thermo Fisher Scientific, PerkinElmer, Agilent, Danaher, Roche, Bio-Rad, Dickinson and Company, Illumina, Becton, Fluidigm and others.

Acquisitions/Technology Launches

In September 2019, Fluidigm Corporation had launched a novel microfluidics based workflow Advanta RNA-Seq NGS Library Prep Kit which is designed for the preparation of RNA sequencing libraries. Development of advanced products increase Company’s microfluidic Sensors market share.

In January 2019, Loreal had unveiled first ever microfluidic sensor in order to measure skin PH levels. Adoption of microfluidic sensor for testing applications is set to drive the market growth.

Key Takeaways

North America dominated the Microfluidic Sensors market in term of revenue in 2020 owing to the presence of major number of players and adoption of advanced technologies.

Advancements in technology and adoption of wearable technology has been driving the microfluidic sensor market.

Development of advanced products and acquisition of the companies is set to drive the microfluidic sensor market.

Noise and Sensor defects are the major challenge that hampers the market growth.

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