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Meticulous Research®—a leading global market research company, published a research report titled ‘Microfluidic Immunoassay Market by Product (Cartridge [Polymer, Glass, Silicon], Reagents, System), Technology (Electrochemical, Optical), Application (Cardiology, Oncology, Infectious Disease), and End User (Pharmaceutical, Hospital) - Global Forecast to 2030.’
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According to this latest publication from Meticulous Research®, the global microfluidic immunoassay market is projected to reach $1.47 billion by 2030 at a CAGR of 7.4%. The growth of this market is driven by the increasing use of microfluidic immunoassays in drug discovery & development and biomarker detection, the advantages of lab-on-chip immunoassays over conventional immunoassays, pharmaceutical & biotechnology companies' increasing focus on research & development, and the miniaturization of biological and chemical assays. However, bubble formation and dead volume in microfluidics devices restrain the growth of this market.
Moreover, the increasing demand for point-of-care diagnostics and recent advancements in microfluidic immunoassay technology are expected to generate market growth opportunities. However, the selection of suitable substrate materials for designing microfluidic chips and product design and cost-related limitations in developing countries are major challenges for market stakeholders.
Key Players
The key players operating in the global microfluidic immunoassay market are Becton, Dickinson and Company (U.S.), Revvity, Inc. (U.S.), Abbott Laboratories (U.S.), Siemens Healthineers AG (Germany), Nanomix Corporation (U.S.), Micropoint Biotechnologies Co., Ltd. (China), Biosurfit SA (Portugal), Koninklijke Philips N.V. (Netherland), NanoEnTek Inc. (South Korea), and QuidelOrtho Corporation (U.S.)
Microfluidic Immunoassay Market: Future Outlook
The global microfluidic immunoassay market is segmented by Product (Consumables [Cartridges {Polymer, Glass, and Silicon} and Reagents] and Systems), Technology (Electrochemical Detection and Optical Detection), Application (Cardiology (Single Biomarker Detection and Multiplexed Biomarker Detection), Infectious Diseases, Oncology, and Other Applications), End User (Pharmaceutical & Biotechnology Companies, Diagnostic Laboratories, Hospitals, and Other End Users), and Geography. The study also evaluates industry competitors and analyzes their market share at global and regional levels.
Among all products studied in this report, the consumables segment is expected to grow at the highest CAGR during the forecast period. The continuous advancements in the development of reagents and kits, the adoption of microfluidic immunoassay diagnostic kits for disease diagnosis, and ease of use are increasing the demand for consumables used in the microfluidic immunoassay market, driving its growth.
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Among all technologies studied in this report, in 2023, the electrochemical detection segment is expected to account for the largest share of the microfluidic immunoassay market. The large market share of this segment is attributed to factors such as the increasing adoption of electrochemical detection in point-of-care testing, adaptability for miniaturization, rapid detection, and low-cost methods.
Among all applications studied in this report, the oncology segment is expected to grow at the highest CAGR during the forecast period. The highest CAGR of this segment is attributed to pharmaceutical & biotechnology research organizations using microfluidic immunoassay for oncology biomarker detection in research applications, such as anti-cancer drug studies, drug discoveries, and personalized medicine.
Among all end users studied in this report, in 2023, the pharmaceutical and biotechnology companies segment is expected to account for the largest share of the microfluidic immunoassay market. The largest share of this segment is attributed to the increasing demand for new drugs and therapies, leading to extensive research and development activities, rising funding and investments in the pharmaceutical and biotech industry, and increasing healthcare expenditure. Furthermore, the pharmaceutical and biotechnology industries constantly strive to develop new drugs and therapies to address medical needs, further driving market growth.
Geographic Review
This research report analyzes major geographies and provides a comprehensive analysis of North America (U.S. and Canada), Europe (Germany, France, U.K., Italy, Spain, and the Rest of Europe), Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific), Latin America, and the Middle East & Africa.
Among all regions studied in this report, Asia-Pacific is expected to grow at the highest CAGR during the forecast period. The highest CAGR of the region is attributed to advancements in healthcare infrastructure, development in the R&D sector, increasing number of diagnostic laboratories in the region, and advancements in the research sector in emerging economies of the region.
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Key questions answered in the report:
• Which are the high-growth market segments in terms of product, technology, application, end user, and regions/countries?
• What was the historical market for microfluidic immunoassay across the globe?
• What are the market forecasts and estimates for the period 2023–2030?
• What are the major drivers, restraints, challenges, opportunities, and trends in the global microfluidic immunoassay market?
• Who are the major players in the global microfluidic immunoassay market?
• What is the competitive landscape, and who are the market leaders in the global microfluidic immunoassay market?
• What are the recent developments in the microfluidic immunoassay market?
• What are the different strategies adopted by the major players in the microfluidic immunoassay market?
• What are the geographical trends and high-growth regions/countries?
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