Microfluidic Immunoassay Market - Global Forecast to 2030: Increasing Demand for Point-of-Care Testing Generating Growth Opportunities for Market Players

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Feb 05, 2024, 19:00 ET

DUBLIN, Feb. 5, 2024 /PRNewswire/ -- The "Microfluidic Immunoassay Market by Product, Technology, Application, and End User - Global Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.

The global microfluidic immunoassay market is expected to reach $1.47 billion by 2030 at a CAGR of 7.4% from 2023 to 2030.

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.

The report offers a competitive landscape based on an extensive assessment of the product portfolio offerings, geographic presences, and key strategic developments adopted by leading market players in the industry over the years (2020-2023). 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.).

Among all the products studied in this report, in 2023, the consumables segment is expected to account for the largest share of the microfluidic immunoassay market. The large market share of this segment is attributed to the repetitive use of kits, the growing portfolio of disease-specific kits for early diagnosis of diseases, and the increasing product approvals. The continuous advancements in reagents and kits, the development of user-friendly diagnostic kits, and the adoption of microfluidic immunoassay cartridges in clinical and research laboratories are positively impacting the demand for consumables used in microfluidics.

Among all the technologies studied in this report, the electrochemical detection segment is projected to register the highest CAGR during the forecast period. Electrochemical detection is increasingly used in the microfluidic immunoassay owing to benefits such as low cost & power requirements, low sample & reagent consumption, portability, and short response time, contributing to the highest CAGR of this segment.

Among all the applications studied in this report, in 2023, the cardiology segment is expected to account for the largest share of the microfluidic immunoassay market. The large market share of this segment is attributed to increasing applications of microfluidic cartridges in biomarker profiling of cardiovascular diseases and understanding disease mechanisms. The demand for microfluidic immunoassay is increasing in biomedical and clinical fields for research on cardiac biomarkers, contributing to the largest share of the market.

Among all the end users studied in this report, the pharmaceutical & biotechnology companies segment is expected to grow at the highest CAGR during the forecast period. The highest CAGR of this segment is attributed to factors such as the increasing R&D investments by pharmaceutical & biotechnology companies, the widespread utilization of microfluidic immunoassay in drug discovery & development, and a growing emphasis on personalized medicine research. The rising spending on R&D by pharmaceutical companies is also contributing to the largest share of this segment.

In 2023, North America is expected to account for the largest share of the microfluidic immunoassay market, followed by Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America's large share is attributed to the region's high R&D spending by the pharmaceutical & biotechnology companies for the development of drugs and biomarker identification, increasing prevalence of chronic diseases, rising healthcare expenditure, presence of leading market players in the region, and favorable government initiatives for research & development. According to the U.S. Congressional Budget Office, U.S. pharmaceutical R&D expenditure increased from USD 91.1 billion in 2020 to USD 102.3 billion in 2021.

Market Insights

Factors Affecting Market Growth

Impact Analysis of Market Dynamics
Increasing Use of Microfluidic Immunoassays in Drug Discovery & Development and Biomarker Detection Driving Market Growth
Bubble Formation and Dead Volume Limiting the Adoption of Microfluidics Devices
Increasing Demand for Point-of-Care Testing Generating Growth Opportunities for Market Players
Selecting Suitable Substrate Materials to Design Microfluidic Chips to Remain a Major Challenge for Market Players

Technology Trends

Multiplexed Panel Detection
Paper-Based Microfluidics

Company Profiles (Company Overview, Financial Snapshot, Product Portfolio, and Strategic Developments)

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)
QuidelOrtho Corporation (U.S.).

Scope of the Report:

Microfluidic Immunoassay Market Assessment, by Product

Consumables
Cartridges
Polymer
Glass
Silicon
Reagents
Systems

Microfluidic Immunoassay Market Assessment, by Technology

Electrochemical Detection
Optical Detection

Microfluidic Immunoassay Market Assessment, by Application

Cardiology
Single Biomarker Detection
Multiplexed Biomarker Detection
Infectious Diseases
Oncology
Other Applications

Microfluidic Immunoassay Market Assessment, by End User

Pharmaceutical & Biotechnology Companies
Diagnostic Laboratories
Hospital
Other End Users

Microfluidic Immunoassay Market Assessment, by Geography

North America
U.S.
Canada
Europe
Germany
U.K.
France
Italy
Spain
Rest of Europe (RoE)
Asia-Pacific (APAC)
China
Japan
India
Rest of Asia-Pacific (RoAPAC)
Latin America
Middle East & Africa

For more information about this report visit https://www.researchandmarkets.com/r/njvvk0

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