REDDING, Calif., May 21, 2024 /PRNewswire/ -- According to a
new market research report titled, 'Microfluidic Immunoassay
Market Size, Share, Forecast, & Trends Analysis by Product
(Cartridge [Polymer, Glass], Reagent, System) Technology
(Electrochemical, Optical) Application (Cardiology, Oncology,
Infectious Disease) End User - Global Forecast to 2031',
Published by Meticulous Research®, the microfluidic
immunoassay market is projected to reach $1.59 billion by 2031 at a CAGR of 7.3% from 2024
to 2031.
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Microfluidic immunoassay or lab-on-a-chip consists of
miniaturization of conventional laboratory operations, including
reagent loading, reaction, separation, and detection on the
microchip. Traditional immunoassays depend on large and costly
equipment and skilled professionals, with low sensitivity, complex
operation, long assay time, and expensive reagents. Furthermore,
with the increasing demand for real-time detection in clinical
diagnostics, the need for highly sensitive, portable, enhanced
accuracy, rapid immunoassay methods are also increasing.
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.
Increasing Benefits of Microfluidic Immunoassay Over
Conventional Immunoassay is Driving the Market Growth
The conventional immunoassay technologies used for diagnostic
applications have many limitations. These immunoassays are required
to be conducted on sophisticated instruments by trained
professionals in hospital or commercial diagnostic laboratories.
These instruments are costly and need higher capital investments.
Further, the time from collecting patient samples to obtaining test
results requires several days. This time lag might cause
catastrophic consequences for patients. Further, current point of
care devices available in the market offer qualitative or semi
quantitative results or do not provide precise results.
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The introduction of microelectromechanical systems (MEMS) and
micro total analysis systems (μTAS) into clinical applications have
revolutionized the process of disease diagnosis. The microfluidic
devices (LOC) based on these technologies are changing the dynamics
of clinical diagnosis. Diagnostic tests that are usually performed
in a laboratory are now miniaturized on a single chip. It has led
to enhanced efficiency by reducing turnaround time and mobility.
Further, microfluidic detection does not need sample preparation.
These devices are easily automated to perform routine assays on
standardized chips with little human intervention. Compared to the
conventional benchtop systems (that use milliliters of sample
volume), microfluidic systems only use microliters of samples to
perform the test. This not only reduces the costs of the reagents
involved, but also makes it possible to carry out the diagnosis
efficiently when only limited sample volume is available. Most of
all, this technology provides precise quantitative results which
was lacking with many conventional immunoassays. Owing to such
benefits offered by LOC over conventional methods, they are likely
to witness growing adoption in coming years.
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.).
The global microfluidic immunoassay market is segmented by
product, technology, application, and end user. The study also
evaluates industry competitors and analyzes their market share at
global and regional levels.
Based on product, the global microfluidic immunoassay market is
segmented into consumables and systems. In 2024,
the consumables segment is expected to account for the largest
share of 69.6% of the microfluidic immunoassay market. Assay
kits are pre-packaged sets of materials and reagents used for
performing tests. These user-friendly diagnostic kits require
minimal training, making them ideal for use in settings with
limited access to trained laboratory personnel, particularly in
rural or remote areas. The kits are also lightweight and compact,
allowing easy transport and use in various settings, including
clinics, hospitals, and field locations. The repeated use of
consumables in microfluidic immunoassay and new product
developments drive market growth.
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Based on technology, the global microfluidic immunoassay market
is segmented into electrochemical detection and optical detection.
The electrochemical detection segment is expected to grow at
the highest CAGR during the forecast period. The highest CAGR of
the segment is attributed to the increasing use of electrochemical
sensors in microfluidic immunoassay for biomolecule detection.
Additionally, electrochemical biosensors used in microfluidic
immunoassay have many advantages, including the ability to load
multiple reagents at once to obtain more data, contributing to the
highest CAGR of the segment.
Based on application, the global microfluidic immunoassay market
is segmented into cardiology, infectious diseases, oncology, and
other applications. In 2024, the cardiology segment is
expected to account for the largest share of 53.5% of the
microfluidic immunoassay market. The cardiology segment is further
divided into single biomarker detection and multiplexed biomarker
detection. The increasing use of microfluidic immunoassay for the
detection of troponin (cTnI), Natriuretic Peptides (NPS), Creatine
Kinase (CK-MB), D-Dimer, and Myoglobin to detect acute myocardial
infarction (AMI) is contributing to the largest share of the
segment. The key players are also introducing microfluidic
cartridges for the detection of troponin, further supporting the
market share. For instance, in December
2022, QuidelOrtho Corporation (U.S.) received a Health
Canada Grants License for Quidel TriageTrue High-Sensitivity
Troponin I Test. This test is used for the diagnosis of myocardial
infarction.
Based on end user, the global microfluidic immunoassay market is
segmented into pharmaceutical & biotechnology companies,
diagnostic laboratories, hospitals, and other end users. The
pharmaceutical & biotechnology companies segment is expected to
grow at the highest CAGR of 9.0% during the forecast period.
The highest CAGR of the segment is attributed to pharmaceutical
& biotechnology companies allocating significant resources to
their research activities. Microfluidic immunoassay has become
increasingly important in maintaining precision and accuracy in
drug research and development and reducing the time required for
research purposes. Numerous drug discovery processes can benefit
from the use of microfluidic immunoassays, including drug
screening, compound synthesis, delivery, and carrier
manufacturing.
Geographically, in 2024, North
America is expected to account for the largest share of
40.3% of the microfluidic immunoassay market. The North
America microfluidic immunoassay market is estimated to be
worth USD 387 million in
2024. The region's largest share is attributed to the high R&D
expenditure, high prevalence of chronic diseases, growth in the
pharmaceuticals industry, and large number of diagnostic and
pathology laboratories for early diagnosis. The increasing
healthcare expenditure has immensely impacted the development of
laboratory diagnoses in the region. North
America's per capita health expenditure reached USD 11,119.1 in 2021, increasing at a CAGR of
3.8% from 2017–2021 (source: The World Bank Group).
However, the Asia-Pacific microfluidic immunoassay market
is slated to register the highest growth rate during the forecast
period. The growth of the microfluidic immunoassay market in
Asia-Pacific is attributed to the
rising research funding in the healthcare and pharmaceutical
industry, the rising number of research laboratories, the advancing
research framework, and the growing number of diagnostic
laboratories in countries such as China, India,
Japan, South Korea, and others.
The report also includes an extensive assessment of the key
strategic developments of leading market participants in the
industry over the years (2021-2024). In the last couple of years,
the global microfluidic immunoassay market witnessed several
strategic developments.
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Scope of the Report:
Microfluidic Immunoassay Market Assessment, by
Product
Microfluidic Immunoassay Market Assessment, by
Technology
- Electrochemical Detection
- Optical Detection
Microfluidic Immunoassay Market Assessment, by
Application
- Cardiology
- Single Biomarker Detection
- Multiplex Biomarker Detection
- Infectious Diseases
- Oncology
- Other Applications
Note: Other applications consist of pregnancy, diabetes,
thyroid, kidney diseases, and drug of abuse testing
Microfluidic Immunoassay Market Assessment, by End
User
- Pharmaceutical & Biotechnology Companies
- Diagnostic Laboratories
- Hospital
- Other End Users
Note: Other end users include home healthcare, self-testing,
academic institutes & research centers, and forensic
labs
Microfluidic Immunoassay Market Assessment, by
Geography
- North America
- 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
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