Global Microfluidic Immunoassay Market to Reach USD 2 Billion by 2025

The global microfluidic immunoassay market is expected to grow at a CAGR of 12.7% from 2019 to USD 2.0 billion by 2025, driven by greater benefits offered by Lab-on-chip (LOC) over conventional quantifiable technologies, the growing need for point-of-care (POC) in low-resource settings, and increasing research activities in the field of microfluidic technology. The market growth will be further aided by increased venture capital funding for the development of LOC-based POC diagnostics, rapid decision-making in emergency care, and rising incidence and prevalence of chronic diseases coupled with an aging population.

These are the latest findings of Research and Markets, (Dublin, Ireland), a global market research company.

Additionally, the emerging economies and novel technologies, such as paper-based microfluidics, will also provide significant growth opportunities for the market players. However, the lengthy approval time for POC devices and reluctance among healthcare professionals to replace existing diagnostic platforms are likely to hinder market growth. Nevertheless, the selection of suitable substrate material for designing microfluidic chip, difficulty in up-scaling the process for mass production, and product-design and cost-related challenges in the developing countries will prove to be the major hurdles for market growth.

Based on product type, the adoption of LOC/microfluidic diagnostics is expected to grow at the fastest CAGR in 2019 owing to its capability for scaling down whole laboratory processes on a single chip and expediting the process of disease diagnosis with highly precise quantitative results. On the basis of technology, the non-LOC POC technologies segment is estimated to hold the largest share of the global microfluidic immunoassay market in 2019 due to increased adoption of these technologies over the years for a wide range of diagnostic applications. However, LOC POC technology is expected to grow at the fastest CAGR during the forecast period, mainly due to greater benefits offered by LOC over conventional POC diagnostic methods and growing research activities in this field that are supported by private and public funding.

Based on application, the cardiac biomarker detection segment is estimated to hold the largest share of the global microfluidic immunoassay market in 2019 and also grow at the fastest CAGR during the forecast period. The segment’s performance is expected to be driven by the high prevalence of cardiovascular diseases, availability of a large number of LOC-based products for cardiac biomarkers, and greater adoption of these products by end-users. Geographically, North America is expected to hold the largest share of the global microfluidic immunoassay market in 2019, followed by Europe, Asia-Pacific, Latin America, and Middle East & Africa.

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