Meticulous Research® - leading global market research company published a research report titled “Microfluidic Immunoassay Market by Product Type (Lab-on-chip, POC Analyzers, Reagents & Assay), Technology, Application (Cardiac, Troponin, BNP) – Global Forecast to 2025”.
According to this latest publication from Meticulous Research®, the global microfluidic immunoassay market is expected to grow at a CAGR of 12.7% from 2019 to reach $2.01 billion by 2025. The growth of microfluidic immunoassay market is mainly attributed to greater benefits offered by LOC over conventional quantifiable technologies, growing need of POC in low-resource settings, increasing research activities in the field of microfluidic technology, high influx of 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 aging population. In addition, emerging economies and novel technologies such as paper-based microfluidics will further provide significant opportunities for the various stakeholders in this market. However, factors such as lengthy approval time for POC devices and reluctance of healthcare professionals to replace existing diagnostic platforms - are likely to hinder the market growth. On the other hand, 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 - are recognized as the major hurdles to overcome.
The global microfluidic immunoassay study presents historical market data in terms of values (2017 and 2018), estimated current data (2019), and forecasts for 2025-by product type [lab on chip/ microfluidic diagnostic (microfluidic analyzers, microfluidic cartridges), other quantifiable point of care diagnostics (POC analyzers, reagent and assays)], technology [point of care lab on chip technology (electrochemical LOC POC technology, optical LOCPOC technology), quantitative nonLOC POC technology], application [cardiac biomarker detection (single biomarker assay, multiplexed panel assay), inflammatory biomarker detection, other biomarkers, and emerging biomarkers], and geography. The study also evaluates industry competitors and analyzes the market at regional and country level. Based on technology, non-LOC POC technologies segment is estimated to command the largest share of the overall microfluidic immunoassay market in 2019. The large share of this segment is attributed to a greater adoption of these technologies - over the years - for wide range of diagnostic applications. However, LOC POC technology market is expected to grow at the fastest CAGR during the forecast period. This is mainly attributed to greater benefits offered by LOC over conventional POC diagnostic methods and growing research activities in this field - supported by private and public funding. Based on application, the cardiac biomarker detection segment is estimated to hold the largest share of the overall microfluidic immunoassay market in 2019. The large share of the cardiac biomarker detection segment is primarily attributed to high prevalence of cardiovascular diseases, availability of large number of LOC-based products for cardiac biomarkers, and relatively greater adoption of these products among the end-users.
This research report analyzes major geographies and provides comprehensive analysis for North America (U.S., Canada), Europe (Germany, France, U.K., Italy, Spain, and Rest of Europe), Asia-Pacific (Japan, China, India, and Rest of Asia-Pacific), Latin America, and Middle East & Africa. North America commanded the largest share of the overall microfluidic immunoassay market, closely followed by the Europe, and Asia Pacific. However, Asia Pacific region is slated to register the highest growth during the forecast period, primarily due to accelerated growth of economies; lower regulatory hurdles; improving healthcare infrastructure; rising accessibility to healthcare services & innovative products; increasing incidence of infectious and non-communicable diseases with aging population; growing income level of middle class population; and continuous investment & focus of key medical device manufacturing giants in emerging Asian markets.
The key players operating in the global microfluidic immunoassay market are Abaxis, Inc. (a subsidiary of Zoetis Inc.), Nanōmix, Inc., Abbott Laboratories, Koninklijke Philips N.V., Biosurfit SA, Micropoint Bioscience, Inc., Siloam Biosciences, NanoEnTek Inc., OPKO Health, Inc., and Quidel Corporation among others.
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