Global Microfluidic Immunoassay Market

Microfluidic Immunoassay Market Size, Share, Growth Analysis, By Technology(Cardiac Biomarker Detection, Inflammatory Biomarker Detection, Other Biomarkers and Emerging Biomarkers), By Region - Industry Forecast 2024-2031

Report ID: SQMIG35H2075 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 36 | Figures: 74

Microfluidic Immunoassay Market Dynamics

Microfluidic Immunoassay Market Drivers

Novel Technologies in the Market are Creating Fruitful Growth Opportunities

  • For the companies in the microfluidic immunoassay market, emerging economies and novel technologies like paper-based microfluidics are projected to present several prospects for expansion. High growth in emerging economies is attributed to a number of factors, including an ageing population, a sizable patient population suffering from infectious and non-communicable diseases, an increase in R&D funding, a rise in the demand for high-quality healthcare, rising disposable income, and improved healthcare infrastructure.

Microfluidic Immunoassay Market Restraints

Lack of Access in Developing Nations to Hinder Market Growth

  • The main commercial hurdles are choosing a suitable substrate material for constructing microfluidic chips, receiving reimbursement, scaling the process up for mass production, and creating low-cost goods for underdeveloped nations.
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Microfluidic Immunoassay Market size was valued at USD 25597.94 million in 2019 and is poised to grow from USD 28718.33 million in 2023 to USD 71897.42 million by 2031, growing at a CAGR of 12.19% in the forecast period (2024-2031).

microfluidic immunoassay market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D. 'Abbott Laboratories', 'Bio-Rad Laboratories', ' Becton, Dickinson and Company ', ' Cepheid Inc. ', ' Danaher Corporation ', ' Fluidigm Corporation ', ' GE Healthcare ', ' Illumina Inc. ', ' Luminex Corporation ', ' Merck Millipore ', ' NanoString Technologies Inc. ', ' PerkinElmer Inc. ', ' QIAGEN N.V. ', ' Randox Laboratories Ltd. ', ' Roche Diagnostics ', ' Siemens Healthineers AG ', ' Thermo Fisher Scientific Inc. ', ' Tosoh Corporation ', ' Wako Pure Chemical Industries, Ltd. ', ' Waters Corporation '

For the companies in the microfluidic immunoassay market, emerging economies and novel technologies like paper-based microfluidics are projected to present several prospects for expansion. High growth in emerging economies is attributed to a number of factors, including an ageing population, a sizable patient population suffering from infectious and non-communicable diseases, an increase in R&D funding, a rise in the demand for high-quality healthcare, rising disposable income, and improved healthcare infrastructure.

Recently, there has been a lot of interest in microfluidic technology. This is primarily because combining the entire laboratory technique onto a single chip has reduced the need for bulky tools. The development of LOC technology took over two decades, and materials were employed in the creation of the devices. For the production of microfluidics-based POC cartridges for developing nations, paper is getting a lot of interest. This is due to a number of benefits of paper material, including the fact that it is an incredibly affordable substrate material, is suitable for many medical applications, and transfers fluid by capillary forces without the need for external forces. There is currently a lot of commercial and academic research being done in the area of paper-based microfluidics.

The market for microfluidic immunoassays was dominated by North America, which was followed by Europe, Asia-Pacific, Latin America, the Middle East, and Africa. However, the Asia Pacific region is anticipated to grow at the fastest CAGR during the forecast period. This is largely because of the region's economies' accelerated growth, improved healthcare infrastructure, increased accessibility to healthcare services, and innovative products. It is also because of the aging population's increased risk of infectious and noncommunicable diseases, rising disposable income, and ongoing investment and focus by major players in emerging Asian markets.

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Global Microfluidic Immunoassay Market

Report ID: SQMIG35H2075

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