MICROFLUIDIC MARKET ANALYSIS

The high setup costs associated with establishing microfluidic manufacturing and R&D facilities can hamper the global microfluidic market growth. Microfluidics is an interdisciplinary area that involves multiple domains such as engineering, physics, chemistry, and biology. Designing and manufacturing microfluidic chips and devices requires highly sophisticated equipment, cleanroom facilities, and skilled workforce that can handle miniaturized fluid flows. This makes the initial capital expenditure required to enter the microfluidic industry quite substantial. For emerging or smaller companies, the high setup costs present a formidable barrier to entering the market. Additionally, because demand and applications for microfluidics are still developing, production volumes remain modest in relation to the expenses involved. This limits the ability of companies to achieve substantial economies of scale that could reduce product costs and enhance profitability. With low production volumes, companies find it difficult to recover the high initial setup investments over time. This uncertainty over business viability and high barrier to entry deters new players from investing in microfluidic technologies. Even larger corporations and research institutes hesitate before dedicating heavy resources towards microfluidics.

Market Opportunities:  Growing applications in in-vitro diagnostics, genomics, and proteomics

The expanding applications of microfluidics in areas of in-vitro diagnostics, genomics and proteomics can offer opportunity for the global microfluidic market growth. Microfluidic technologies are revolutionizing the field of molecular diagnostics by enabling lab-on-a-chip devices that can analyze biological samples with high sensitivity, specificity and speed. This helps in convenient and affordable point-of-care testing outside centralized laboratories. For example, microfluidic-based COVID-19 tests developed by authorities in the U.K. and Singapore last year allowed results within 30-45 minutes with a high degree of accuracy compared to traditional tests.

As genomic and proteomic research continues to gather pace, microfluidics plays a pivotal role by miniaturizing sequencing and sample analysis workflows. Several microfluidic-based genomic and proteomic assays have been commercialized in recent times, facilitating high-throughput analysis of DNA, RNA and proteins. For example, microfluidic western blot chips developed by the University of Toronto allow automated protein analysis from minute biofluid samples within 1-2 hours instead of the conventional process taking over 24 hours. This has immense potential in accelerating biomarker discovery, personalized medicine and disease diagnostics. Technological advancements can expand microfluidics usage in diverse areas including pharmacokinetic studies, drug discovery, biomanufacturing and pathology.  WHO estimated that microfluidic-based liquid biopsies analyzing blood or urine samples could revolutionize non-invasive cancer screening approach over the next decade.