MICROFLUIDICS MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)

 The point-of-care diagnostics segment is expected to witness significant growth in the microfluidics market over the forecast period due to factors such as the rising prevalence of chronic diseases, increasing demand for point-of-care testing devices, and rising technological advancements. For instance, according to GLOBOCAN 2020, there were 19,282,789 new cancer cases worldwide in 2020, with the number expected to rise to 28,887,940 cases by 2040. Thus, an expected increase in cancer cases is anticipated to ​increase the demand for point-of-care diagnostics, propelling the market's growth.

According to an article published in Frontiers in Bioengineering and Biotechnology in 2021, Revogene, a real-time PCR test, can detect C. difficile, Strep B, and Streptococcus A in about two minutes by using the microfluidic cartridge. This is expected to increase the demand for microfluidics in point-of-care testing, boosting the segment's growth.

Point-of-care diagnostics (POC) is integral to healthcare, especially in disease diagnosis. POC diagnostics offers rapid detection of diseases compared to other conventional methods used near the patients, which leads to better diagnosis, monitoring, and management of disease status and helps healthcare professionals make quick medical decisions regarding the patient. Microfluidics technology is well-suited for point-of-care diagnostics and has the potential to offer rapid and affordable point-of-care diagnostic tools to help during the COVID-19 pandemic, which has increased the segment's growth.

The major advantages associated with the devices are rapid and precise response, cost-effectiveness, and portability. Research is being done in point-of-care diagnostics to develop a chip-based device that can examine multiple analytes in complex samples. Hence, the integration of microfluidics is believed to contribute to the improvisation of point-of-care diagnostics.

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