Latin America Microfluidics Market

Latin America Microfluidics Market Size (2024 to 2029)

The size of the Latin American microfluidics market is estimated to be growing at a steady CAGR during the forecast period.

MARKET DRIVERS

The Latin American market is majorly driven by the growing number of clinical studies for cell therapy. The rapid demand for low volume sample analysis, high throughput detection methodologies, in-vitro diagnostics (IVD), and advanced lab-on-a-chip technologies collectively contribute to the market growth. In addition, microfluidics offers a high return on investment and helps control costs by minimizing errors.

Growing demand for point-of-care testing, advancements in technology, growing focus on precision and data accuracy, rapid returns on investment and faster testing, and improved portability through miniaturization of diagnostic devices driving the market.

Prehospital testing, such as routine blood sugar monitoring, can be done at home, reducing hospital visits and stays. Point-of-care testing is necessary to provide a rapid diagnostic result for rapid on-site diagnosis and treatment. Fast analysis time and high sensitivity, along with sample-response format, are the most important features of today's point-of-care diagnostic test systems.

In addition, the emergence of microfluidics-based 3D cell culture systems such as organs on a chip and the increasing applications of drug delivery technologies provide significant growth opportunities for players operating in the market. In addition, advancements, such as the recently published method of 3D printing laboratory microfluidic devices on a chip, leading to the evolution of a cost-effective mass production process for diagnostic devices and smartphones combined with microfluidics, allow a greater range and Point of Care testing capabilities.

Additionally, market players have extended their diagnostic platforms to include POCs in microfluidic devices. Therefore, due to the growth of the POC diagnostic portfolio, there will be significant growth in microfluidics, allowing the development of new devices. Due to the high demand for faster, cheaper, and decentralized diagnostics and their increasing use in molecular diagnostics, the microfluidics market is expected to witness healthy growth during the forecast period.

MARKET RESTRAINTS

Some factors limit the incorporation of microfluidic technology into existing workflows. This, along with the presence of complex and time-consuming regulatory standards and the ethics committee, are the major factors limiting the growth of the Latin American microfluidics market.

Impact of COVID-19 on the Latin American microfluidics market

Early detection is of critical importance in the COVID-19 pandemic. Early detection can reduce unnecessary clinic visits and help the healthcare industry save lives by treating patients with positive test results.

The rise and spread of the SARS-Cov-2 virus are perhaps one of the best examples of how the microfluidics market can win in such a situation. RT-PCR tests have been in great demand to detect the presence of the virus in humans. PCR and RT-PCR were the most revenue-generating medical technology in 2019, and the segment is expected to maintain its lead throughout the forecast period. The digital PCR associated with a microfluidic device makes it possible to automatically distribute a large quantity of the PCR reaction mixture in volumes of Nano liters.

This market research report on the European microfluidics market has been segmented and sub-segmented following categories.

By Product

• Microfluidic Devices
• Microfluidic Components

By Industry

• In-vitro diagnostics
• Pharmaceutical
• Medical devices
• Others

By Material

• Polymer
• Glass
• Silicon
• Others

By Application

• Lab-on-a-chip
• Organs-on-chips
• Continuous flow
• Optofluidics
• Acoustofluidics
• Electrophoresis

By Country

• Mexico
• Brazil
• Argentina
• Chile
• Rest of Latin America

Geographically, Brazil and Argentina are expected to account for the largest share in the microfluidics market in Latin America during the forecast period. This can be attributed to the growing demand for point-of-care testing, the growing incidence of chronic diseases, the increasing academic and government investments in genomics and proteomics research, the growing demand for testing tools, high-quality research for data reproducibility, and increasing stakeholder attention on research projects involving proteins, associated biomolecules, and genes.

Other countries like Mexico, Peru, Ecuador, Chile, and other parts of western Latin America will show a slow growth rate due to lower health care awareness. Significant investments in microfluidic development and the promotion of their adoption are expected to create opportunities for the expansion of miniature and automated diagnostic devices.

KEY MARKET PLAYERS

A few of the prominent companies operating in the Latin American microfluidics market profiled in this report are Parker-Hannifin Corporation, SMC Corporation, Idex Corporation, Fluigent SA, Dolomite Microfluidics, Aignep S.P.A., Camozzi Automation Spa Società Unipersonale, Elveflow, Cellix Ltd., Fortive Corporation, Danaher Corporation, Thermo Fisher Scientific Inc., Perkinelmer, Inc., Agilent Technologies, Inc., Bio-Rad Laboratories, Inc., Becton, Dickinson And Company, Illumina, Inc., F. Hoffmann-La Roche Ltd., Fluidigm Corporation and Abbott Laboratories.