Medical devices push microfluidics and electrodes markets to reach $9.5bn in 2022, says Lux

Medical devices push microfluidics and electrodes markets to reach $9.5bn in 2022, says Lux

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With health care costs soaring at an unsustainable rate, providers are increasingly moving into a preventive mode, with an emphasis on screening and very early diagnostics. As a result, key sensor technologies will boom, with microfluidic devices growing to a $4.5 billion market and sensing electrodes to $5 billion in 2022, according to Lux Research.
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The market research firm notes that the market growth for microfluidic devices and electrodes will outpace the growth rate of the overall medical devices industry over the next decade. Of the microfluidics market, $1.3 billion will accrue to material suppliers for glass, polymers, and silicon. In the sensing electrodes market, material suppliers will garner $3 billion, or 60% of the total, for materials like functionalized adhesives and novel sensing elements.

 “The medical device industry is responding to changing global health care demands,” said Milos Todorovic, Lux Research Analyst and the lead author of the report titled, “A Materials Perspective on Medical Sensors.” “Medical sensors have emerged as key enablers for the shift towards decentralized health care, creating new opportunities for material providers.”

Among the company’s findings, the study shows that market dynamics and technical advances will drive the cost of materials for a microfluidic device 32% lower to about $0.50 in 2022, accelerating adoption. While glass will still contribute 50% to the total cost, the share of polymers will double to 10% as platforms using cheaper polymer-based consumables gain market share.

Market adoption will happen in two distinct ways: replacement of existing centralized equipment, such as blood panel and urinalysis in the primary care physician offices; and opening new non-clinical POC markets, such as infectious disease diagnostics at home.  

Novel sensors can go beyond physiological evaluation, studying emotions and moods, interpreting human voice to recognize behavioural markers, and even analyzing facial expressions to monitor vital signs. Start-ups developing such technologies include Affectiva, an MIT spinoff; Cogito Corporation; and Asthmapolis.

Visit Lux Research at www.luxresearchinc.com

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