Growing Demand for Non-Invasive and Rapid Diagnosis Projected to Augment the Microfluidics Market
Microfluidics is a multidisciplinary field involves the study of biotechnology, biochemistry, engineering, and physics, among others. Owing to the benefits offered by microfluidics, including easier automation, parallelization, and analytical sensitivity it is highly efficient in diagnosing healthcare issues. Also, microfluidics is a highly potential tool for several research areas. One of the most important applications of microfluidics is its usage in the development of lab-on-a-chip devices. These devices are used for integrating multiple laboratory functions on a single chip.
Different types of microfluidic functions that are used while developing lab-on-a-chip devices include mixing, dispensing, pumping, separating, and thermal cycling. Besides, some of the principles used by microfluidics, include electrokinetics, hydrodynamics, and thermo-capillarity for developing a wide array of applications.
Owing to swift and constant advancements in technology, microfluidics has been significantly empowered. In addition, it has been observed that due to the explosion of molecular diagnostics, the entire medicine arena has been influenced, especially point-of-care diagnostics (PCR).
According to the market intelligence report published by BIS Research, “Global Microfluidics Market — Analysts and Forecast, 2019–2029”, the microfluidics market generated revenue of $10,260.6 million in 2018 and is projected to grow at a compound annual growth rate (CAGR) of 13.73% during the forecast period from 2019 to 2029. The growth of the market is aided by factors such as growing demand for non-invasive and rapid diagnosis, increasing adoption of personalized medicine, increasing external funding significantly for executing research and development exercises, and growing demand for point-of-care diagnostics.
Each of the market drivers is projected to influence the market in the future, especially in the next three to five years. For the purpose of the study, the market has been categorized on the basis of product type, applications, end-users, and region. In 2018, the North America region was leading the market, followed by Europe, and the regions are expected to maintain similar positions by 2029. However, it is the region of Asia-Pacific (APAC) that is projected to witness remarkable growth in precision medicine technology, as massive research activities are being carried out to promote the same in APAC.
Different end-users of the microfluidics market include research and academia, biopharmaceutical companies, diagnostic centers, and others. Among these end-users, the research and academia segment dominated the market with a share of 46.71% in 2018 and is projected to maintain market dominance by 2029. There are two types of products present in the microfluidic market — platforms, and chips. The microfluidics platform segment dominated the market with 65.39% share in the revenue in 2018 and is expected to maintain the dominance in the future.
