The microfluidics market is growing owing to the growing demand and adoption of POC diagnostic devices, such as glucose monitoring and pregnancy test kits
JERSEY CITY, N.J., Nov. 8, 2021 /PRNewswire/ -- Verified Market Research recently published a report, "Microfluidics Market" By Type (Microfluidic Sensors, Microfluidic Needles, Microfluidic Pumps), By Material (Glass, Polymer, Silicon, PDMS), By Application (in Vitro Diagnostics, Capillary Electrophoresis, Genomics), and By Geography. According to Verified Market Research, the Global Microfluidics Market size was valued at USD 20.65 Billion in 2020 and is projected to reach USD 57.65 Billion by 2028, growing at a CAGR of 23.65% from 2021 to 2028.
Accelerated detection is of significant importance in the COVID-19 pandemic. A considerable number of cases are being tested, which places a heavy burden on laboratories. Fast detection can decrease the number of unnecessary visits to the health clinics and support the healthcare sector to save lives by handling patients with positive test results. Microfluidics is associated with handling a tiny amount of fluid in micron-scale channels and chambers. Consequently, it allows researchers to control fewer amounts of samples and reagents with greater efficiencies and generate results quicker than conventional methods, owing to the huge potentials of microfluidic technology.
For instance, a December 2020 article 'Evaluation of current diagnostic methods for COVID-19' states that biosensor-based virus detection systems that use nanotechnology and microfluidics and instrumental advances are deemed as promising technologies in pandemic situations like COVID-19. Significant factors impelling the growth of the market include growing demand for microfluidics technology, increasing technological advancements in diagnostic devices, and growing incidence of chronic diseases.
However, several regulatory standards are being created for the implementation of microfluidics in healthcare. These regulatory standards consume too much time for the approval process of microfluidic devices which in turn limits the growth of the market. Another challenge for the growth of the market is the implementation of developing microfluidics technology in current applications. To overcome this challenge, corporations are investing in research and development.
In June 2020, Illumina announced its latest cohort of startup entities expected to commence operations in collaboration with the company's teams across San Francisco and London. This cohort includes a high-throughput microfluidics startup entity-WellSIM Biomedical Technologies, Inc. The company manufactures high-throughput automated processors based on microfluidics, designed for isolation and analysis of exosomes.
In November 2020, Dolomite Microfluidics and MilliporeSigma collaborated to release off-the-shelf NanoFabTx microfluidic device kits for the production of PLGA nano- and microparticles for drug development and controlled drug release applications.
The major players in the market are Thermo Fisher Scientific Inc., Becton, Dickinson and Company, Bio-Rad Laboratories, Inc., Micronit Microtechnologies, Cellix, Microfluidic Chipshop, Biomérieux, Fluidigm Corporation, Danaher Corporation, Perkinelmer, and Agilent Technologies, Inc.
Verified Market Research has segmented the Global Microfluidics Market On the basis of Type, Material, Application, and Geography.
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