The speedy technological innovations in the field of microfluidics likewise Point-of-Care Testing (PoCT), progressive investments in research & development activities, In Vitro Diagnostics (IVD), speedy demand for microfluidic platforms for early disease detection and pathogen recognition as well as growing applications of microfluidic platforms in healthcare segment are foremost aspects propelling market revenue growth.
The growing aim for automation and higher functionality through the integration of complex electrical control, in-situ sensing, mechanical characteristics, and flow control are propelling revenue growth of the microfluidics market. The growing penetration of microfluidics devices in different fields of research and diagnosis is projected to propel the market. According to SPER market research, ‘Microfluidics Market – Analysis of Market Size, Share & Trends for 2019 – 2020 and Forecast to 2027’ state that the Microfluidics Market is anticipated to rise at a CAGR of 19.6% from 2020 to reach USD 46.90 billion by 2027.
The growing requirement for the integration of microfluidics with point-of-care diagnostics devices and technological innovations in microfluidics are aspects propelling the growth of this market. In addition, the growing requirement for speedy testing and advanced portability through microfluidic chip miniaturization as well as the cost efficiency of microfluidics is also predicted to propel the growth of the market during the coming future.
Other foremost aspects influencing the market growth for microfluidics involve the growth of microfluidics technology & devices in point-of-care diagnostics, the increasing incidence of chronic diseases, and the increasing technological development in diagnostic devices around the globe. Therefore, the above-cited aspects increase the requirement for molecular diagnosis and subsequently impact positively the market growth of microfluidics.
The advancements in microfluidics are also leading to the development of a cost-effective mass-production procedure of diagnostic devices and smartphones being coupled with microfluidics, thus allowing the deployment of point-of-care testing. This has broadened the application of microfluidic devices and is predicted to expand.
The growing company’s aim of developing microfluidics technologies and devices and increasing adoption of different strategic initiatives are predicted to propel the market’s growth over the review period. Growing medical tourism, rising attention to data quality and accuracy, augmenting spending on the development of healthcare infrastructure, particularly in emerging nations, and an ever-rising geriatric population base will all lead to more striking growth prospects for the industry.
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Chronic disease prevalence is augmenting, which is propelling up demand for skin grafting procedures. Another reason propelling the market growth rate is the augmented demand for point-of-care testing equipment along with the rising number of technological innovations in POC devices.
North America registered the microfluidics market and is predicted to exhibit a great CAGR throughout the review duration. An augment in research funding from government organizations and industries is the foremost aspect propelling the market growth. The requirement for microfluidics devices in the research and diagnostics field has fostered the industry-academia collaboration to increase the commercialization of lab-built devices.
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