Microfluidics Market (Global and Regional) shows Unbelievable Growth | Danaher, Thermo Fisher Scientific, PerkinElmer, Agilent Technologies, Abbott, QIAGEN

Microfluidics Market Trends in North America and Globally

The microfluidics market in North America is projected to grow at a healthy rate over the coming years. Currently, only a handful of major companies dominate the North American microfluidics market, but mid-size and smaller companies are rapidly increasing their market presence through the introduction of innovative technologies at affordable prices. Major players in the microfluidics market include PerkinElmer Inc. and uFluidix, which both hold substantial market share. These players are engaging in several mergers and acquisitions and launching advanced products to consolidate their positions in the global market.

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The Key players operating in the Microfluidics Market market are:
Danaher Corporation, Thermo Fisher Scientific, PerkinElmer Inc., Agilent Technologies, Bio-Rad Laboratories, Inc., F. Hoffmann-La Roche, Illumina, Inc., Fluidigm Microfluidics, Abbott Laboratories, QIAGEN, and Parker-Hannifin Corporation among others.

Increasing demand for point-of-care diagnostics

Rapid diagnostic tests are increasing in the medical industry as more people are getting sick from various diseases. The rising incidence of diabetes and blood cancer will spur the demand for glucose monitoring products. In addition, the recent outbreak of COVID-19 will also drive the demand for rapid diagnostic tests.

Point-of-care diagnostics are used in clinical settings for various purposes, from blood glucose monitoring to infection detection. The technology can provide lab-accurate results within minutes. This technology is available in many medical devices, which are used in professional clinics, hospitals, and homes.

The microfluidics-based point-of-care diagnostics (POCT) market has been fueled by the increasing demand for rapid diagnostic tests. The microfluidic technology-based POCT systems are designed to provide quick results and improve disease detection and diagnosis. Although POCT has lower accuracy than conventional laboratory-based tests, it has the potential to bridge the accuracy gap.

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Cost-effective manufacturing process

Microfluidic prototyping involves two steps: the creation of a master mold and replication of the mold into a polymeric microfluidic prototype. The former is a complex process, requiring photolithography, which requires high-power collimated UV light to be projected through a photomask and onto a photoresist. This process requires clean-room facilities and substantial capital costs.

Microfluidics are an emerging field with enormous potential. Researchers are developing microfluidic devices to test viruses and soil chemicals, and could potentially replace animal testing in some instances. Microfluidic devices can perform a variety of tasks on a single chip, including sample injection, mixing, sorting, counting, and reaction.

Microfluidic devices can be miniaturized to reduce reagent and material costs. PDMS, a biocompatible polymer, is also relatively inexpensive compared to other materials used in manufacturing microfluidic devices. Microfluidic devices can be fabricated in conventional methods, including lithography, casting PDMS/silicone, and wet or dry etching of glass. These methods, while effective, slow down the development of microfluidic products.

Increase in demand for COVID-19 test

Recent developments in the field of microfluidics have contributed to an increase in demand for COVID-19 test. For instance, scientists at the University of Illinois at Urbana-Champaign have developed a portable instrument that reads results on a smartphone. Researchers are hopeful that their innovations will be ready for commercialization in two to three years.

In addition, the demand for COVID-19 tests has grown because of the rapid rise in the number of people infected with the disease. As of 2017, the world reported a significant spike in the number of cases of the virus, but this figure is expected to drop gradually in 2021. Moreover, with the lack of vaccines and therapeutics, the need for timely diagnostics has increased. Consequently, several key industry players have shifted their focus to developing COVID-19 tests.

Despite the rising demand for COVID-19 tests, there are still a limited supply of these tests in the market. However, a few government laboratories have started providing free COVID-19 tests to patients, which has helped the market grow.

Impact of technological advancements on market growth

Growing demand for diagnostic devices and advancing technologies in microfluidics are driving the global microfluidics market. These technologies enable accurate, rapid, and inexpensive results. As a result, the market for microfluidic diagnostic devices is expected to grow significantly over the next several years. The latest developments in microfluidics have increased the demand for diagnostic devices for chronic diseases, including cancer. According to the Global Cancer Observatory, there will be more than 8.1 million new cancer cases worldwide in 2020, including Europe, Asia, North America, and Latin America and the Caribbean. In Africa, the prevalence of cancer is estimated to be 6.5%, or 615,018 cases.

The report includes a market overview, geographical breadth, and segmentation, as well as analysis of current and past market conditions. The study also identifies emerging trends and evaluates opportunities for growth. The report also provides a forecast of microfluidics market size and growth.

Competitive landscape

Microfluidics is a technology that allows scientists to measure small amounts of liquids or gases in a sample. The technology is often used for diagnostics and is being pushed forward to address a variety of medical needs. As more people are becoming aware of the technology, more manufacturers are seeking to produce these microfluidic devices.

The microfluidics market is segmented geographically, with major regions such as North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa. The Asia-Pacific region is expected to grow at the fastest rate during the forecast period. This is largely due to growing demand from the pharmaceutical and biomedical industries in the region and the increasing investment in R&D activities. Additionally, several companies in the region are developing different methods of 3D printing microfluidic systems. For instance, researchers at the University of Technology and Design in Singapore are developing microfluidics for LOC applications.

The report also imparts figures appertaining to CAGRs from a historical and forecast point of view. The report offers an executive summary of the market and issues a clear picture of the scope of the market to the report readers analyzes the global and key region's market potential and advantage, opportunity, and challenge, restraints, and risks. It strategically analyzes each submarket with respect to individual growth trend and their contribution to the global Microfluidics market.

Key Questions Answered In Market Research Report:
1. Which grooming regions will continue to remain the most profitable regional markets for market players?
2. Which circumstance will lead to a change in the demand for Microfluidics during the assessment period?
3. How can market players capture the low-hanging opportunities in the market in developed regions?
4. What are the projections anticipated for the market in terms of capacity, production, and production value?
5. What is market chain analysis by upstream raw materials and downstream industry?

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This release was published on openPR.