The microfluidics market is subject to witness a prominent growth in the near future thanks to factor such as extensive R&D and rise in point of care testing. So, basically, the branch of microfluidics is engineering or use of devices that enable fluid flow channels less than 1mm in one dimension. The devices are capable of reduce reagent consumption and allowing well controlled mixing and substance manipulation.
the market is driven by alarming rate of infectious diseases, rise in number of patients with chronic diseases along with blood gas electrolytes, coagulation tests and urine chemistry. Geriatric population is said to be the primary recipient of the microfluidics as the rate of chronic disease is found to be high. On the other hand constant R&D for drug developments and route of administration is witnessed as a contributing agent for market development.
The market growth is highly affected by political stability and regulatory policies for pricing in developed countries. The deciding factors for pricing also affect the availability of raw materials for drug preparation and transport costs to the market.
Application segment for microfluidics market include genomics, proteomics, lab tests, drug delivery and capillary electrophoresis. Lab tests, drug delivery constitute a large part of market share owing to frequent needs for geriatric population.
Component category for microfluidics market comprise needle, pump and chips. Material segment includes silicon, glass and polymer whereas microfluidic chips, microfluidic pumps, microfluidic sensors and microneedles. Glass and polymer and microfluidic sensors and microneedles have a great demand in the market in terms of functional storage and versatility.
North America holds a dominant position in the global microfluidics market due to innovations in the healthcare sector. The U.S. regions are anticipated to reveal a significant market growth in the forecast period due to adoption of highly innovative products and market establishments for medical devices.
Asia-Pacific market is projected to grow at a double-digit CAGR due to technological enhancements, improvement in point of care diagnostics and rise in therapeutics. Presence of treatment channels and active NGO’s working in disaster areas are contributing significantly as market variables.