The global microfluidics market is estimated to be valued at USD 20.7 billion in 2021 and is expected to exhibit a CAGR of 23.2% over the forecast period of 2021-2026, as highlighted in a new report published by Coherent Market Insights.
A) Market Overview:
The microfluidics market encompasses the design, fabrication, and manipulation of fluids through microchannels, where the dimensions range from micrometers to millimeters. This technology has gained significant attention due to its various applications in healthcare, pharmaceuticals, biotechnology, and other industries. Microfluidic devices offer advantages such as precise control over fluid flow, low sample volumes, high throughput screening, and integration of multiple functions into a single device.
B) Market Dynamics:
The driving factors for the growth of the Microfluidics Market include increasing adoption of microfluidic technology in the healthcare and pharmaceutical industries. Microfluidic devices are extensively used in applications such as point-of-care diagnostics, drug discovery, genomics, proteomics, and cell-based assays. These devices enable rapid and accurate analysis of biological samples, leading to better disease diagnosis, personalized medicine, and drug development. Additionally, the miniaturization of laboratory processes saves time, reduces costs, and requires lesser reagents.
Another driver for market growth is the demand for microfluidics in research and development activities. The increasing need for high-throughput screening and miniaturization of experiments has led to the adoption of microfluidic devices in academic and industrial research institutions. These devices enable automation and integration of multiple processes, thereby enhancing productivity and efficiency.
C) Market Key Trends:
A key trend in the microfluidics market is the integration of microfluidic technology with other emerging technologies such as nanotechnology, 3D printing, and artificial intelligence. This integration enables the development of advanced microfluidic systems with improved functionalities and capabilities. For example, the combination of microfluidics with nanotechnology allows the fabrication of nanostructured surfaces for enhanced fluid manipulation and sensing.
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Advancements in the field of medical tools, medical technology along with the integration of data analytics, and 3D printing in this industry are enhancing the role in sustaining quality facilities at hospitals, clinics, and homes.
It is considered to be crucial for the services offered for the prevention, diagnosis, and treatment of diseases and illnesses.
This industry comprises of an enormous number of products ranging from surgical gloves to artificial joints to imaging equipment which plays a crucial role in the development of medical technologies.Advancements in technology and its adoption are improving the complexity and accuracy of disease screening with the approval of smart devices applicable for remote monitoring of patients.
Expert consultation with medical device manufacturers reveals that they are hesitant due to the perceived barriers to obtain ethical approval.
This industry is undergoing significant advances in terms of minimally invasive surgery, orthopaedic surgeries, cardiology, neurology, oncology, and medical imaging.This market is moderately fragmented and is in the growth phase is trying to gain a higher market share.
Hospitality and surgical centres are foreseen to dominate this market with the highest demand for this segment in 2018.
