Microfluidics involves various systems that can process small quantities of fluids by using tiny channels having dimensions in micrometers. It is an emerging technology having a wide range of applications in biology, chemistry, optics, and information technology. This technology is widely used in techniques such as capillary electrophoresis, sample injection in mass spectrometry, immunoassays, flow cytometry, DNA analysis, separation and manipulation of cells, and PCR amplification. Additionally, microfluidics is also used in disease research and diagnosis. The rising demand for microfluidics technologies in point-of-care testing and innovation in microfluidics products are the major factors contributing to the growth of the global microfluidics market. However, the market growth is restrained by the lower adoption of these products in emerging economies.
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In 2019, the devices segment held the largest share of the market based on product; the segment is expected to register a significant CAGR during the forecast period. The market for this segment is likely to witness lucrative growth owing the ability of devices to synthesize nanoparticles and nanocomposites, due to the efficient heat and mass transfers and spatial limitations in microfluidic devices, convenient parameter adjustments, and in situ process monitoring in microreactors. Moreover, the microfluidic devices are used in the single-cell trapping, automated micro-robotic injection, and drug discovery and analysis, among other applications. Thus, the above-mentioned factors is likely to anticipate in the growth of devices in the market.
The increasing technological advancements in diagnostic devices and the rising incidence of chronic diseases are encouraging the adoption of microfluidics in disease diagnosis. The market is witnessing the launch of numerous technologically advanced products, such as 3D lab-on-a-chip devices. These advancements are leading to the evolution of a cost-effective mass-production process of diagnostic devices in a wide range of diagnostic applications. Also, key market players have been introducing new products to strengthen their market position.
A few major product launches are mentioned below:
The global microfluidics market, based on material, is segmented into PDMS, polymers, glass, silicon, and others. The PDMS segment held the largest share of the market in 2019, and it is further anticipated to register a significant CAGR during 2020–2027.
The global microfluidics market, based on application is segmented into in-vitro diagnostics, pharmaceutical and life science research, drug discovery, and other applications. In 2019, the In-vitro diagnostics segment accounted for the largest share of the market, and it is further expected register the highest CAGR from 2020 to 2027.
Product launches and approvals are the commonly adopted strategies by companies to expand their global footprints and product portfolios, which help them meet the growing consumer demand. The microfluidics market players adopted these strategies to enlarge their respective customer bases; this also permits them maintain their brand name globally.
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