Microfluidics Market - Global Industry Analysis, Growth, Key Trends, Regional Assessment, and Forecast 2020 - 2030
Microfluidics Market: Overview
The demand for point-of-care testing has increased significantly over the years. The growing demand for point-of-care testing and the escalating focus on accuracy, rapid testing measures, and data precision will serve as vital growth contributors for the microfluidics market through the forecast period of 2020-2030.
Microfluidics is a technology used for dealing with the flow of liquids via microscopic channels such as pumps, chips, and nozzles. The products based on microfluidics manage and control the fluids at lowest dimensions. The rising popularity of automation and integration of physical, biological, and chemical assays will bode well for the growth of the microfluidics market
Furthermore, the growing trend of next generation sequencing point-of-care devices will also prove to be a prominent growth multiplying factor for the microfluidics market. The development of cost-effective testing devices based on microfluidics technology will help in increasing the growth rate.
Devices based on microfluidics technology are made from a variety of materials such as glass, polymer, silicone, and others. On the basis of component, the microfluidics market can be classified into micro pumps, micorfluidic chips, micro needles, and others. The heightening use of microfluidics in applications such as point-of-care diagnostics, drug delivery, biotechnology research, pharmaceutical research, clinical diagnostics, and others will bring tremendous growth opportunities for the microfluidics market.
TMR research has extensive expertise in creating reports for numerous markets and sectors. The TMR research members have made use of their profound experience in researching the latest developments in the microfluidics market. The team has researched every aspect deeply associated with the microfluidics market.
Microfluidics Market: Competitive Prospects
The players in the microfluidics market are focusing on developing cost-effective and efficient devices that enable faster tests and accurate results. This aspect will help in increasing the revenues of the players in the microfluidics market.
Some key players in the microfluidics market are;
COVID-19 Testing Measures to Boost the Growth Opportunities across the Microfluidics Market
The COVID-19 pandemic is one of the worst outbreaks the world has ever faced. The evolution of the virus has led to rapid doubling of the cases across the globe. Testing and tracing the infected people is one of the vital measures for controlling the pandemic. Hence, the government bodies of many countries are focusing on testing maximum number of people for COVID-19. This aspect has increased the demand for point-of-care diagnostics to a considerable extent. The high adoption of microfluidics technology-based point-of-care devices will prove to be a growth generator for the microfluidics market.
Rapid detection has become crucial in the war against COVID-19. Conducting large number of tests puts burden on the laboratories and is also time-consuming. To accelerate the speed of detecting COVID-19, microfluidics-based point-of-care devices prove to be a boon. These aspects will help in observing maximum growth for the microfluidics market.
High Costs Involved in Research of Microfluidics-Based Products to Restrain Growth
The costs involved in researching the efficacy of products based on microfluidics technology are extremely high. In addition, the meager financial support also dents the growth prospects. However, due to COVID-19, government and non-government institutions have increased their funding for research activities, which will turn the tables of growth across the microfluidics market.
Microfluidics Market: Regional Dimensions
North America is estimated to contribute largely to the growth of the microfluidics market between 2020 and 2030 on the back of the factors such as large-scale adoption of new therapeutics and a good healthcare infrastructure. The microfluidics market in Asia Pacific and Europe will also observe considerable growth during the assessment period.
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5-Point Growth Formula
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The 5-point growth formula includes the following points:
Current and Future Threats
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Accurate Trend Analysis
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