The microfluidic devices market size is expected to advance at a CAGR of 17.3% during 2021–2030, to reach $59,785.3 million by 2030.
This is ascribed to the rising pace of technological advancements and expansion of genomic and proteomic research. Many scientific activities and commercial applications might benefit from techniques that enable quick and cheap experiments with a high level of sensitivity.
The microfluidic and microarray technologies are useful for analyzing biological systems and finding novel medications. Microfluidics is a field of science with an enormous potential that enables high-throughput testing and screening via a number of approaches. Utilizing channels of micrometer dimensions, the technique is used to process and manipulate tiny volumes of liquids.
Microfluidic was first used as a technique for microanalysis in the field of microbiology. Additionally, the popularity of microfluidic devices skyrocketed as the technology was incorporated into a compact and affordable device.
The microfluidics technology has become more widely used in life science applications over time. This inspired the manufacturers and vendors of sophisticated microfluidic devices in the pharmaceutical and biotechnology industries to focus on producing and marketing high-tech products.
The goal of technological developments in microfluidic components is to simplify and improve the operating procedures in the healthcare sector. For more than 20 years, integrated microfluidic components have been used in research labs. The development of soft lithography and the large scale of microfluidics integration have considerably enhanced their use in life sciences and medical research during the past 10 years.
Researchers have been able to expand the complexity and sophistication of experiments that may be carried out on a microfluidic chip because of these technological improvements, which have also boosted fast prototyping efforts. Microfluidic components are swiftly emerging as a crucial technology in an expanding number of applications, including medicines, biosensing, bioactuation, and chemical synthesis.
Due to the increasing research efforts in the field of microfluidics, the rising usage of chips and sensors for carrying out immunoassays, cell analysis, microarray studies and high-throughput screening; and the growing demand for the early and rapid diagnosis of diseases, the pharmaceuticals and biotechnology research category is expected to expand at a CAGR of around 20% throughout the forecast period.
Moreover, due to the burgeoning use of micro-sized devices for the detection of infectious diseases and in drug delivery applications, the point-of-care Diagnostics category will significantly contribute to the growing demand for microfluidic devices. Already, labs-on-a-chip have proven to be quite effective in detecting molecular disorders.
The key advantages of microfluidics, including the regulated release of medications and biocompatibility, are projected to open up a lot of doors for technology adoption. In addition to developing portable, wearable, and implantable gadgets, scientists are concentrating on creating smart medicines and subcutaneous patches for controlled release.
The most-significant microfluidic device market players are Illumina Inc., PerkinElmer Inc., Agilent Technologies Inc., Bio-Rad Laboratories Inc., Thermo Fisher Scientific, QIAGEN, and Fluidigm Corporation.