Microfluidics is basically concerned with the accurate control, manipulation, and behavior of fluids that are geometrically limited to a small scale, normally sub-millimeter. It is a multidisciplinary domain at the intersection of nanotechnology, physics, engineering, biochemistry, biotechnology, and chemistry, with realistic functions in the design of devices in which low fluid volumes are processed to attain automation, high-throughput screening, and multiplexing. Microfluidics is a developing technology with rising adoption in healthcare applications.
Many factors are positively influencing the growth of the Microfluidics market. The factors are government support & participation via corporate investment & funding and the rise in biotechnology & pharmaceutical research funding. The other major factors contributing to the growth of the market rising requirement for microfluidic chip miniaturization as it requires less time for testing and provides enhanced portability, growing prevalence of lifestyle diseases, rising cancer & stem cell research, and rising R&D spending and healthcare expenditure.
Further, owing to the growing geriatric population, the healthcare spending is skyrocketing and the stays in hospital are extending. This is has resulted in the elevated usage of point-of-care diagnostics for home care and pre-hospitals. Equipment such as blood pressure evaluating chips and blood sugar testing meter have decreased the visits to the hospitals and the overall healthcare spending.
Apart from the abovementioned factors, the rising requirement for low-volume sample analysis, implementation of improved methodologies, such as lab-on-chip, high-throughput screening technologies, and the requirement for in-vitro diagnostics are also contributing significantly to the growth of the microfluidics market. The microfluidics domain has magnetized academia and industry owing to its potential of introducing novel methodologies for sample identification and technologies that can cut down the mechanical errors.
On the other hand, the time-consuming and complex regulatory consent procedure, the huge price of microfluidic sensors & integrated instruments, the inadequacy of market visibility for microfluidics products, and a shortage of proper research & healthcare infrastructure are few factors that can restrain the growth of microfluidics market. The adoption of upcoming microfluidics technology in the accessible applications is another major obstacle for the market growth. However, companies are trying to overcome this hurdle by spending in research and development.