Pune, India -- (SBWIRE) -- 01/15/2020 -- The latest report on "Microfluidics Market (Material - Polymer-based, Glass Based, Silicon-based and Others; Product - Microfluidic Chips, Instruments, Cartridges & Reagents and Others; Application - Peripheral Vascular Diseases, Pharmaceutical & Biotech Research, In Vitro Diagnostics, Wound Care Management, Drug Delivery, and Others; End User - Hospital, Diagnostic Lab, Academic & Research Institutes, and Homecare Settings): Global Industry Analysis, Trends, Size, Share and Forecasts to 2024." The global microfluidics market is projected to grow at a CAGR of 10.3% over the forecast period of 2018-2024.

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Microfluidics deals with the behavior, specific control and operation of liquids that are geometrically forced to a small, typically sub-millimeter, the scale at which capillary saturation manages mass transport. In microfluidic systems, liquids are mixed, transported, separated or else treated. The numerous applications of such systems depend on passive fluid control using capillary forces. Active microfluidics refers to the complete manipulation of the working fluid by active components such as microvalves or micropumps. The supply fluids in a continuous manner are referred to as micropumps. The flow direction or the mode of movement of pumped liquids is determined by microvalves. Microfluidics devices require a portion of the sample to understand the data.

Advancement in Technology is Expected to Drive the Growth in Microfluidics Market

Advances in microfluidic manufacturing methods have enabled devices with a smaller footprint, at a reduced cost. For instance, in 2017, at Stanford University School of Medicine, scientists developed microfluidics, economical lab on chip device electronics, and inkjet technology. The system is divided into two parts which include a microfluidic chamber for cells, an electronic strip, and an inkjet printer. The system helps to count the cells, isolate the cells and also capturing single-cell form a mixture, such a device is used in diagnostics. Furthermore, the paper diagnostic tests are likely to get significant demand in the coming years.

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Use of Microfluidics for Molecular Diagnostics Methods is Likely to Fuel the Growth of the Market

The demand for point of care and in-vitro diagnostics is increased thus driving the growth of the microfluidics market. Moreover, advancement in technology and innovative product is likely to boost the demand for microfluidics in the coming years. In addition, the use of microfluidics for molecular diagnostics methods is likely to fuel the growth of the market. On the other hand, strict regulatory norms and time consumption for the approval process is likely to hamper the growth of the market. Furthermore, the development in the application of drug delivery technologies is likely to bring opportunities to the market.

Developed Healthcare Infrastructure in North America Dominates the Microfluidics Industry

Among the region, North America is expected to be the largest market for microfluidics. The advanced technology and well-developed healthcare sector are likely to drive the growth in this region. The Asia-Pacific is likely to bring more opportunities to this market due to the growing number of medical conditions among the geriatric population that goes through diagnosis and care. In addition, rising awareness among the population about new technologies and growing healthcare infrastructure is likely to drive the growth in the Asia-Pacific region in the coming years.

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Merger, Acquisition, and Collaboration are the Key Strategy of the Leading Player in Microfluidics Market

Merger, acquisition, and collaboration are the key strategy of the leading player to maintain their position in the world market. For instance, in 2018, Agilent Technologies Inc. has acquired privately-held Genohm to enhance its current software portfolio by adding LIMS and workflow management, however expanding ELN capability. Furthermore, Agilent Technologies Inc has signed an agreement to acquire the remaining shares of Lasergen, Inc to expand in the diagnostics space and build a complete routine clinical NGS workflow.

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=> Comprehensive analysis of global as well as regional markets of the microfluidics.

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