12-July-2019: The global microfluidics
prototype market size is expected to reach USD 1.8
billion by 2025, according to a new report by Grand View Research, Inc. It is
projected to register a CAGR of 20.54% over the forecast period.Introduction of
advanced technologies, increasing demand for low volume sample analysis, and
emergence of 3D printing technology are among the key factors likely to drive
the market during the forecast period.
The microfluidics
prototype market is anticipated to witness high growth in the forthcoming years
due to increasing investment by key market players to expedite technological
innovations in the developing industry. In July 2018, TechX Pioneer Program of
the Oil and Gas Technology Center, awarded RAB Microfluidics with a 12-month
fellowship platform including business development training, mentorship from
business consultants, and funding aid. The grant was made for the development
of a miniature lab-on-chip technology for rotating equipment offering
predictive failure analysis and real-time condition monitoring.
The development of
microfluidics devices involves a high operational cost due to functions, such
as microfabrication. Moreover, most of the prototyping methods for
microfluidics devices are not compatible with batch process. The scale-up of
this method is a costly and complicated affair. This has led to an emphasis on
the development of cheaper systems. For instance, in March 2018, researchers
from the National University of Singapore (NUS) developed a microfluidic chip
that can detect nano-bioparticles without the use of fluorescent labels
providing disease diagnosis at a low cost.
Rising research and
development activities are anticipated to bode well for market growth in Asia
Pacific. For instance, in India, the Microfluidics and Biological Physics Group
of Indian Institute of Technology Bombay uses microfluidics technology to build
point-of-care diagnostic platforms. The team uses conventional microfluidic
devices and different alternate substrates to design and develop affordable
lab-on-chip platforms.
The global market
for microfluidics prototype is startup-driven and is highly supported by
government and private institutions. For instance, in October 2017, the
National Institute of Health, USA, awarded Neofluidics with a Phase 1 Small
Business Innovation Research (SBIR) grant of USD 175,000. The grant was
allotted to develop a microfluidic device for drug screening and disease
modeling studies using zebrafish embryos.
In depth research report on Microfluidics
Prototype Market
Further key findings from the report suggest:
·
Introduction of advanced technologies, increasing demand for
low volume sample analysis, and emergence of 3D printing technologyare expected
to propel the market at a CAGR of 20.54% from 2018 to 2025
·
North America held the largest market share in 2017 and is
expected to maintain its dominance during the forecast period due to the
presence of more than 170 service providers, abundant funding opportunities,
and R&D investments
·
Asia Pacific region is anticipated to spearhead the market in
terms of growth rate over the forecast period. Presence of university research
groups and spinoffs contribute significantly to the growth.
·
Key contributors in microfluidics prototype market are
microLIQUID; thinXXS Microtechnology; Potomac; uFluidix; Alvéole; Micronics,
Inc.; ALine, Inc.; and research groups from various universities.
Grand View Research
has segmented the global microfluidics prototype market based on region:
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About
Grand View Research
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, the company offers market
intelligence studies ensuring relevant and fact-based research across a range
of industries including technology, chemicals, materials, healthcare and
energy.
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