Microfluidics Prototype Market Worth .8 Billion in 2025 | CAGR: 20.5%
Posted by Nicky Arora on April 15th, 2021
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.
Request a free sample copy @ https://www.grandviewresearch.com/industry-analysis/microfluidics-prototype-market/request/rs1
Microfluidics Prototype Market Report Highlights
Key contributors in microfluidics prototype market are microLIQUID; thinXXS Microtechnology; Potomac; uFluidix; Alvéole; Micronics, Inc.; ALine, Inc.; and research groups from various universities.
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About the AuthorNicky Arora
Joined: October 15th, 2019
Articles Posted: 389
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