A microfluidic chip is a network of microchannels that are molded or etched into a material which can be made of glass, silicon, or polymer. The microchannels incorporated into a microfluidic chip are connected and linked to the macro-environment by several holes through which fluids are injected into and evacuated from the chip.
Microfluidic Chips have found important applications in the healthcare industry. The global Microfluidic Chips market is projected to reach USD 6,940 million by 2025, growing at a CAGR of 12.5% during 2019 to 2025. The growing trend of point-of-care and precision medicine is going to drive the growth of the global market.
The demand for point-of-care testing has been growing rapidly across the globe. Microfluidic devices need only a fraction of a sample to interpret the data, which enables the shifting of laboratory procedures to lab-on-chip to provide quicker diagnosis. In the near future, the demand for faster diagnosis and treatment is expected to increase manifolds, which will promote the growth of the microfluidics market.
Further, increasing use of polymers is expected to reduce the price of microfluidic products and thus, propel the growth of the market. The rising demand for precision medicine and integration of microfluidics with precision medicine will also boost the growth of the global microfluidic market.
Integration of microfluidics with precision medicine can result in the development of new therapies and treatment plans, which in turn, will raise the demand for Microfluidic Chips . The rising application of paper microfluidic analytics is another key trend that will propel the growth of the global market.
The growing application of microfluidic technology in personalized medicine and increasing demand for self-administration and home healthcare devices will also increase the demand for Microfluidic Chips in the coming days.
Other factors that will give a boost to the Microfluidic Chips market are growing investments, favourable regulatory policies, growing application of microfluidics in drug delivery systems, growth in biotechnology industries, and technological advancements.
North America is presently holding the largest share in the global Microfluidic Chips market, followed by Europe and Asia Pacific. The dominance of the North American region can be explained by factors like higher incidence of chronic diseases in the region, favourable reimbursement policies, availability of insurance coverage for laboratory testing procedures, etc.
The Asia-Pacific region, on the other hand, is the fastest growing market due to factors like rising investment in healthcare, increasing geriatric population, and increasing per capita income. The key players operating in the global Microfluidic Chips market include Danaher (US), PerkinElmer, Agilent Technologies, Fluidigm Microfluidics, Thermo Fisher, Fluigent, Roche, Bio-Rad, and BioMérieux, among others.
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