The global microfluidic chips market was valued at US$ 3,018.8 Mn in 2018 and is expected to grow with a high CAGR during the forecast period. Microfluidic chips are witnessing rapid growth globally since its applications have become more relevant in life sciences. Moreover, various factors supporting the growth of microfluidic chips include its unique chemical property and physical features that arise in fluids at the micron size, which are allowing several advantages over conventional methods of application. Microfluidic chips are cost effective, easy to manufacture, and easy to use, this features further propels the market growth during the forecast period.
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With the adoption of new technology, researchers are looking for the best suitable biocompatible raw materials for fabrication of these chips. Materials such as Silicon, glass, and polymers (PDMS) (Polydimethylsiloxane) are widely used in chip manufacturing. The emergence of microfluidics has enabled point-of-care (POC) diagnosis. Paper-based microfluidic chips can be the most efficient and low-cost devices used for point-of-care diagnosis.
The increasing global patient pool in cancer, diabetes, & other immunodeficiency diseases and the availability & affordability of diagnostics tests will drive the microfluidic chip market. In global microfluidic chip market, government institutes and key market players are increasing their investments in R&D and new product development. Increasing technological advancements in fabrication and mass manufacturing of microfluidic chips will help to reduce the manufacturing cost of the chip. Companies are focusing on streamlining the manufacturing process and filing patents for inventions such as process patents, product patents, etc. However, with advancements in technology, there should be training and development provided to the new users. Many countries lack trained staff for the execution of these microfluidic chip processes. The lack of infrastructure to train new users may be the key restraints for the microfluidic industry.
The key players operating in global microfluidic chips market includes Fluidigm Corporation, Agilent Technologies, Inc., Becton, Dickinson and Company, Danaher Corporation, PerkinElmer. Corporation, Bio-Rad Laboratories, Dolomite Microfluidics, 908 Devices Inc., MICROLIQUID, Micralyne Inc., among others. The global microfluidic chip market is highly competitive in nature due to the presence of established players. The competition is getting intense due to increasing partnerships and collaborations undertaken to expand their business and consolidate their market position.
In recent years, there are a lot of start-up companies that have entered the microfluidic market. Big players can acquire or merge with them to produce synergies with respect to products and technologies and serve better and high-quality products to the end-users. There are a lot of microfluidic services companies looking for backward integrations and might go in for product innovations and component providing segment.