According to FutureWise analysis the market for North America Microfluidics Device is expected to reach US$ 35.99 billion by 2031 at a CAGR of 18.40%.
The microfluidic device is an advanced technology that enables the integration of multiple medical tests on a single chip. Technology with this ability can be applied to miniaturizing, integrating, industrializing, and parallelizing tests across a wide variety of biological research fields, as well as in drug development. Increasing demand for microfluidic technologies for miniaturizing chips and testing products is a major driving force behind the growth of the Microfluidic Devices market. Another major factor is the increasing demand for genomics and proteomics. Furthermore, the rigid policies of the government may inhibit the growth of the Microfluidic Devices market. In response to the outbreak of the global pandemic COVID 19, Microfluidic Devices have faced a burden on the laboratories due to the large number of cases that needed to be tested. Therefore, there is also a positive impact; microfluidics basically handle a few fields using chambers and microchannels. By using advanced microfluidic technology, researchers can handle fewer samples and get faster results compared to traditional methods. The technology is considered a promising one in the current global pandemic situation of Covid 19. The mass transport in microfluidics is governed by capillary penetration, which is geometrically limited to a small scale, typically sub-millimeter. This multidisciplinary field is at the intersection of engineering, physics, chemistry, biochemistry, nanotechnology, and biotechnology, with applications in the design of systems that efficiently process low volumes of fluids to achieve multiplexing, automation, and high-throughput screening.
Microfluidic biochips are designed to integrate assay operations, such as detection, sample pre-treatment, and sample preparation, into one device. The current market environment is witnessing significant technological advancement as the development of microfluidics is resulting in a cost-effective mass production process for diagnostic devices. Also, the increase in chronic diseases and the corresponding increase in demand for Microfluidic Devices has further bolstered the market for Microfluidic Devices.
FutureWise Market Research has instantiated a report that provides an intricate analysis of North America Microfluidics Device Market trends that shall affect the overall market growth. Furthermore, it includes detailed information on the graph of profitability, SWOT analysis, market share and regional proliferation of this business. Moreover, the report offers insights on the current stature of prominent market players in the competitive landscape analysis of this market.
According to the research study conducted by FutureWise research analysts, the North America Microfluidics Device Market is anticipated to attain substantial growth by the end of the forecast period. The report explains that this business is predicted to register a noteworthy growth rate over the forecast period. This report provides crucial information pertaining to the total valuation that is presently held by this industry and it also lists the segmentation of the market along with the growth opportunities present across this business vertical.