The Microfluidics Market is valued at 8.28 billion in 2017 and is expected to grow at a CAGR of 22.6% during the forecast period, to reach to USD 27.91 billion by 2023 as per a report by MarketsandMarkets.
Why expanding applications of drug delivery technologies presents an opportunity?
Technologically advanced systems such as implantable drug delivery systems can provide significant growth opportunities for market players, as the microfluidics technology allows the fabrication of portable and wearable products that could ensure accurate and regular drug delivery. The most widely used microfluidics-based drug delivery devices are insulin pumps, and currently, several related approaches for micropumps are under development. These devices are expected to be available on a larger scale within the next two to three years.
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The major benefits of microfluidics technology, such as the controlled release of drugs and biocompatibility, are expected to provide significant opportunities for technology adoption. Apart from portable, wearable, and implantable devices, researchers are also focusing on developing intelligent pills and subcutaneous patches for controlled release. By using microtechnologies for making the diffusion barrier, the release can be controlled in a better way. To capture the high growth in this market, pharmaceutical and medical device companies are investing heavily in developing new drug delivery devices using microfluidics technologies.
How standardization/commercialization of microfluidic devices is a key challenge?
Customer acceptance and market adoption are the two major factors that affect the commercialization of any product or technology in the market. There are many academic publications of proof-of-concept for microfluidic technology-embedded medical devices and equipment, but the incorporation of this technology in end-use products has been limited over the last decade owing to the lack of standardized microfluidic devices that can be used by multiple end users.
Despite the fact that microfluidics is a promising laboratory tool and is used in some applications, the technology is still not widely adopted in major applications in the life sciences and medical device industries. In addition, investors and venture capitalists are more interested in investing their funds in projects or products that give them faster returns on investment. As a result, researchers are forced to redirect their focus from innovative technologies such as microfluidics to other marketable products.
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