In its outlook titled “Global Market Study on Microfluidic Devices: Asia to Witness Highest Growth by 2019” Persistence Market Research (PMR) delivers key insights on the global market for microfluidic devices. As per PMR, the market is set to witness a robust CAGR of over 22% between 2013 and 2019 to reach USD 5,246.4 million by the end of the forecast period. In 2013, the market was valued at USD 1,531.2 million in 2013.
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- The global market for microfluidic devices is expected to grow owing to higher investments in R&D projects in fields of life science and pharmaceuticals, moreover, surging demand for point of care testing is influencing the overall development of the market.
- Latest trends in healthcare such as supports point of care testing (POCT) and healthcare at home that are turning out to be more effective and efficient mode of delivering healthcare will also play a major role in shaping the market in the near future.
- The introduction of low-cost screening compounds to diagnose cell biology problems by pharmaceutical companies owing to miniaturization is also expected to benefit the market.
- Increase demand for microfluidic proteomic devices for identifying and quantifying proteins in order to examine the reaction of reagents with different proteins in arrays is expected to translate into higher demand for microfluidic devices.
- Manufacturers are focusing on using quality raw materials such as silicon, glass, ceramics and polymer metal to manufacture microfluidic devices.
By material, the global market for microfluidic device is segmented into
Based on application, the market is segmented into
- Clinical and veterinary diagnostics
- Environment and industrial
- Pharmaceutical and life science research
- Point of care testing
- Analytical devices
- Drug delivery
On the basis of industry, the market is segmented into
- In-vitro diagnostics
- Medical devices
Market Analysis: Key Region
The growth of microfluidic devices market in North America is projected to be sustained by rising healthcare awareness, an expanding pool of geriatric population, increasing lifestyle and chronic diseases, advancement in technology of several home use applications and favorable reimbursement policies. Application base of microfluidic technology is relatively high in the region owing multi usage across various industrial domains and early adoption.
In Europe, demand for microfluidic technology is supported by increasing requirement of diagnostics, which is a result of a higher prevalence of lifestyle associated ailments, establishment of an advanced healthcare infrastructure and growing elderly population. The high cost of healthcare are fueling the demand for homecare rather in-house hospital care is further influencing the usage of microfluidic devices in Europe. Meanwhile, the market Asia is expected to witness the fastest growth and present lucrative market opportunities for leading players. The growth id primarily attributed to improving reimbursement policies and advancement of the overall healthcare infrastructure in the region. Moreover, Asia is one of the key manufacturing hubs of generic drugs that entail microfluidic devices for drug toxicity screening.
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Some major stakeholder in the global market for microfluidic devices includes Johnson & Johnson, Abbott Laboratories, Agilent Technologies, Fluidigm Corporation, Roche Diagnostics, Siemens Healthcare, and Bio-Rad Laboratories, Inc.
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