Microfluidic devices market is gaining significant importance due to growing R&D investment in life sciences, pharmaceuticals, and increasing point of care testing demand. The global market for microfluidic devices is expected to grow at a CAGR of 23.0% during the period 2015 to 2020 to reach $6,471 million by 2020. The factors driving the growth of microfluidic devices market are increase in demand for point of care testing products, rise in the commercial and analytical applications of these devices, and use of microfluidic products for miniaturization of chip.
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Continuous innovations in microfluidic devices have led to transformation of drug discovery and development, gene expression analysis and genotyping in the pharmaceutical and biopharmaceutical industry. Microfluidic device companies are entering in collaborations and partnerships to build innovative approaches, offering advanced tools for diagnostics and research. But regulatory issues act as hindrance in the development of microfluidic devices market. Apart from regulatory challenges, the market also confronts issues from surface chemistry and geometrical problem during manufacturing process.
On the basis of application, point of care testing (POCT) is by far the fastest growing application area of microfluidic devices. The growth of application of microfluidic devices in POCT is expected to witness a CAGR of 28.2% during the period 2015 to 2020, to reach $1.8 billion in 2020. An increase in point of care testing, as an effective method for delivery of treatment, has also led to increase in demand for the microfluidic devices in the global market. Diagnostic companies are getting access to microfluidic based technologies through acquisitions, as it reduces the technology development risk and increases the reactivity.
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The major companies operating in the microfluidic devices market include Abbott Laboratories, Agilent Technologies, Becton, Dickinson and Company, Bio-Rad Laboratories, Inc. Cepheid, Dolomite Centre, F. Hoffmann-La Roche, Fluidigm Corporation, Johnson & Johnson, Micronit Microfluidics, RainDance Technologies, Inc., and Siemens Healthcare, Inc.
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