Market Research Future published a Cooked research report on “Global Microfluidic Devices Market Research Report – Forecast to 2024”– Market Analysis, Scope, Trends and Forecast to 2024
Global Microfluidic Devices Market – Overview
Microfluidic devices exploit the physical and chemical properties of liquids and gases at the micro scale. It offer lots of benefits over conventionally sized systems. These devices has gained a huge attention during last few years and it offers many benefits over other devices. Market Research Future, a firm which specializes in market reports related to the healthcare sector among others, recently forecasted in its report on global microfluidic devices market research report- forecast to 2023 that The Microfluidic devices market will demonstrate a steady CAGR of 22.60% while achieving million dollar growth readily in the forecast period.
Globally, the microfluidic devices are gaining noteworthy importance owing to increasing investments in research & development and increasing point-of-care testing demand. An increase in point-of-care testing, as an effective method for delivery of treatment, has also led to increase in the demand for microfluidic devices in the global market. Microfluidic devices exploit the physical and chemical properties of liquids and gases at the micro scale. It offer various benefits over conventionally sized systems such as less volume of samples, chemicals, and reagents reducing the fees of applications. It helps to executed many operations at the same time due to their compact size and shortening the time of experiment. The microsystems execute functions which extend from detecting toxins to analyzing DNA sequences. The major driving factors for the market are increasing research activities, increasing prevalence of chronic disease and increasing government support. However, high cost of the devices may slow the growth of the market.
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The microfluidic market is driven by changing trends. Recently, there has been an increase in the demand for these devices in proteomics and genomics. The overall market has also experienced development due to recent product innovations and various industry partnerships and collaborations. The use of microfluidic devices has gained importance in the biology and medical fields due to its potential to reduce sample and reagent volumes. These devices can also carry out reaction and detection at lower cost and with better efficiency. Additionally, 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. Companies manufacturing these devices are developing innovative products as a response to the rising industry demand for advanced diagnostic products.
Owing to the presence of the huge player in the market, some players are involve in the launching of the new products. Whereas, some major player are focusing on the acquisition and collaboration for the development of the market. F. Hoffmann-La Roche AG, and Bio-Rad Laboratories, Inc. are of the leading market players.
The key players profiled in microfluidic devices are Abbott (U.S.), Agilent technologies Inc (U.S.), Bio-Rad Laboratories, Inc. (U.S.), Cepheid (U.S.), Dolomite Centre (U.K), F. Hoffmann-La Roche AG (Switzerland), Fluidigm Corporation (U.S.), Micronit microfluidics (U.S.), Raindance Technologies, Inc (U.S.), Siemens Healthcare GmbH (Germany), and others.
Latest Industry Updates
Being a competitive market, a number of different manufacturer are focusing on the product launch, and acquisition for the market development. Some of the latest development in the market are-
Feb 2015: F. Hoffmann-La Roche, a Switzerland based pharmaceuticals and diagnostics company providing diagnostic and therapeutic products and services. The company announced the acquisition of Signature Diagnostics AG, and this acquisition will increase the oncology and genomic revenue of the company.
Feb 2015: Bio-Rad Laboratories, Inc., a global provider of life science research and clinical diagnostic products, received premarket application approval from the U.S. Food and Drug Administration for Bio-Rad’s Geeniu HIV 1/2 Supplemental Assay (test).
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Regionally, the global microfluidic devices market is segmented into: Americas, Europe, Asia Pacific, and the Middle East & Africa. Americas accounts for the major share of the market owing to the presence of leading companies and well developed technology. Availability of the funds and strong government support have driven the Europe microfluidic devices market to second position. Asia-Pacific is fastest growing market region for this market due to presence of huge patient pool, and rapidly developing economies. Whereas, the Middle East and Africa accounts for the least and slowest growing market due to the limited technological development and poor economic conditions. The Middle East is the major contributor for the market in the Middle East and Africa due to the presence of well-developed economies and huge healthcare spending.
We are thankful for the support and assistance from Global Microfluidic Devices Market Research Report – Forecast to 2024 chain related technical experts and marketing experts during Research Team survey and interviews.
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