Microfluidic Devices are gaining fast traction due to its widespread utility in life sciences, pharmaceuticals, and increasing point of care testing demand. Its proliferation across verticals would help the microfluidic devices market gain considerable ground with an astounding 19.7% CAGR during the forecast period (2016-2024). Market Research Future (MRFR) in their report analyzes drivers such as an increase in point of care testing, treatment efficiency, growing commercial and analytical application and use of microfluidic products for miniaturization of the chip.
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These factors can bolster the microfluidic devices market during the forecast period. Its facilities such as easy integration of automation in the process ensure multi-step reactions that would require low skill level and deliver multifarious functionalities.
On the flip side, the imposition of regulations on the sector by governments can act as a market deterrent. This would elongate the process of new product launch which can affect the sector considerably. However, its far-reaching impact can persuade governments in taking exceptional measures which would steer away from the microfluidic devices market from any long-term adverse impact.
Global Microfluidic Devices Market – Insights
Various strategical implementations are helping global behemoths to stay afloat in the market. Both age-old tactics and innovative ideas are playing significantly and taking the market ahead. For instance, Bio-Rad Laboratories have recently acquired Raindance Technologies to boost their market presence. Idex Health & Science, on the other hand, has acquired German microfluidic devices manufacturer XXS.
Players who gained prominence in this market are Abbott, Agilent Technologies, Inc, Bio-Rad Laboratories, Inc., Cepheid, Dolomite Centre, F. Hoffmann-La Roche AG, Fluidigm Corporation, Micronit Microfluidics, Raindance Technologies, Inc, Siemens Healthcare GmbH and others.
Global Microfluidic Devices Market – Trend
Researchers from Northwestern University, Gatorade, the Seattle Mariners, the U.S. Air Force, and Shirley Ryan Ability Lab and others have joined hands in developing microfluidic sweat analytics that would deliver real-time results to help athletes keeping themselves updated regarding their fitness and other health-related issues.
CEA Tech’s Leti has emerged as a leader in the launch of an international microfluidics association that would help in determining the same level of maturity and industrialization as electronic devices. This would help in the commercialization of the technology.
Global Microfluidic Devices Market – Segmentation
The global microfluidic devices market can be segmented by industry, materials, and application.
Based on industry, the microfluidic devices market can be segmented into in-vitro diagnostics, pharmaceutical, medical devices.
Material-wise, the microfluidic devices market comprises polymer, glass, silicon.
Application-based segmentation of the microfluidic devices market consists clinical and veterinary diagnostics, point of care, analytical devices, drug delivery, environmental and industrial applications.
Global Microfluidic Devices Market – Regional Analysis
Region-based understanding of the microfluidic devices market spans across North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
North America’s dominance in the sector is quite expected as the region boasts of cutting-edge technologies working together in order to take the microfluidic devices market forward. Its well-chalked infrastructure and healthcare investments are helping the region to invest much in research and development furthering the cause of the sector in the region.
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Europe assumes the second position. Following the steps of North America, this region is now working with an efficient network of various organizations and are contributing much to the regional market prosperity. The APAC is expecting the fastest CAGR as emerging economies are revamping their old model and setting up medical tourism hubs to lure in more patients. The region can touch an astounding CAGR of 22.8% during the forecast period.
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