Market Research Future (MRFR) in their report on the Microfluidic Devices Market predicted a 19.7% CAGR during the forecast period (2016-2024). The timespan would also witness a surge in the market valuation which would cross the anticipated worth by the end of 2024. Microfluidics depends on the perfect governance of the behavior of certain fluids or manipulation of it that can help in the determination of certain states.
The device has several advantages such as its ability to execute many operations at the same time as it is compact and shortens the duration of the experiment. Its data quality is excellent, and credibility is unparalleled in parameter control to automate the process while preserving the performances. The global market is seeing at pharmaceuticals as a substantial market influencer as the devices ability to perform tests for better drug manufacturing is beyond doubt. Apart from this, technological advancement and considerable market expansion opportunity in developing countries can be considered significant market factors.
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Demand for point of care test is also seeing a surge which can promote the microfluidic devices market. These devices are also gaining significant traction from the food & beverage sector, environmental monitoring, and life sciences. Its prolific percolation in such fields of studies can improve the microfluidic devices market prospect considerably during the forecast period.
Global Microfluidic Devices Market – Key Players
Some of the major players in this market are:
- Bio-Rad Laboratories, Inc.
- Hoffmann-La Roche AG
- Raindance Technologies, Inc.
- Agilent technologies, Inc.
- Siemens Healthcare GmbH
- Dolomite Centre
- Fluidigm Corporation
- Micronit microfluidics
Global Microfluidic Devices Market – Segmentation
Microfluidic Devices Market has been segmented on the basis of industry, which comprises of in-vitro diagnostics, pharmaceutical, medical devices. On basis of the materials, market is segmented into polymer, glass, silicon. On the basis of the application, the market is segmented into clinical, and veterinary diagnostics, point of care, analytical devices, drug delivery, environmental, and industrial applications. On the basis of geographic region, the microfluidic devices market is segmented into three key regions: North America, Europe, and Asia.
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Global Microfluidic Devices Market – Dynamics
Increasing applications with characteristic low fluids volumes manipulation, multiplexing, such as biotechnology, drug discovery, chemical analysis and others are chief drivers of the market. Growing adoption of automation, high-throughput screening, and other in laboratory and manufacturing is another driver of the market. Growing R&D investment in life sciences, pharmaceuticals, and point of care testing are demand led drivers of the market. Technical advantages over conventionally sized systems such as parameter control, automation, multitasking such as processing as well as analyzing, are also driving the demand especially in research.
High cost of devices, operating issues such as proprietary technology resulting in high switching costs, and others are constraining the market. Regulatory challenges, and operational issues such as high-pressure requirements, rupture and leakages, clogging and low robustness to impurities sensitivity and geometrical problem in construction and resource intensive maintenance are other strong restraints on the market.
Global Microfluidic Devices Market – Regional Analysis
The Global Microfluidic Devices Market is segmented into North America, Europe, and Asia Pacific.
North America was leading market player across the globe in 2016 and is expected to reach USD 4.88 billion by the end of the forecasted period.
Europe is the second largest region in the Global Microfluidic Devices Market, which is expected to grow at a CAGR of 22.8%.
Asia Pacific region is expected to be the fastest growing region in the global microfluidic devices market.
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