Microfluidics Device Market 2020 Research Report by Application (Drug delivery, Pharmaceutical and Life Science Research, Analytical Device, Environmental and Industrial), by Industry(Medical Devices, Medical Device), by material (Glass, Polymer, Silicon) – Forecast to 2024
The global microfluidics devices market is growing pervasively mainly due to the vital role these devices play in the integration, industrialization, miniaturization, and parallelization of various tests in the fields of diagnostics, drug development, and biological research. The widely accepted microfluidic technology has several applications as it allows integration of many medical tests on a single chip.
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Microfluidics devices also help in improving the efficacy of treatment while reducing its side effects. New microfluidic methods are used for evaluating drugs and manipulating cells for the treatment of diseases related to heart and cancer. The growing prevalence of chronic diseases such as cancer and heart related to heart is prompting expanded creation of drugs in the pipeline.
As a result, microfluidics devices are increasingly garnering the demand and traction across the life science and pharmaceutical sector. Owing to the efficacy of these devices provide these are becoming popular. Resultantly, the microfluidic device market is growing pervasively over the past couple of years, accounting for a significant market share, globally. Massive advancements in technology and the vast uptake of advanced technology drives the growth of the microfluidics device market on the global platform.
Acknowledging the phenomenal upsurges, the market perceives currently, Market Research Future (MRFR) in its recently published study report asserts that the global microfluidic device market will witness a significant growth by 2024 growing at a phenomenal CAGR over the forecast period (2016-2024).
Additional factors supporting the market growth include the significant increase in the pharma sector and the increasing prevalence of chronic and lifestyle-related diseases that require routine vital statistics analysis, fueling the demand for microfluidics devices.
Also, the rise in the commercial and analytical application of these devices and use of microfluidic products for miniaturization of the chip are some of the factors that are driving the growth of the microfluidic devices market.
On the other hand, factors such as the stringent regulatory requirements to decelerate growth and geometrical and surface chemistry issues are obstructing the growth of the market. Nevertheless, factors such as the growing R&D investment in life sciences, pharmaceuticals, increase in the demand and uptake of the point of care testing, as an effective method for delivery of treatment, are expected to support the market growth during the forecast period.
Global Microfluidics Device Market – Segments
The MRFR analysis is segmented into four key dynamics for the convenience of understanding;
By Application : Drug Delivery, Pharmaceutical, Analytical Device, Environmental & Industrial, and Life Science Research.
By Industry : Microfluidics and Microfluidic Devices and others.
By Material : Glass, Polymer, and Silicon.
By Regions : North America, Europe, APAC, and the Rest-of-the-World.
Global Microfluidics Device Market – Geographical Analysis
North America accounts for the leading position in the global microfluidics devices market followed by the European and Asia Pacific region, respectively. The region has one of the best medical facilities around the globe. The US, heading with the huge technological advancements and high per capita healthcare expenditures leads the regional market. The availability of technologically advanced medical devices is undoubtedly impacting the market growth positively. Well-established healthcare infrastructure, skilled professionals and doctors are pushing up the growth in the regional market.
The European region holds the next largest share in the global microfluidic device market, following the North American market closely. The resurging economy in this region is playing a vital growth in the market increase by availing the best possible healthcare and rising healthcare expenditures. Additionally, government support that encourages manufacturers of Microfluidics devices to develop new and better devices, is in turn, fostering the market growth in the region.
The Asia Pacific region stands as a profitable market for microfluidics devices. The ever-increasing population in the APAC region and rapidly improving healthcare infrastructure are positively impacting the market growth. The developing economies are expected to provide immense opportunities for the growth of microfluidics devices.
The spreading awareness among individuals towards the availability and benefits of these devices drives the market growth in the region. Furthermore, the high per capita income alongside the rising healthcare concerns are leading to increasing the market size of the microfluidic device market. Furthermore, increasing adoption of technologies is positively impacting the market growth in the region.
Global Microfluidics Device Market – Competitive Analysis
Well-established players adorn the global microfluidics devices market as highly competitive. Those players with their global presence are posing challenges to the local vendors. The key strategies traced from the analysis of recent developments of the key players include product launch, agreement & partnership, acquisition, and expansion.
Some of the leaders of the market include Abbott Laboratories, F Hoffmann-La Roche AG, Siemens Healthcare GMBH, Agilent Technologies, Inc., Fluidigm Corporation, Bio-Rad Laboratories, Inc, Dolomite Centre, Cepheid, Raindance Technologies, Inc., Micronit Microfluidics, Becton, Johnson & Johnson, and Dickinson & Company among others.
Industry/ Innovation/ Related News:
December 13, 2018 — Researchers from the Massachusetts Institute of Technology (MIT) published their study of a novel 3-D printed microfluidic device that they have invented. The new microfluidic device can simulate cancer treatments on biopsied tumor tissue, so clinicians can better examine how individual patients will respond to different therapeutics before administering a single dose.
November 26, 2018 – The University of Toronto (Canada) announced its partnership with Canada’s National Research Council (CNRC) to create a national innovation hub focused on microfluidics, a field in which tiny amounts of fluid are manipulated in small-scale devices to create everything from portable diagnostic “labs” to repair kits for human organs.
The collaboration will be called as the Centre for Research and Applications in Fluidic Technologies (CRAFT) and will combine the talents of U of T microfluidic experts and NRC scientists in a bid to catalyze new discoveries and scale up production of existing prototypes to deliver higher quality patient care at a lower cost. CRAFT will be jointly funded by both partners with a $22 million investment over five years.
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