The Global Microfluidic Devices Market is growing at a brisk pace and is expected to foray into new sectors if the current pace of growth continues. Market Research Future, a firm specializing in markets reports for the healthcare domain among others stated in a recently published report on ‘Microfluidic Devices Market Research Report- Global Forecast To 2024’ that the market for microfluidic devices is expected to grow at a CAGR rate of about 19.7% from 2016 to 2024, with the microfluidic devices globally reaching $13.24 billion by 2024. The market will gain significant importance due to growing R&D investment in life sciences, pharmaceuticals, and increasing point of care testing demand in the forecast period.
Microfluidic devices exploit the physical and chemical properties of liquids and gases at a micro scale. Commercial and analytical applications of these devices and use of microfluidic products for miniaturization of chip are one of the prominent factors that are driving the demand curve of this particular sector. Since they have an excellent data quality and substantial parameter control which can successfully automate processes, they are highly demanded in various operations in a similar time frame. The sector is also very viable for new entrants in the market because of the level of innovations taking place in the sector. The market will see fast growth due to extensive applications in the fields of restorative gadget industry, and in-vitro symptomatic industry.
Microfluidic devices also have diverse applications in sectors such as biotechnology, engineering, chemistry, nanotechnology to name a few where it derives its demand from. With huge emphasis on scientific growth and development along with discovery of new applications microfluidic devices, they are being increasingly used in fuel cells, optics etc. Pharmaceutical sector is one of the major sector this segment derives its demand from. In the future, biological and fields may emerge as significant contributors to the growth of microfluidic devices. The microfluidic devices sector may face hindrance to growth due to stringent government measures and inability to form viable business models due to restrictions which may slow down the pace of development of the sector.
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Latest Industry Updates:
Nov 2017 NanoCellect Biomedical, a developer of microfluidic cell sorting technologies, announced recently that it has completed a $10 million Series B financing round, including convertible notes. The proceeds from this financing will enable the company to continue to expand commercial activities and accelerate efforts in highly promising application areas in cell line development, genomic sample preparation, CRISPR gene editing, and antibody discovery.
Nov 2017 Xona Microfluidics, LLC, a biotechnology company focused on manufacturing and distributing microfluidic devices to neuroscientists and laboratories worldwide announced that the European Patent Office has issued EPO Patent covering the design of Xona’s products used for neuroscientific and neurodegenerative disease research.
Jan 2017 Bio-Rad Laboratories has agreed to acquire RainDance Technologies for an undisclosed price. The company’s droplet-based solutions will extend their reach into next-generation sequencing (NGS) applications and strengthen their position in the area of Droplet Digital PCR. Rain Dance has specialized in the development and application of droplet microfluidic technology, with applications in life science research and clinical research.
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Microfluidic Devices Market – Competitive Analysis
With the entry of new industry players in global microfluidic device segment, a trend of solid, volume-driven growth has been observed in the market with the addition of new and advanced products and treatment methods. Companies are aiming to capture & solidify their share of the market segment, by competing and experimenting with various advantage points. The best long-term growth opportunities for this sector can be captured by ensuring ongoing process improvements and financial flexibility to invest in the optimal strategies.
Some of the major players in this market are Abbott, Agilent technologies, Inc, Bio-Rad Laboratories, Inc., Cepheid, Dolomite Centre, F. Hoffmann-La Roche AG, Fluidigm Corporation, Micronit microfluidics. Some of the other prominent players in the market are Raindance Technologies, Inc, Siemens Healthcare GmbH and others.
Microfluidic Devices Market – Segments
Microfluidic devices market has been segmented on the basis of industry, material, application and region.
On The Basis Of Industry: In-Vitro Diagnostics, Pharmaceutical and Medical Devices.
On The Basis of Material: Polymer, Glass and Silicon.
On The Basis Of Application: Clinical and Veterinary Diagnostics, Point Of Care, Analytical Devices, Drug Delivery, Environmental & Industrial Applications.
On The Basis Of Region: North America, Europe, Asia Pacific and ROW.
Microfluidic Devices Market – Regional Analysis
As per the report, the market has been divided into following regions which includes Middle East & Africa, Asia-Pacific, North America, Europe and Latin America. Globally North America is the largest market for Microfluidic devices in 2015. Europe is the second-largest market and is expected to be the fastest growing region during the forecasted period. Furthermore Asian Market for microfluidic devices is expected to grow at the CAGR of 22.8% during the forecasted period.
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