Worldwide Microfluidic Devices Market and is Expected to Reach $13.24 Billion and CAGR 19.7% By 2024

“Microfluidic Devices Market”
Market research future published a cooked research report on global microfluidic devices market. The global microfluidic devices market is growing rapidly and is expected to reach USD 13.24 billion by the end of 2024.

The global microfluidic devices market is growing rapidly and is expected to reach USD 13.24 billion. Over the last few years, the microfluidic devices have played an important role in the pharmaceutical industry, especially, in the processes of drug discovery, development and delivery. This has helped to improve healthcare management and medical outcomes. These devices can carry out reaction and detection at lower cost and with better efficiency. Thus, the demand for these devices has increased from the pharmaceutical industry. Additionally, overall market has been experiencing development due to recent product invention, and partnerships and mergers by various industries. Biological and medical fields are leading the market growth owing to high demand from these sectors. The global market is expected to witness rapid growing due to wider applications in the field of pharmaceutical industry, medical device industry, and in-vitro diagnostic industry. Furthermore, increasing awareness regarding the importance of controlled drug delivery is likely to add fuel to the global microfluidic devices market growth.

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Various materials are used to make microfluidic devices such as glass, polymer, ceramics, and silicon. The fabrication techniques for silicon and glass microfluidic devices are improving, making them demanding materials for manufacturing devices.  The devices are improving with improved fabrication techniques used for the manufacturing of silicon and glass microfluidic devices. Therefore, it is providing opportunities to new entrants to come up with innovating idea, which, in turn, is likely to boost the demand for the devices.

However, stringent regulatory norms imposed by the governments of various countries may slow the growth of market. Since these regulations are imposed to consistently deliver quality medical devices, it has become difficult to operate the viable business models. Moreover, some geometrical and surface chemistry issues are some of the major challenges occur during the construction of a microfluidic device such as larger capillary forces, possible evaporation. 

Test the market data and market information presented through more than 34 market data tables and figures spread over 86 numbers of pages of the project report. Avail the in-depth TOC & market synopsis on “Microfluidic devices Market Research Report –Global Forecast to 2024. 

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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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. 

Major Players in the Microfluidic Devices Market

Some of the major participants of 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. 

Microfluidic devices exploit the physical and chemical properties of liquids and gases at the micro scale. It offers lot of benefits over conventionally sized systems. It helps to execute many operations at the same time due to their compact size, shortening the time of experiment. It also have an excellent data quality and substantial parameter control which automate the process, while preserving the performances. The microfluidic chip is elaborated so that the incorporated automation allows the user to generate multi-step reactions requiring a low level of expertise and a lot of functionalities. They have the capacity to both process, and analyze samples with minor sample handling. The microsystems execute functions which extend from detecting toxins to analyzing DNA sequences.

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Micro Pumps and Dispensing System segment accounted for the largest market share of global microfluidic devices for medical devices market in 2015. Polymer is an attractive alternative to glass and silicon, as it has faster fabrication process and is cheaper. PDMS is suitable for fast prototyping microfluidic devices. It became the most preferred substrate for Point-of-Care applications. Pharmaceutical and life science research segment accounted for the largest market share of global microfluidic devices market. Pharmaceutical companies usually miniaturize the assay systems, so that they can operate on micron dimension samples, thus speeding up the overall drug discovery process.

Asia is the fastest growing region and is expected to grow at the CAGR of 22.8% during 2016 to 2024. North America is the largest market for microfluidic devices, with factors such as growing ageing population, increasing healthcare awareness, rising chronic disease, technological developments for various home use applications and wider insurance infrastructure facilities driving the growth of microfluidic devices.

Analytical devices are being put to more use, as they are easy to use and are less costly and could be easily disposed off. These devices are used for the purposes which include diagnostics, food safety, environmental monitoring and life sciences. Paper microfluidic devices have emerged as a useful technology in developing analytical devices for point-of-care diagnosis

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