Market Synopsis of Microfluidic Devices Market:
Globally, the market for microfluidic devices is gaining significant importance due to growing R&D investment in life sciences, pharmaceuticals, and increasing point of care testing demand. An increase in point of care testing, as an effective method for delivery of treatment, has also led to increase in the demand for microfluidic devices in the global market. Some other factors driving the microfluidic devices market are rise in the commercial and analytical application of these devices and use of microfluidic products for miniaturization of chip. Globally the market for microfluidic devices is increasing rapidly. Globally the market for microfluidic devices is expected to grow at the rate of about 19.7% from 2016 to 2024.
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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.
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
- Microfluidic device manufacturers and suppliers
- Contract Research Organizations (CROs)
- Research and Development (R&D) Companies
- Government Research Laboratories
- Independent Research Laboratories
- Government and Independent Regulatory Authorities
- Market Research and Consulting Service Providers
- Academic Institutes and Universities
Microfluidic devices market has been segmented on the basis of industry which comprises of in-vitro diagnostics, pharmaceutical, medical devices. On the materials, market is segmented into polymer, glass, silicon. On the basis of application, market is segmented into clinical and veterinary diagnostics, point of care, analytical devices, drug delivery, environmental and industrial applications.
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.
- The microfluidic devices global market and is expected to reach $13.24 billion by 2024.
- Chips for Lab Analytics segment accounted for the largest market share of global pharmaceutical microfluidic devices
- Medical Devices is the fastest growing segment, and is expected to grow with the rate of 20.1% from 2016-2024
- In-vitro diagnostics industry holds the largest share of 50.6% of the market.
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Key Players for Global Microfluidic Devices Market
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, Raindance Technologies, Inc, Siemens Healthcare GmbH and others.
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