Microfluidics Device Market Overview:
The microfluidics devices market is growing continually due to the vital role these devices play in the integration, miniaturization, and parallelization of various tests in the fields of diagnostics, drug development, and biological research. Moreover, widely accepted microfluidic technology that has several applications is escalating the market on the global platform, allowing integration of many medical tests on a single chip.
Acknowledging the phenomenal accruals, the market is witnessing currently, Market Research Future (MRFR) in its recently published study report asserts that the global microfluidic device market will touch a phenomenal valuation by 2024, registering a strong CAGR throughout the forecast period (2016-2024).
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The increasing prevalence of chronic diseases such as heart-related diseases and as cancer is prompting the demand for new drugs. Owing to their efficacy, microfluidics devices are increasingly becoming popular and are garnering tremendous traction across the life science and pharmaceutical sector.
As a result, the microfluidic device market is increasing over the past couple of years, accounting for a significant market share, worldwide. Large advancements in technology and the vast uptake of these advanced technologies drive the growth of the microfluidics device market on the global platform.
Additional factors propelling 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 flip side, 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.
Major Players:
Key players leading the global Microfluidics Device Market analysis include Abbott Laboratories, Siemens Healthcare GMBH, F Hoffmann-La Roche AG, Agilent Technologies, Inc., Bio-Rad Laboratories, Inc, Fluidigm Corporation, Dolomite Centre, Raindance Technologies, Inc., Cepheid, Micronit Microfluidics, Johnson & Johnson, and Becton, Dickinson & Company among others.
Microfluidics Device Market – Segments
For enhanced understanding, the report has been segmented into four key dynamics.
By Application : Pharmaceutical, Drug Delivery, Analytical Device, Life Science Research, Environmental & Industrial, and others.
By Industry : Microfluidics and Microfluidic Devices, among others.
By Material : Glass, Polymer, and Silicon.
By Regions : North America, Asia Pacific, Europe, and the Rest-of-the-World.
Microfluidics Device Market – Competitive Analysis
Highly competitive, the microfluidics market appears to be fragmented owing to the presence of several large and small-scale players. These players invest substantially in R&D to develop advanced sensors. High potential growth opportunities that the market demonstrates are in turn, attracting several new entrants to the market, further intensifying the competition in the already fiercely competitive market.
Well-established players incorporate strategic initiatives such as acquisition, collaboration, expansion, partnership, and product & technology launch in order to gain a competitive advantage in this market and to maintain their market positions.
Prominent manufacturers of microfluidics invest substantially in technology and R&D activities and most of all, in acquiring other promising firms in the rapidly growing regions to meet their expansion plan. The rising government fundings are motivating key companies to manufacture new devices that can match the changing trends and needs of the customers.
Microfluidics Device Market – Regional Analysis
The North American region, heading with its one of the world’s best medical facilities accounts for the leading position in the global microfluidics devices market followed by the European and Asia Pacific region, respectively. The US, backed by the huge technological advancements and high per capita healthcare expenditures leads the microfluidics devices market in North America.
Undoubtedly, the availability of technologically advanced medical devices is positively impacting market growth. Furthermore, the presence of well-established healthcare infrastructure and skilled professionals is pushing up the regional market.
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The European region owns the next largest share in the global microfluidic device market, following the North American market closely. Factors propelling the growth of the regional market include the resurging economy that is availing the best possible healthcare & substantially high healthcare expenditures and the government support that encourages manufacturers of microfluidics devices to develop new and better devices.
The Asia Pacific region is emerging as a profitable market for microfluidics devices due to the rapidly improving healthcare infrastructure. Moreover, factors such as the ever-increasing population that is continually dictating the demand for quality healthcare and the spreading awareness towards the availability and benefits of these devices are positively impacting the growth in the regional market. Rapidly developing economies are expected to provide immense opportunities for the growth of microfluidics devices.
Also, the increasing adoption of technologies is positively impacting market growth in the region. Furthermore, rising healthcare concerns are leading to increasing the market size of the microfluidic device market.
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