Microfluidic Devices Market
Microfluidic device, simply put, is a technology which enables the integration of several medical tests on one chip. This has turned into a crucial technology for parallelization, miniaturization, industrialization, and integration of numerous tests in diagnostics, biological research, and drug development.
The Global Microfluidic Devices Market is predicted to touch USD 14,296.04 Million at a 19.70% CAGR over the forecast period, as per the latest Market Research Future (MRFR) report.
Various factors are propelling the microfluidic devices market growth. These factors, according to the latest MRFR report, include the rise in demand for point of care testing products, growing demand in proteomics and genomics, miniaturization of chips, liquid biopsies, personalized medicine, and organ-on-a-chip. Additional factors pushing market growth include rising use in drug delivery systems, especially inhalers and insulin pumps and growing awareness of the benefits of microfluidic devices.
On the contrary, stringent government policies may hamper the microfluidic devices market growth over the forecast period.
Major Key Players:
Leading players profiled in the microfluidic companies are BioMérieux, Thermo Fisher Scientific Inc., Perkinelmer Inc., Elveflow, BD, Johnson Johnson Services, Inc., Micronit Microtechnologies, Dolomite Microfluidics, RainDance Technologies, Inc., CEPHEID, BIO-RAD LABORATORIES, INC., Fluidigm, Siemens, Agilent Technologies, Inc., F. HOFFMANN-LA ROCHE AG, and Abbott Laboratories. Various strategies acquired by the key players in the market to create a niche in the market, such as expansion, acquisition, product development, and innovation.
The Market Research Future report provides a wide segmental analysis of the microfluidic device market based on industry, material, and application.
Based on industry, the microfluidic devices market is segmented into medical devices, pharmaceutical, in-vitro diagnostics, and others. The pharmaceutical segment is further segmented into micro-reactors for drug synthesis, accurate dispensing devices, and lab analytics. The medical devices segment is again segmented into micro-needles, inhalers, dispensing system, micro-pumps, and others. Of these, the in-vitro diagnostics segment will have the largest share in the market over the forecast period. This is owing to the growing demand for early diagnosis.
Based on material, the microfluidic devices market is segmented into silicon, glass, polymer, and others. Of these, the polymer segment will dominate the market over the forecast period. Polymer is an affordable material that allows for rapid fabrication processes compared to glass and silicon. Polydimethylsiloxane (PDMS), polycarbonate, cyclic olefin copolymer, polymethyl methacrylate, polyvinyl chloride, and polystyrene are the most common polymers used in prototyping microfluidic devices fabrication of microfluidic chips.
By application, the microfluidic devices market is segmented into environmental and industrial, drug delivery, analytical devices, point of care diagnosis, clinical and veterinary diagnostics, and pharmaceutical and life science research.
Based on the region, the microfluidic devices market report covers the latest trends and growth opportunities across Europe, the Americas, Asia Pacific (APAC), and the Middle East and Africa (MEA). Of these, the Americas will lead the market over the forecast period. This is due to the rising geriatric population, rising healthcare awareness, increasing lifestyle and chronic diseases, technological developments for different home use applications, and extensive insurance infrastructure facilities.
The microfluidic devices market in Europe is predicted to have the second-largest share in the market over the forecast period. This is owing to the increasing participation of market players and technological advancements
The microfluidic devices market in the APAC region is predicted to grow at the fastest pace over the forecast period. This is owing to the introduction of technologically advanced products by leading companies.
The microfluidic devices market in the Middle East and Africa will have a minimal share in the market during the forecast period due to the low economic development in the African region.
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