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Global Microfluidic Devices Market was Valued at US$ XX Bn in 2019 and it is Expected to Reach More than US$ 17.36 Bn by 2028, Likely to Grow with the CAGR of 19.6% During the Forecast Period.
The microfluidic device is a technology that enables the unification of many therapeutic examinations on a sole chip. It has become an indispensable technology for unification, parallelization industrialization, and miniaturization of various analyses in the disciplines of diagnostics, medication development, and biological research. Microfluidic was originally implemented in the scope of microbiology as a device for microanalysis as it needs a short quantity of specimens and reagents. Furthermore, the implementation of microfluidic technology in tiny and cheap devices quickly boosted the demand for microfluidic devices. Over the years, microfluidic has been executed more and more in life science applications. This has urged the pharmaceutical and biotechnology organizations to produce, originate and promote advanced microfluidic devices in the market.
Rising Demand for Point of Care (POC) Diagnostic Products, Microfluidic Technologies for Downsizing of the Chip, and Ascending Demand in Proteomics and Genomics is driving the demand for Microfluidic Devices Market
Escalating technological progress is one of the fundamental determinants triggering the microfluidic device market. Another significant driving determinant is the utilization of micro-sized devices for biomedical applications. The combination of microfluidic and immunoassays has demonstrated to be among the best assuring point-of-care biosensor platforms. Microfluidic sensors and chips have presented latent functionalities which have made it feasible to conduct particular experimentations in the biomedical domain. A simple lab-on-a-chip (LOC) device delivers high output and achieves multiplex immunoassays, recognition of particular biomarkers, and speedy screening of contagious ailments. These extensive applications have raised the demand and use of lab-on-a-chip (LOC) in biotechnological, biomedical and pharmacological productions. All these factors are, consequently, anticipated to raise the market assessment of microfluidic devices for the duration of the evaluation period.
The intensifying requirement for point-of-care (POC) diagnostics is also stalwartly influencing the evolution of the market. Point-of-care testing encompasses the performance of a test close to the site of patient care to give instant results outside the typical lab environment. Diagnostics corporations, such as Abaxis, Cepheid, BD Diagnostics, Alere, and Abbott Point of Care, have acknowledged the potential of immediate molecular diagnostic testing and originated numerous effective point-of-care (POC) products derived from microfluidic technology in the previous few years. The advancement and implementation of these clinical tests are anticipated to spur the market for microfluidic devices.
Nevertheless, there are some challenges like a dearth of market perceptibility of microfluidics products, soaring rates of integrated systems and microfluidic sensors, and the complicated & tedious administrative permission procedures, which inhibit the extension of this market.
Chips Subdivision in Device Fragment To Expand At Rapid Pace during the Forecast Period
According to the device type, the microfluidic device market is classified into sensors, chips, and others. The chip subdivision is likely to embrace the most leading percentage of the microfluidic devices industry in consequence of high prospect in wide-ranging applications, for instance, biomedical, life science, immunoassays, diagnostics & molecular testing, drug delivery, and many others. Then again, it is also estimated to stay prevailing in the market demonstrating a high CAGR in the course of the assessment period attributable to its quick response time, heightened sensitivity, cost-effectiveness, and smooth assimilation in devices.
Pharmaceuticals and Life Science Research Subdivision in Application Segment to Hold Key Share in Global Microfluidic Devices Market In 2019
On the basis of applications, the market is divided into diagnosis & treatment, pharmaceutical & life science research, and others. Pharmaceutical and life science subdivision grasp the foremost place amongst others because of augmented R&D programs in the field of usage of chips, sensors, microfluidic for numerous applications to carry immunoassays, discover drugs, high-throughput screening, cell analysis, microarray, and intensifying demand for devices for early & fast identification of ailments. The subdivision is also expected to raise at a progressive CAGR for the duration of the assessment.
The North American region leads the microfluidic devices market in the world, as a result of the rising elderly populace, growing healthcare consciousness, intensifying long-lasting and lifestyle ailments, and technological progress for numerous home use applications and more widespread insurance structure services boosting the evolution of microfluidic devices market.
The European microfluidic devices market holds a second-largest percentage of the market following the North American region. High-tech developments and escalating involvement of industry players will assist the progress of Europe microfluidic devices market.
Asia-Pacific region is expected to register the highest CAGR for the duration of the assessment. Companies in the Asia-Pacific region are introducing new technically innovative products, which is boosting the microfluidic devices market. Conversely, the Middle East & Africa clutches the minimum stake in the global microfluidic devices market because of the low economic progress, particularly in the African province.
Several organizations are concentrating on organic development approaches such as product approvals, and product launches and others for instance events and patents. Inorganic development approach observed in the market were merger and acquisitions, and collaborations, partnership. These activities have concreted the way for the improvement of business and customer base of market players. The leading companies from in microfluidic device market are estimated to have beneficial evolution prospects in the future with the escalating requisition for in microfluidic device market in the worldwide market.
Some of the significant corporations in the market include global microfluidic devices market are BioMérieux , BD, F. HOFFMANN-LA ROCHE AG, Elveflow, Thermo Fisher Scientific Inc., Inc., CEPHEID, RainDance Technologies, Inc., Fluidigm, BIO-RAD LABORATORIES, INC., Dolomite Microfluidics, Siemens, Johnson & Johnson Services, Inc., Perkinelmer Inc., Micronit Microtechnologies, Agilent Technologies, and Abbott Laboratories.
Global Microfluidic Devices Market by Device Type
Global Microfluidic Devices Market by Material
Global Microfluidic Devices Market by Applications
- Pharmaceutical & Life Science Research
- Diagnosis & Treatment
Global Microfluidic Devices Market by End-User
- Research Institutes
- Pharmaceutical and Biotechnology Companies
- Healthcare Facilities Diagnostic Centers
Global Microfluidic Devices Market by Region
- North America
- Asia Pacific
- Latin America
- Middle East and Africa