Global Microfluidic Device System Market: Overview
Over the past few decades, the development and design of microfluidic devices and components has been an exciting area in the pharmaceutical and life sciences industries. The developments are further driven by a variety of emerging analytical applications in various end-use industries. Microfluidics has been the key technology to engineer microminiaturized medical devices. Among the various use of the technology, microfluidic components have gained popularity in making lab-on-a-chip system. Owing to crucial advantages, including rapid test results and low cost, and marked simplicity, the system is growing in prominence for making robust chemical and biological analyses. Advances made in the point-of-care testing is further expected to expand the applications of microfluidic device system.
The use of the platform based on microfluidic devices and components has reduced the cost of diagnostic procedures significantly and led to the reduction of the use of reagents. In recent years, microfluidic device system has witnessed several promising applications in the areas of genomics and proteomics, unlocking abundant opportunities for market players across the globe.
The global microfluidic device market is projected to rise at a CAGR of 22.8% from 2013 to 2019 and reach a valuation of US$5,246.4 million by the end of the forecast period.
Microfluidic Devices and Components to Witness Vast Uptake in Medical Devices Industry
The major industries where microfluidic device system is used are in-vitro diagnostics, pharmaceuticals, and medical devices. Of these, the in-vitro diagnostics segment held the major share in 2013 and is projected to reach US$3.3 bn by the end of 2019. Meanwhile, the medical devices segment is projected to expand at the dominant CAGR during the forecast period. This will be attributed to a stricter regulations for the marketing of medical devices and the demand for high-performing devices for novel applications.
Based on application, the market is divided into pharmaceutical and life sciences research, point-of-care testing, clinical and veterinary diagnostics, environment and industrial, and drug delivery. Among these, the veterinary and clinical diagnostic application is the leading segment.
The major materials used for making microfluidic device system are glass, polymer, and silicon.
Asia Pacific Market to Rise at Leading Pace
Geographically, the global microfluidic device system is segmented into North America, Europe, Asia Pacific, and Rest of the World (RoW). Of these segments, North America held the major share in the global market. The substantial demand for microfluidic device system in the regions is driven by the development of novel and purpose-oriented microfluidic devices and systems.
Meanwhile, Asia is the fastest growing region, medical devices are the fastest growing industry and point-of-care testing is the fastest growing application of microfluidic devices. Asia Pacific is predicted to rise at the major CAGR during the forecast period. The impressive growth is fueled by the advent of portable and low-cost microfluidic platforms in point-of-care testing in several developing countries of the region. Furthermore, fast emerging number of applications is a key factor expected to vastly catalyze the demand for microfluidic devices and components in the healthcare system.
Global Microfluidic Device System Market: Description
The rising use of microfluidic devices in genomics and proteomics, miniaturization of chips, and point of care testing has been creating lucrative prospects for the global microfluidic device system market. Regionally, the market has been witnessing robust growth in North America. However, in the forthcoming years, the market in Asia Pacific is expected to gain a higher traction. Driven by the strong demand across pharmaceutical and medical devices sector, the future of the global microfluidic device system market seems quite promising.
The market is poised to witness lucrative opportunities in the forthcoming years. Transparency Market Research’s (TMR) report on the global microfluidic device system market presents in-depth insights into the factors influencing the market’s growth trajectory between 2013 and 2019. For the purpose of the study, the global microfluidic market has been segmented in terms of materials, application, industry, and geography. Based on geography, the market constitutes Asia Pacific, North America, Europe, and Rest of the World.
Besides this, the report examines opportunities for the market in developed and developing markets alike. The impact of the recent regulatory changes in the market’s overall operation is also studied in the report in detail. It also studies the impact of various government regulations on the operations of the market. To study the prevailing competitive landscape, the report also profiles leading companies operating in the market.
Global Microfluidic Device System Market: Overview
As per TMR, the global microfluidic device system market is poised to exhibit a CAGR of 22.8% between 2013 and 2019. The market was valued at US$1.53 bn in 2013 and is expected to reach US$5.24 bn by the end of 2019. The market is significantly gaining from the increasing investment in R&D activities in life science, pharmaceuticals, and point of care testing.
Novel trends in healthcare such as the growing preference for home healthcare are supporting the growth of the point of care testing (POCT) as the most efficient mode of delivery in the healthcare industry. In the last few years, the microfluidic technique has evolved as a new segment of research areas focusing on the integration of laboratory protocols into miniaturized devices. This, combined with various advantages offered such as improved efficacy and test speed and reduced reagent consumption, has been creating lucrative opportunities for the microfluidic device system market.
Conversely, stringent regulations for global affiliations of medical devices are limiting the market’s trajectory to an extent. Besides this, the companies within the market also require to address various geometrical and chemistry related issues to benefit from a sustainable growth.
Regionally, North America emerged as the dominant segment in the global microfluidic device system market in 2013. The region is expected to surge at a CAGR of 21.7% between 2013 and 2019. By industry, the in-vitro diagnostics emerged as the leading segment in 2013. It is expected to report a CAGR of 23.2% during the forecast period.
Companies Mentioned in Report
To study the vendor landscape of the global microfluidic device system market, the report also profiles companies such as Siemens Healthcare, Abbott Laboratories, Agilent Technologies, Fluidigm Corporation, Roche Diagnostics, Johnson & Johnson, Becton Dickinson and Company, and Bio-Rad Laboratories.
Global Microfluidic Device System Market is segmented as:
- In-vitro diagnostics
- Medical Devices
- Point of care testing
- Pharmaceutical and life science research
- Drug delivery
- Analytical devices
- Clinical and veterinary diagnostics
- Environment and Industrial
- North America
- Rest of the World
This report gives you access to decisive data such as:
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for the coming years
Key highlights of this report
- Overview of key market forces propelling and restraining market growth
- Up-to-date analyses of market trends and technological improvements
- Pin-point analyses of market competition dynamics to offer you a competitive edge
- An analysis of strategies of major competitors
- An array of graphics and SWOT analysis of major industry segments
- Detailed analyses of industry trends
- A well-defined technological growth map with an impact-analysis
- Offers a clear understanding of the competitive landscape and key product segments