Microfluidic Device System Market
Microfluidic Device System Market - Global Industry Analysis, Trend, Size, Share and Forecast 2016 - 2024
Global Microfluidic Device System Market: Snapshot
In the last few years, the developments of microfluidic components and tools have been enthralling for the life science and pharmaceutical industries. Moreover, further developments are seen by various developing analytical applications in the several end user industries. It has been the major technology to engineer microminiaturized medical devices. Though there are various uses of this technology, but popularity of microfluidic components have increased largely in making lab-on-a-chip system. In addition, various advantages of the microfluidic components is cheap and provides swift test results that has grown its importance for making biological and chemical analyses. Advancements made in point of care testing is likely to further expand the application of microfluidic device systems.
Other advantages of microfluidic components and tools has cheap cost of diagnostic procedures and limited use of reagents. Recently, microfluidic device system has observed numerous favorable applications in the areas of proteomics and genomics, creating many opportunities for players in the market.
The global microfluidic device system market is expected to expand at a healthy 22.8% CAGR throughout the forecast period between 2013 and 2019. During the projected period the market to touch US$5.2 bn by 2019.
Wide Application of Microfluidic Devices System to Boost Market Growth
The global microfluidic device system market is categorized on the basis of application, material, and industry type. The application of the microfluidic device system is seen in pharmaceuticals and life science, drug delivery, clinical and veterinary diagnostics, analytical devices, environmental and industrial, and point of care testing. Among these applications, clinical and veterinary diagnostic segment held the largest share in the market. However, it has been projected that in the coming years, the point of care testing segment could show a remarkable growth rate in the global microfluidic device system market over the forecast period.
According to the industry type, the market is segmented into pharmaceuticals, in-vitro diagnostics, and medical devices. Among these segments, the in-vitro diagnostics is the largest user of microfluidic device system and is expected to reach a valuation of US$ 3.3 bn by the end 2019. In addition, during the forecast tenure, the medical devices segment is also anticipated to increase the use of microfluidic device system that may boost the demand in the market. Based on type of material, the global market is further divided into glass, polymer, and silicon.
Low Cost Of Microfluidic Platforms In Point Of Care Testing To Rise In Developing Regions
On the regional front, the global microfluidic device system is categorized into North America, South America, Asia Pacific, Europe, and the Middle East and Africa. Out of these, North America possessed the key market share. Growing development of purpose-oriented and new microfluidic device systems are considered as the major factors for the growth the microfluidic device system market in the region.
In the meantime, the demand for medical devices is growing largely in Asia Pacific, whereas, point of care testing is the fastest growing application in the microfluidic device system market. Over the forecast period, Asia Pacific is anticipated to expand at a promising CAGR. Introduction of low-cost and portable microfluidic platforms in point of care testing in various emerging economies are supporting the growth of market in this region.
Based on the vendor landscape, the report has critically analyzed several leading players in the market. To mention a few players in the global microfluidic device system market are Abbott Laboratories, Becton Dickinson and Company, Siemens Healthcare, Agilent Technologies, Fluidigm Corporation, Roche Diagnostics, and Bio-Rad Laboratories.
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