Microfluidics Devices Market is expected to Rise at a Remarkable Growth By 2023

Posted May 7, 2019 by Sumaiya113

Detail Analysis of Global Microfluidics Devices Market with respect to region specific market growth and competitive analysis on the basis of major players present in the market.
The Microfluidics Devices Market is continually growing mainly due to the important role played by these devices in the integration, parallelization, and miniaturization of various tests in the fields of biological research, diagnostics, and drug development. Moreover, the widely accepted microfluidic technology that has several applications is accelerating the market on the global level, allowing integration of many medical tests on a single chip.

According to the recently published study report by Market Research Future (MRFR), the global microfluidic device market is expected to touch a phenomenal valuation by 2024, registering a strong CAGR throughout the forecast period (2016-2024).

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Additional factors positively impacting the growth of the market include the increasing prevalence of chronic diseases such as heart-related diseases and as cancer, prompting the demand for new drugs. Microfluidics devices are becoming popular and are garnering tremendous traction, increasingly, attributing to their efficacy across the pharmaceutical and life science sector.

Resultantly, over the past couple of years, the microfluidic device market is increasingly accounting for a significant market share, worldwide. Vast advancements in technology and the huge uptake of these advanced technologies drive the growth of the microfluidic device market.

Additionally, factors such as the significantly increasing pharma industry and the increasing occurrences of lifestyle-related diseases and chronic diseases that require routine vital statistics analysis are propelling the market growth, augmenting the market demand for these devices.

Simultaneously, the increase in the analytical and commercial application of these devices and the use of microfluidic products for miniaturization of the chip such factors are driving market growth.

However, the stringent regulatory requirements to decelerate growth and geometrical and surface chemistry issues are some of the factors that are obstructing the growth of the market. On the other hand, factors like the growing R&D investment in life sciences and pharmaceuticals are increasing the demand and uptake of the point of care testing, as an effective method for delivery of treatment, are projected to escalate the market growth during the forecast period.

Major Players:

Fervent players leading the global microfluidic device market include Abbott Laboratories, F Hoffmann-La Roche AG, Siemens Healthcare GMBH, Agilent Technologies, Inc., Fluidigm Corporation, Bio-Rad Laboratories, Inc, Dolomite Centre, Cepheid, Raindance Technologies, Inc., Johnson & Johnson, Micronit Microfluidics, and Becton, Dickinson & Company among others.

Industry/ Innovation/ Related News:

February 28, 2019 --- A research team from the biomedical engineering dept., The University of California announced the development of a new wearable respiratory sensor using a microfluidic chip to monitor children with chronic pulmonary conditions. This new bio-wearable respiratory device will allow doctors an accurate, fast, and affordable method to monitor children with chronic pulmonary conditions.

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February 14, 2019 --- A team of researchers from the Singapore University of Technology and Design (SUTD) announced the development of a customizable microfluidic system that can generate complex dispersions of liquid droplets that are otherwise known as emulsions as they are not soluble in another liquid. This is a single device consisting of a 3D-printed connector and a needle secured by elastic tubes and aligned to a common axis.

Global Microfluidics Device Market – Segments

MRFR has segmented the analysis into four key dynamics for enhanced understanding

By Application: Drug Delivery, Pharmaceutical, Analytical Device, Environmental & Industrial, and Life Science Research among others.

By Industry: Microfluidic Devices, Microfluidics, and others.

By Material: Polymer, Glass, Silicon, and others.

By Regions: Asia Pacific, Europe, North America, and the Rest-of-the-World

Global Microfluidics Device Market – Regional Analysis

North America heading with its one of the world's best medical facilities, dominates the global microfluidics devices market. The US, led by the huge technological advancements and high per capita healthcare expenditures accounts for the leading market for the microfluidic devices in the region.

Some of the factors such as the availability of technologically advanced medical devices, the presence of well-established healthcare infrastructure, and skilled professionals are positively impacting the growth in the regional market.

The microfluidic device market in the European region accounts for the second-largest market, globally. Factors such as the resurging economy that is availing the best possible healthcare, increasing healthcare expenditures, substantially, and the government support that encourages manufacturers of microfluidics devices to develop new and better devices are propelling the growth of the regional market.

The Asia Pacific microfluidics devices market is emerging as a profitable market mainly due to the rapidly improving healthcare infrastructure. Moreover, factors positively impacting the growth in the regional market include the rapidly increasing population that is dictating the demand for quality healthcare, continually and the spreading awareness towards the availability and benefits of these devices. Rapidly developing economies are providing immense opportunities in the microfluidics devices market in the region.

Besides, the increasing adoption of technologies is impacting market growth in the region, positively. Furthermore, growing healthcare concerns are increasing the market size of the microfluidic device market.

Global Microfluidics Device Market – Competitive Analysis

Fiercely competitive, the microfluidics market is well-established with the presence of several large and small-scale players. These players incorporate strategic initiatives such as collaboration, acquisition, expansion, product & technology, and partnership to gain a competitive edge and to maintain their market positions. They invest substantially in R&D to develop advanced systems.

High growth opportunities that the market demonstrates are in turn, intensifying the competition in the already highly competitive market, attracting several new entrants to the market, further.

Manufacturers of microfluidics devices invest R&D activities substantially to develop advent technology and to acquire promising firms in the rapidly developing regions to meet their expansion plan. The rising government funding is motivating key companies to manufacture innovative devices that can match the changing trends and needs of the customers.

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Last Updated May 7, 2019