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.
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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$5.2 bn by 2019.
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Wide Application of Microfluidic Devices System to Boost Market Growth
The global microfluidic device system market is categorized on the basis of application, material, and industry type. The application of the microfluidic device system is seen in pharmaceuticals and life science, drug delivery, clinical and veterinary diagnostics, analytical devices, environmental and industrial, and point of care testing. Among these applications, clinical and veterinary diagnostic segment held the largest share in the market. However, it has been projected that in the coming years, the point of care testing segment could show a remarkable growth rate in the global microfluidic device system market over the forecast period.
According to the industry type, the market is segmented into pharmaceuticals, in-vitro diagnostics, and medical devices. Among these segments, the in-vitro diagnostics is the largest user of microfluidic device system and is expected to reach a valuation of US$ 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.