Microfluidic Devices Market Scope
The global microfluidic devices market report by Market Research Future (MRFR) takes into consideration a large number of samples to be analyzed for clinical trials. The report outlines various drivers, challenges, trends, and opportunities for the period between 2019 to 2025 (forecast period).
Applications of compact devices in sectors of drug development, biological research, and diagnostics are predicted to drive the market demand till the end of the forecast period. Adoption of point-of-care diagnostics can influence the market growth to a certain degree. This can be credited to major players such as Abbott integrating such features in their microfluidic devices.
The global microfluidic devices market size can touch USD 14,296.04 million by 2025. It can accumulate revenues at 19.70% CAGR during the forecast period. Microfluidic devices operate via the system-on-a-chip (SoC) technology for conducting multiple tests simultaneously. It can analyze liquids and gases with low volume of samples, reagents, and chemicals while reducing the time of experiments despite its compact size.
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Technological developments and investments into microfluidics can drive the market growth exponentially. For instance, L’Oréal has developed one of the first wearable companion devices which can measure skin pH levels. Rapid diagnosis of infectious and chronic diseases is likely to propel the demand of microfluidic devices across industries.
However, strict regulations pertaining to their approval can deter the market from thriving.
Microfluidic Devices Market Segmentation
The global microfluidic devices market is segmented by industry, material, and application.
Materials used in microfluidic devices include silicon, polymer, glass, and others. Polymer can account for a significant share in the global microfluidic devices market. Polymers are cheap to produce and allow for rapid manufacturing processes in comparison to silicon and glass. Cyclic olefin copolymer, polystyrene, polydimethylsiloxane (PDMS)polyvinyl chloride, polymethyl methacrylate, and polycarbonate are some of the polymers used in its fabrication.
By industry, the global microfluidic devices market has been segmented into medical devices, in-vitro diagnostics, pharmaceutical, and others. The pharmaceutical segment is further segmented into chips for lab analytics, accurate dispensing devices, and micro-reactors for drug synthesis. Similarly, medical devices are branched into inhalers, micro-pumps and dispensing system, micro-needles, and others. Among them, in-vitro diagnostics (IVD) held 50.6% market share in 2018. This can be attributed due to rising demands for early diagnosis of diseases. IVD tests are carried out taking samples of blood, saliva, and tissue for analysis.
Major applications of the global microfluidic devices include point of care diagnostics, drug delivery, pharmaceutical and life science research, clinical and veterinary diagnostics, analytical devices, environmental and industrial, and others.
Microfluidic Devices Market Competition Outlook
CEPHEID, BD, Fluidigm, Abbott Laboratories, MicronitMicrotechnologies, BioMérieux, Perkinelmer Inc., RainDance Technologies, Inc., Johnson & Johnson Services, Inc., BIO-RAD LABORATORIES, INC., Agilent Technologies, Inc., Siemens, Thermo Fisher Scientific Inc., Dolomite Microfluidics, Elveflow, and F. HOFFMANN-LA ROCHE AG are key players of the global microfluidic devices market.
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Microfluidic Devices Market Regional Analysis
The global microfluidic devices market is segmented regionally into the Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA).
The Americas can dominate the global market till 2025 owing to development of new samples, rising cases of chronic diseases, and technological developments in SoC systems for home use. Availability of capital and presence of local players can drive the regional market growth.
APAC can register the highest growth rate during the forecast period owing to the launch of new products in the market. Presence of academic institutes focused on microfluidic research, demand for PoC tests, and the large geriatric pool are factors which can foster market growth.
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