Global Microfluidic Devices Market - Driving and Constraining Factors
Published On : Sep 15, 2014
Microfluidics is the technology of combining chemistry, engineering, biochemistry, physics, biotechnology, and nanotechnology, in order to design and manufacture devices that channel fluid flows at a micro level. The global microfluidic devices market is largely driven by its growing applications in the medical field.
Transitioning nature of microfluidic devices market
Microfluidics being an everevolving scientific field is driven by constantly changing trends. These include healthcare at home and integrating laboratory codes into miniaturized devices called ‘lab on chip’. There has been a recent surge in the demand for microfluidic devices in proteomics and genomics and this has provided many opportunities for new and existing market players. Product innovations and increasing partnerships and collaborations have also added to the development of the industry, improving overall efficacy and commercial potential as well as lowering healthcare costs.
Rising commercial potential and analytical applications driving the microfluidic devices market
Microfluidic devices have a widerange of applications in the field of medicine, chemical micro reactor, protein crystallization, sugar testers, drug screening, cell biology research, micro fuel cells, and microprocessor cooling. With their ability to improve the quality of treatments and reduce side effects, microfluidic devices have gained popularity over the years. There has been a rise in R&D activities as well as investments in the field of microfluidics and government funding and initiatives have further aided the growth of this market.
Growing geriatric population, increasing prevalence of lifestyle diseases such as diabetes, hypertension, and obesity, increasing popularity of athome medical care as well technological advancements have enabled North America lead the global microfluidic devices market. In Europe too, rising focus on healthcare infrastructure, growing levels of lifestyleassociated disorders and a corresponding rise in diagnostic requirements have aided the growth of this regional market.
In contrast, there are certain factors that restrict the growth of the market such as stringent regulations and geometrical as well as surface chemistry issues, which in turn, lead to design and manufacturing challenges.
The global microfluidic devices market can be segmented on the basis of material, industry, application, and geography. The materials used to manufacture microfluidic devices are silicon, glass, ceramics, and polymer. The major industries that use the devices are pharmaceuticals, medical devices, and invitro diagnostics. Microfluidic devices find applications in drug delivery, point of care testing, analytical devices, pharmaceutical and life science research, environment and industrial, and clinical and veterinary diagnostics. The four main regions that the global market is divided into are North America, Europe, Asia, and Rest of the World.
North America dominates global microfluidic devices market
The global market for microfluidic devices was worth $1,531.2 million in the year 2013, and is estimated to grow at a CAGR of 22.8% to $5,246.4 million by 2019. Of the four main regional markets, North America accounts for the largest share, valued at $644.5 million in 2013 and is estimated to reach $2,095.5 million by 2019, registering a 21.7% CAGR in the forecast period. The Asia market is the fastest growing region and is expected to propel the market to greater heights in future. Among the main applications of microfluidic devices, point of care testing dominated the global industry. The segment was valued at $316.7 million in 2013 and is expected to grow to $1,412.1 million by 2019 at a CAGR of 28.3% during the 20132019 period.
The global microfluidic devices market has a number of key players that operate within the industry and the rising competition is expected to boost the growth of the market. The leading companies include Abbott Laboratories, Roche Diagnostics, Agilent Technologies, Siemens Healthcare, Fluidigm Corporation, BioRad Laboratories, Inc., and Johnson & Johnson.
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