Microfluidics has increasingly become an important technology employed in the global life sciences industry used to provide solutions customized according to the requirement in the life sciences market. The global market for microfluidic devices finds its application in the fields of cell biology research, medicine, and protein crystallization as well as in drug screening, sugar testing, microprocessor cooling, and as micro fuel cells and chemical micro reactors. Various materials such as glass, polymer metal, silicon, and ceramics are utilized in the manufacture of microfluidic devices.
The analysts at Persistence Market Research (PMR) forecast that the global market for microfluidic devices is likely to expand at a CAGR of 22.8% during the period of 2013 to 2019 and is expected to reach US$5,246.4 million by 2019. In 2013, the global microfluidic device market had reached a value of US$1,531.2 million.
An analysis of the current microfluidic devices industry shows that the global market is experiencing a surge in demand for microfluidic devices on the account of increasing investment in research and development in the pharmaceutical and life science sectors. The rise in demand for point of care testing is also fueling the growth of this market. Healthcare at home is the latest trend in the healthcare industry. This trend utilizes the point of care testing market as the most efficient delivery of healthcare. In addition to this, the demand for microfluidic devices in proteomics and genomics are increasingly being utilized to identify and measure proteins.
On the other hand, stringent regulatory requirements are creating a major roadblock for the growth of the microfluidic devices market. Further, the global microfluidic devices market is also facing severe challenges owing to various issues pertaining to geometrical and surface chemistry.
Here is an analysis of the global microfluidic devices market based on the geographical spread of the global market:
North America: The microfluidic devices market in North America is driven by the increase in the geriatric population base, rise in the awareness regarding health, heightened chronic as well as lifestyle-related diseases, technical developments in the field of home use applications, and proper insurance coverage. North America is the leading consumer of microfluidic devices owing to the early adoption and multiple applications of these devices in various industries.
Europe: The increasing diagnostic requirements owing to the rising diseases pertaining to lifestyle, geriatric population base, and betterment of healthcare infrastructure are driving the microfluidic devices market in Europe. Additionally, the extensive rise in healthcare costs is compelling customers to opt for healthcare at home, which in turn is increasing the usage of microfluidic devices in the region.
Asia: Asia is increasingly becoming one of the most lucrative markets for medical devices across the globe due to its faster development in the microfluidic devices market compared to developed economies. The widening penetration of health insurance and advancing health care systems are stimulating the growth of this market.
Globally, the microfluidic devices industry in North America leads the global microfluidic devices industry. The market is expanding at a CAGR of 21.7% between 2013 and 2019 and is poised to reach US$2,095.5 million by 2019.