Microfluidics is a multidisciplinary field of science that includes chemistry, physics, engineering, nanotechnology, biochemistry, and biotechnology. This technology is used for designing systems that use low volumes of fluids for multiplexing, high-throughput screening, and automation. This evolving branch of science has a huge commercial potential, as it serves a great purpose in the fields of protein crystallization, cell biology, and medicine. Microfluidics also reduces side effects and improves the efficiency of treatments designed for patients.
Improved Efficacy in Medicine Drives Global Microfluidics Devices Market
In recent years, the global microfluidic devices market has witnessed substantial growth due to increasing investments in research and development of pharmaceuticals, life sciences, and a rising demand for point of care testing tools. The microfluidic technique is also being applied to new areas of research such as integrating laboratory protocols into miniaturized devices known as lab on chip. This kind of miniaturization has drastically cut down the cost of screening compounds for several pharmaceutical companies facing cell biology problems. Microfluidic devices render several benefits for genomics such as enhanced test speed, low reagent consumption, and efficacy. Owing to these reasons, the global microfluidic devices market is expected to reach a valuation of US$5.2 bn by the end of 2019 from US$1.5 bn in 2013, expanding at a CAGR of 22.80% during 2013 to 2019.
The global microfluidic devices market is segmented on the basis of material, industry, application, and geography. The materials used in the global microfluidic devices market are glass, silicon, and polymer. The major industries using microfluidic devices are in-vitro diagnostics, medical devices, and pharmaceutical. Applications of these devices are seen in point of care testing, drug delivery, pharmaceutical and life science research, clinical and veterinary diagnostics, and environment and industrial. Geographically, this market is segmented into Europe, North America, Asia, and Rest of the World.
Asia to Witness Robust Growth of Microfluidics Market
Currently, North America holds the dominating share in the global microfluidics devices market. In-vitro diagnostics is the biggest industrial end user of microfluidic devices, whereas clinical and veterinary diagnostics has grabbed the biggest share in the global market. Analysts predict that Asia will witness the fastest growth rate in the coming years as the region presents a huge demand for medical devices with a significant scope for point of care testing.
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The microfluidic devices market in North America was valued at US$0.6 bn in 2013 and is estimated to reach US$2.1 bn by the end of 2019, registering a whopping CAGR of 21.70% from 2013 to 2019. The point of care testing segment of the global microfluidic device market was worth US$0.3 bn in 2013 and is likely to value US$1.4 bn by 2019, expanding at a CAGR of 28.30% from 2013 to 2019.
Some of the important players developing microfluidic devices in the global market are Roche Diagnostics, Fluidigm Corporation, Siemens Healthcare, Abbott Laboratories, Bio-Rad Laboratories, Inc, Agilent Technologies, and Johnson & Johnson.