Global Microfluidic Devices Market is Estimated to Reach $14 Billion by 2024
Global Microfluidic Devices Market report published by Accurize Market Research forecast that the global market is expected to reach $14 billion by 2024; growing at a CAGR of 22.3% from 2017 to 2025. By geography, the Asia Pacific and North America are expected to grow at a CAGR of XX% and XX%, respectively, during the forecast period.
Rising demand for miniaturized chips to drive the global market
Growing demand for these devices in proteomics and genomics, need for miniaturized chips, rising demand for point of care testing, and need for advanced material mixes are some of the factors boosting the growth of the global microfluidic devices market. Additionally, market expansion and partnership between major companies for developing advanced devices for various applications would provide several opportunities in the forecast period. Though, difficult to integrate with the current system, strict rules, and standards for global affiliation of medical devices could limit the adoption.
The global microfluidic devices market is split into material type, industry, application, and geography. Based on material type, the market is categorized into polymer, glass, silicon, and others. The industry is bifurcated into in-vitro diagnostics, pharmaceuticals, medical devices, and others. Application segment is divided into clinical and veterinary diagnostics, pharmaceutical and life science research, point of care testing, analytical devices, drug delivery, environment and industrial, and others.
North America, Europe, Asia-Pacific and Rest of the world (RoW) are the geographical segments of the market. North America is further bifurcated into countries namely; U.S., Canada, and Mexico. Europe covers countries like Russia, the U.K., Germany, France, Italy and Rest of Europe. Asia-Pacific countries include China, India, Japan, South Korea and Rest of Asia Pacific. Rest of the World (RoW) covers South America, Africa, and the Middle East.
"Polymer and glass accounted for the majority of the market share in the material type segment", says Accurize
In the material type segment, polymer and glass accounted the majority of the share in 2017. In terms of industry, in-vitro diagnostics dominated the segment with largest market share and fastest CAGR. Pharmaceutical and life science research and point of care testing dominated the application segment with maximum market share, while, point of care testing shall attain the fastest CAGR during the forecast period 2017 -2025.
"North America dominated the global market with the highest market share over the forecast period", says Accurize
North America and Europe dominated the market with a maximum market share in 2017 with 40.4% and 33.3%, respectively. In terms of growth, Asia-Pacific is predicted to attain the fastest CAGR, driven by rising health and wellness consciousness, growing prevalence of lifestyle and chronic diseases, and growing technological advancements.
Top players in the market
Major companies operating in the market include Siemens Healthcare GmbH, F. Hoffmann-La Roche AG, Agilent Technologies, Fluidigm Corporation, Bio-Rad Laboratories, Inc., Johnson and Johnson, Abbott Laboratories, Becton, Dickinson and Company, MicronitMicrotechnologies B.V., and AkonniBiosystems, among others.