Acknowledging the phenomenal accruals, the market is witnessing currently, Market Research Future (MRFR) in its recently published study report asserts that the global microfluidic device market will touch a phenomenal valuation by 2024, registering a strong CAGR throughout the forecast period (2016-2024).
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The increasing prevalence of chronic diseases such as heart-related diseases and as cancer is prompting the demand for new drugs. Owing to their efficacy, microfluidics devices are increasingly becoming popular and are garnering tremendous traction across the life science and pharmaceutical sector.
As a result, the microfluidic device market is increasing over the past couple of years, accounting for a significant market share, worldwide. Large advancements in technology and the vast uptake of these advanced technologies drive the growth of the microfluidics device market on the global platform.
Additional factors propelling the market growth include the significant increase in the pharma sector and the increasing prevalence of chronic and lifestyle-related diseases that require routine vital statistics analysis, fueling the demand for microfluidics devices.
Also, the rise in the commercial and analytical application of these devices and use of microfluidic products for miniaturization of the chip are some of the factors that are driving the growth of the microfluidic devices market.
On the flip side, factors such as the stringent regulatory requirements to decelerate growth and geometrical and surface chemistry issues are obstructing the growth of the market. Nevertheless, factors such as the growing R&D investment in life sciences, pharmaceuticals, increase in the demand and uptake of the point of care testing, as an effective method for delivery of treatment, are expected to support the market growth during the forecast period.
Market Segmentation
The global microfluidic device market is majorly classified on the basis of materials, industry, and applications.
Based on the industry, the microfluidic device market is divided into medical devices, pharmaceuticals, in-vitro diagnostics, and others. Among these, the in vitro diagnostics segment will have the largest market share during the forecast period. This is due to the growing demand for early diagnosis. The pharmaceutical segment is also sub-segmented into drug synthesis, lab analytics, and accurate dispensing devices. In addition, the medical equipment segment is classified into inhalers, microneedles, dosing systems, micropumps, and others
Based on the material, the microfluidic device market is segmented into silicon, glass, polymer. The polymer segment will influence the market during the forecast period. The polymer is an affordable material that enables fast production processes compared to silicon and glass. Polydimethylsiloxane (PDMS), cyclic olefin copolymer, polycarbonate, polymethyl methacrylate, polyvinyl chloride, and polystyrene are the most commonly used polymers for microfluidic chip prototyping.
By application, the microfluidic device market is segmented into environmental and industrial sectors, drug supply, analysis equipment, on-site diagnostics, clinical and veterinary diagnostics, and pharmaceutical and life science research.
Regional Analysis
Based on the region, the microfluidic devices market report covers the
latest trends and growth opportunities across Europe, the Americas, Asia
Pacific (APAC), and the Middle East and Africa (MEA). Of these, the Americas
will lead the market over the forecast period. This is due to the rising
geriatric population, rising healthcare awareness, increasing lifestyle and
chronic diseases, technological developments for different home use
applications, and extensive insurance infrastructure facilities.
The microfluidic devices market in Europe is predicted to have the
second-largest share in the market over the forecast period. This is owing to
the increasing participation of market players and technological advancements.
The microfluidic devices market in the APAC region is predicted to grow at
the fastest pace over the forecast period. This is owing to the introduction of
technologically advanced products by leading companies.
The microfluidic devices market in the Middle East and Africa will have a minimal share in the market during the forecast period due to the low economic development in the African region.
Major Players:
Fervent players leading the global microfluidic device market include Abbott Laboratories, F Hoffmann-La Roche AG, Siemens Healthcare GMBH, Agilent Technologies, Inc., Fluidigm Corporation, Bio-Rad Laboratories, Inc, Dolomite Centre, Cepheid, Raindance Technologies, Inc., Johnson & Johnson, Micronit Microfluidics, and Becton, Dickinson & Company among others.
1 Report Prologue
2 Market Introduction
2.1 Definition
2.2 Scope of the Study
2.2.1 Research Objective
2.2.2 Assumptions
2.2.3 Limitations
3 Research Methodology
3.1 Introduction
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
4 Market Dynamics
4.1 Drivers
4.2 Restraints
4.3 Opportunities
4.4 Macroeconomic Indicators
4.5 Trends & Assessment
5 Market Factor Analysis
5.1 Porter’s Five Forces Analysis
5.1.1 Bargaining Power of Suppliers
5.1.2 Bargaining Power of Buyers
5.1.3 Threat of New Entrants
5.1.4 Threat of Substitutes
5.1.5 Intensity of Rivalry
5.2 Value Chain Analysis
5.3 Investment Opportunities
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