Albany, NY -- (SBWire) -- 11/29/2017 --Over the past few decades, the development and design of microfluidic devices and components has been an exciting area in the pharmaceutical and life sciences industries. The developments are further driven by a variety of emerging analytical applications in various end-use industries. Microfluidics has been the key technology to engineer microminiaturized medical devices. Among the various use of the technology, microfluidic components have gained popularity in making lab-on-a-chip system. Owing to crucial advantages, including rapid test results and low cost, and marked simplicity, the system is growing in prominence for making robust chemical and biological analyses. Advances made in the point-of-care testing is further expected to expand the applications of microfluidic device system.
The use of the platform based on microfluidic devices and components has reduced the cost of diagnostic procedures significantly and led to the reduction of the use of reagents. In recent years, microfluidic device system has witnessed several promising applications in the areas of genomics and proteomics, unlocking abundant opportunities for market players across the globe.
The global microfluidic device market is projected to rise at a CAGR of 22.8% from 2013 to 2019 and reach a valuation of US$5,246.4 million by the end of the forecast period. Microfluidic Devices and Components to Witness Vast Uptake in Medical Devices Industry
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The major industries where microfluidic device system is used are in-vitro diagnostics, pharmaceuticals, and medical devices. Of these, the in-vitro diagnostics segment held the major share in 2013 and is projected to reach US$3.3 bn by the end of 2019. Meanwhile, the medical devices segment is projected to expand at the dominant CAGR during the forecast period. This will be attributed to a stricter regulations for the marketing of medical devices and the demand for high-performing devices for novel applications.
Based on application, the market is divided into pharmaceutical and life sciences research, point-of-care testing, clinical and veterinary diagnostics, environment and industrial, and drug delivery. Among these, the veterinary and clinical diagnostic application is the leading segment.
The major materials used for making microfluidic device system are glass, polymer, and silicon.
Asia Pacific Market to Rise at Leading Pace Geographically, the global microfluidic device system is segmented into North America, Europe, Asia Pacific, and Rest of the World (RoW). Of these segments, North America held the major share in the global market. The substantial demand for microfluidic device system in the regions is driven by the development of novel and purpose-oriented microfluidic devices and systems.
Meanwhile, Asia is the fastest growing region, medical devices are the fastest growing industry and point-of-care testing is the fastest growing application of microfluidic devices. Asia Pacific is predicted to rise at the major CAGR during the forecast period. The impressive growth is fueled by the advent of portable and low-cost microfluidic platforms in point-of-care testing in several developing countries of the region. Furthermore, fast emerging number of applications is a key factor expected to vastly catalyze the demand for microfluidic devices and components in the healthcare system.
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Microfluidic Device System Market Guessed to Participation a Hike Growth by 2016 - 2024
Transparency Market Research (TMR) has announced the addition of the “Microfluidic Device System Market :Global Industry Analysis and Opportunity Assessment, 2016 - 2024"report to their offering.