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Microfluidic Devices Market Growth Analysis, Current Trends, Future Dynamics, Share Estimation and Regional Outlook and COVID-19 Impact Analysis By 2025
Microfluidic Devices Market
Microfluidic Devices Market Analysis
The global microfluidic devices market is set to reach a value of USD 14,296.04 million by 2025. It can display a CAGR of 19.70% during the forecast period. Rise of technologies advocating for miniaturization of chips, demand for point of care products, applications in proteomics and genomics, and increased funding in research and development are major factors driving market growth. Recently, L’Oréal has introduced a new wearable sensor which can measure skin pH levels and create customized skin regimen for customers.
Microfluidic devices contain samples of fluids and liquids in small volumes and are used in studying the mixture of elements at a micro scale. The shift from laboratory tests to on-site arrays and kits will have a significant impact on the production of these devices. The global microfluidic devices market report by Market Research Future (MRFR) looks at the prospects of these devices in environmental monitoring, single-cell analysis, healthcare, and others as well as its potential for the period of 2019 to 2025 (forecast period).
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The massive demand for point-of-care-testing (POCT) will positively impact the demand for microfluidic devices. POCT can conduct tests at a site close to the patient and develop immediate results for rapid diagnosis. The rise of molecular diagnostic testing has widened the market scope and led to the entry of successful arrays by prominent companies such as Abaxis, Cepheid, Alere, and Abbott Point of Care. But stringent government policies may hamper market growth.
Microfluidic Devices Market Competition Outlook
CEPHEID, F. HOFFMANN-LA ROCHE AG, BD, Perkinelmer Inc., Johnson & Johnson Services, Inc., Fluidigm, Abbott Laboratories, Elveflow, RainDance Technologies, Inc., Thermo Fisher Scientific Inc., Siemens, Micronit Microtechnologies, BioMérieux, Agilent Technologies, Inc., BIO-RAD LABORATORIES, INC., and Dolomite Microfluidics are key players of the global microfluidic devices market.
Microfluidic Devices Market Regional Analysis
The global microfluidic devices market has been mainly categorized into the Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA).
The Americas held 47.44% share of the market in 2018 and will dominate till 2025 owing to demand for POC diagnostics. Rise of lifestyle diseases, technological innovations for home use, and the large geriatric population are major drivers encouraging the growth of the global microfluidic devices market in the region.
APAC is notched for a rapid growth rate owing to introduction of new devices and assays in the region. The large patient pool, rise of medical tourism, and the shift to digitization are growth drivers enabling the use of microfluidic chips in diagnostic devices. Investments in the region and adoption of microfluidic platforms can bode well for the market.
Microfluidic Devices Market Segmentation
The global microfluidic devices market is segmented by industry, material, and application.
By industry, the global microfluidic devices market caters to medical devices, pharmaceutical, in-vitro diagnostics, and others. The pharmaceutical segment is further branched down into micro-reactors for drug synthesis, chips for lab analytics, and accurate dispensing devices. Similarly, medical devices comprise micro-needles, micro-pumps and dispensing system, inhalers, and others. Among industries, the in-vitro diagnostics segment held a share of 50.6% in 2018. The vast market share of in-vitro diagnostics can be credited to rising demand for early diagnosis of preventable health problems. IVD tests are carried out outside the human body in an artificial environment by using samples such as blood, saliva, and tissue for analysis.
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Materials in the market are silicon, polymer, glass, and others. The polymer segment accounts for a significant share in the global microfluidic devices market, by the material. Polymers have gained the maximum market share owing to low manufacturing costs in comparison to silicon and glass. Polymethyl methacrylate, Polystyrene, polyvinyl chloride, and others are some of the polymers used in the prototyping of microfluidic devices.
Major applications of the global microfluidic devices market encompass analytical devices, pharmaceutical and life science research, clinical and veterinary diagnostics, point of care diagnostics, drug delivery, environmental and industrial, and others.
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NOTE: Our team of researchers are studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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Akash Anand
Market Research Future
+1 646 845 9312
Email: sales@marketresearchfuture.com
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), & Consulting Services. MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients.
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