Microfluidic Devices Market Set for Massive Expansion in Future

The global microfluidic devices market is predicted to grow explosively in the coming years, as per the estimates of the market research firm, P&S Intelligence. The growing requirement for point-of-care testing products and the soaring research activities being performed in the domains of proteomics and genomics are the prominent factors fueling the advancement of the market across the world. In addition to this, the surging research and development (R&D) expenditure in several countries is driving the progress of the market.

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Rapid technological advancements and innovations are massively boosting the growth of the market around the world. Microfluidic devices are made from a diverse range of materials such as glass, silicon, ceramics, and polymer. With rapid improvements being made in the fabrication procedures for glass and silicon materials, these substances are becoming highly suitable for manufacturing medical devices. Moreover, extensive research being performed in the domain of microfluidics is augmenting the popularity of medical equipment made from polymeric materials.

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Globally, the market is currently exhibiting the highest growth in North America. This is credited to the rising incidence of chronic diseases, the surging geriatric population, the provision of favorable reimbursement policies, and rapid technological advancements. In the coming years, the market is predicted to register the highest CAGR in Europe, because of the burgeoning requirement for diagnostic devices and the presence of quickly improving healthcare and medical treatment facilities in the region.

One of the major trends currently being witnessed in the microfluidic devices market is the increasing partnerships and collaborations being announced between companies that are operating in the domains of manufacturing, distribution, or research of microfluidic devices. These collaborations are being announced to facilitate the development of advanced devices and the alteration or modification of the already-existing ones. For example, Northwestern University announced collaboration with the Seattle Mariners, Shirley Ryan AbilityLab, and Gatorade in February 2018.

Thus, it can be said with certainty that due to the increasing research and development activities in microfluidics and microfluidic devices and rapid technological advancements in healthcare, the market will grow sharply in the coming years.

About P&S Intelligence

P&S Intelligence provides market research and consulting services to a vast array of industries across the world. As an enterprising research and consulting company, P&S believes in providing thorough insights on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness. P&S keeps the interest of its clients at heart, which is why the insights we provide are both honest and accurate. Our long list of satisfied clients includes entry-level firms as well as multi-million-dollar businesses and government agencies.

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This release was published on openPR.