Press release
North America Is Expected to Witness the Fastest Growth in Microfluidic Devices Market
The factors driving the growth of microfluidic devices market are increase in demand for point of care testing products, rise in the commercial and analytical applications of these devices, and use of microfluidic products for miniaturization of chip.
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Continuous innovations in microfluidic devices have led to transformation of drug discovery and development, gene expression analysis and genotyping in the pharmaceutical and biopharmaceutical industry. Microfluidic device companies are entering in collaborations and partnerships to build innovative approaches, offering advanced tools for diagnostics and research. But regulatory issues act as hindrance in the development of microfluidic devices market. Apart from regulatory challenges, the market also confronts issues from surface chemistry and geometrical problem during manufacturing process.
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At present, North America dominates the global microfluidic devices market, driven by factors such as growing geriatric population, increasing health and wellness awareness, rising occurrence of chronic and lifestyle ailments, informed insurance options and various technological developments suited for varied applications. Asia-Pacific is expected to emerge as an attractive market for the companies manufacturing medical devices. In Europe, the microfluidic devices market is driven by increased diagnostic requirements, attributed to rising diseases and lifestyle changes, aging population and improving healthcare facilities. The European microfluidic devices market is expected to report the highest CAGR during 2015 to 2020 among all the regions; whereas, North America will remain the largest market in 2020.
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The major companies operating in the microfluidic devices market include Abbott Laboratories, Agilent Technologies, Becton, Dickinson and Company, Bio-Rad Laboratories, Inc. Cepheid, Dolomite Centre, F. Hoffmann-La Roche, Fluidigm Corporation, Johnson & Johnson, Micronit Microfluidics, RainDance Technologies, Inc., and Siemens Healthcare, Inc.
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