Global Microfluidic Device System Market: Description
The rising use of microfluidic devices in genomics and proteomics, miniaturization of chips, and point of care testing has been creating lucrative prospects for the global microfluidic device system market. Regionally, the market has been witnessing robust growth in North America. However, in the forthcoming years, the market in Asia Pacific is expected to gain a higher traction. Driven by the strong demand across pharmaceutical and medical devices sector, the future of the global microfluidic device system market seems quite promising.
The market is poised to witness lucrative opportunities in the forthcoming years. Transparency Market Research’s (TMR) report on the global microfluidic device system market presents in-depth insights into the factors influencing the market’s growth trajectory between 2013 and 2019. For the purpose of the study, the global microfluidic market has been segmented in terms of materials, application, industry, and geography. Based on geography, the market constitutes Asia Pacific, North America, Europe, and Rest of the World.
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Global Microfluidic Device System Market: Overview
As per TMR, the global microfluidic device system market is poised to exhibit a CAGR of 22.8% between 2013 and 2019. The market was valued at US$1.53 bn in 2013 and is expected to reach US$5.24 bn by the end of 2019. The market is significantly gaining from the increasing investment in R&D activities in life science, pharmaceuticals, and point of care testing.
Novel trends in healthcare such as the growing preference for home healthcare are supporting the growth of the point of care testing (POCT) as the most efficient mode of delivery in the healthcare industry. In the last few years, the microfluidic technique has evolved as a new segment of research areas focusing on the integration of laboratory protocols into miniaturized devices. This, combined with various advantages offered such as improved efficacy and test speed and reduced reagent consumption, has been creating lucrative opportunities for the microfluidic device system market.
Conversely, stringent regulations for global affiliations of medical devices are limiting the market’s trajectory to an extent. Besides this, the companies within the market also require to address various geometrical and chemistry related issues to benefit from a sustainable growth.
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