Global Microfluidic Devices Market Report, published by Variant Market Research, forecast that the global market is expected to reach $14.3 Billion by 2024 from $2.8 Billion in 2016, growing at a CAGR of 22.5% from 2016 to 2024. By geography, Asia-Pacific and Europe are expected to grow at a CAGR of 25.2% and 22.1%, respectively, during the forecast period.
"Microfluidic Devices Market (Polymer, Glass, Silicon, and Others; In-Vitro Diagnostics, Pharmaceuticals, Medical Devices; Clinical and Veterinary Diagnostics, Pharmaceutical and Life Science Research, Point of Care Testing, Analytical Devices, Drug Delivery, Environment and Industrial; North America, Europe, Asia-Pacific, and RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2015-2024"
Some of the factors boosting the growth of the global microfluidic devices market includes growing demand for these devices in proteomics and genomics, need for miniaturized chips, rising demand for point of care testing, and need for advanced material mixes. Additionally, market expansion and partnership between major companies for developing advanced devices for various applications would provide several opportunities in the forecast period. Though, difficulty to integrate with current system, strict rules, and standards for global affiliation of medical devices could limit the adoption.
Material type, industry, application, and geography are the major segments considered in the global microfluidic devices market. On the basis of material type, the market is categorized into polymer, glass, silicon, and others. Industry is bifurcated into in-vitro diagnostics, pharmaceuticals, medical devices, and others. Furthermore, application is sub-segmented into clinical and veterinary diagnostics, pharmaceutical and life science research, point of care testing, analytical devices, drug delivery, environment and industrial, and others.
By material type, polymer and glass accounted majority of the share in 2016. In terms of industry, in-vitro diagnostics dominated the segment with largest market share and fastest CAGR. Pharmaceutical and life science research and point of care testing dominated the application segment with maximum market share, while, point of care testing shall attain the fastest CAGR during the forecast period 2016 -2024.
Geographically, global microfluidic devices market is bifurcated into North America, Europe, Asia Pacific, and RoW. Among which, North America and Europe dominated the market with maximum market share in 2016 with 40.4% and 33.3%, respectively. Whereas, in terms of growth, Asia-Pacific is predicted to attain the fastest CAGR, driven by rising health and wellness consciousness, growing prevalence of lifestyle and chronic diseases, and growing technological advancements.
Major market players include Siemens Healthcare GmbH, F. Hoffmann-La Roche AG, Agilent Technologies, Fluidigm Corporation, Bio-Rad Laboratories, Inc., Johnson and Johnson, Abbott Laboratories, Becton, Dickinson and Company, Micronit Microtechnologies B.V., and Akonni Biosystems, among others.