The global microfluidic devices market generated revenue of $1.8 billion in 2014 and is expected to advance at a CAGR of 23.0% during the forecast period. Owing to the increasing research and development (R&D) expenditure in the healthcare, life sciences, and pharmaceutical industries, the demand for lab-on-a-chip devices is growing, further playing a pivotal role in the growth of the market. Additionally, expanding applications of microfluidic devices and increasing demand for point-of-care testing equipment are positively affecting the market.
Microfluidic devices are widely used in drug discovery and drug development applications in the biopharmaceutical and pharmaceutical industries. Manufacturers of these devices are, therefore, entering into partnerships and collaborations to develop advanced products for research and diagnostic applications.
Among all applications, point-of-care testing is expected to be the fastest-growing category in the microfluidic devices market, progressing at a CAGR of 28.2% during the forecast period. This can primarily be attributed to the fact that point-of-care microfluidic devices offer advantages such as rapid and precise response, portability, low cost, and non‐requirement of specialized equipment, which encourage their adoption for diagnostic applications.
On the basis of material, polymer is the largest as well as the fastest-growing category in the microfluidic devices market. Polymer is a better alternative to silicon and glass owing to its inexpensive nature and faster fabrication process. Polymer has become an ideal substrate for point-of-care testing applications owing to its nontoxicity, oxygen permeability, optical transparency, and gas permeability.
Geographically, North America leads the microfluidic devices market, on account of the increasing prevalence of chronic diseases, growing geriatric population, favorable reimbursement policies, and technological advancements. However, during the forecast period, the market is expected to witness the fastest growth in Europe. This can be ascribed to the increased demand for diagnostic devices and improving healthcare facilities in the region.
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Major companies operating in the global microfluidic devices market include Abbott Laboratories, Agilent Technologies Inc., Becton, Dickinson and Company, Bio-Rad Laboratories Inc. Cepheid Inc., Dolomite Microfluidics, F. Hoffmann-La Roche AG, Fluidigm Corporation, Johnson & Johnson, Micronit Microfluidics, RainDance Technologies Inc., and Siemens AG.
GLOBAL MICROFLUIDIC DEVICES MARKET SEGMENTATION