Microfluidic Devices Market is Expected to Grow at a Healthy CAGR of Over 17.20% During The Forecast Period

Pune, India, 2022 /MRFR Press Release/- Market research future published a cooked research report on global microfluidic devices market. 

Microfluidic Devices Market Highlights

The Microfluidic Devices Market Size will rake USD 1,820.0 Million in revenues while expanding with an 17.20% CAGR in the 2022-2030. These devices can carry out reaction and detection at lower cost and with better efficiency. Thus, the demand for these devices has increased from the pharmaceutical industry. Additionally, overall market has been experiencing development due to recent product invention, and partnerships and mergers by various industries. 

Biological and medical fields are leading the market growth owing to high demand from these sectors. The global market is expected to witness rapid growing due to wider applications in the field of pharmaceutical industry, medical device industry, and in-vitro diagnostic industry. Furthermore, increasing awareness regarding the importance of controlled drug delivery is likely to add fuel to the global microfluidic devices market growth.

Various materials are used to make microfluidic devices such as glass, polymer, ceramics, and silicon. The fabrication techniques for silicon and glass microfluidic devices are improving, making them demanding materials for manufacturing devices.  The devices are improving with improved fabrication techniques used for the manufacturing of silicon and glass microfluidic devices. Therefore, it is providing opportunities to new entrants to come up with innovating idea, which, in turn, is likely to boost the demand for the devices.

However, stringent regulatory norms imposed by the governments of various countries may slow the growth of market. Since these regulations are imposed to consistently deliver quality medical devices, it has become difficult to operate the viable business models. Moreover, some geometrical and surface chemistry issues are some of the major challenges occur during the construction of a microfluidic device such as larger capillary forces, possible evaporation. 

Browse In-depth Market Details [Table of Content, List of Figures, List of Tables] of Microfluidic Devices Market Research Report

Regional Analysis

The global microfluidic devices market is segmented into North America, Europe, and Asia Pacific.

North America was leading market player across the globe in 2016 and is expected to reach USD 4.88 billion by the end of the forecasted period.

Europe is the second largest region in the global microfluidic devices market, which is expected to grow at a CAGR of 22.8%.

Asia Pacific region is expected to be the fastest growing region in the global microfluidic devices market.

Segmentation

Microfluidic devices market has been segmented on the basis of industry, which comprises of in-vitro diagnostics, pharmaceutical, medical devices. On basis of the materials, market is segmented into polymer, glass, silicon. On the basis of the application, the market is segmented into clinical, and veterinary diagnostics, point of care, analytical devices, drug delivery, environmental, and industrial applications. On the basis of geographic region, the microfluidic devices market is segmented into three key regions: North America, Europe, and Asia. 

Major Players in the Microfluidic Devices Market

Some of the major participants of this market are Abbott, Agilent technologies, Inc, Bio-Rad Laboratories, Inc., Cepheid, Dolomite Centre, F. Hoffmann-La Roche AG, Fluidigm Corporation, Micronit microfluidics, Raindance Technologies, Inc, Siemens Healthcare GmbH and others.