Global Microfluidic Device Market is Expected to Reach USD 5,246.4 Million in 2019: Transparency Market Research
(PRWEB) August 21, 2014
According to a new market report published by Transparency Market Research "Global Microfluidic Device System Market- Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019," the global microfluidic device market was valued at USD 1,531.2 million in 2013 and is expected to grow at a CAGR of 22.8% from 2013 to 2019, to reach an estimated value of USD 5,246.4 million in 2019.
Globally, the microfluidic device market is witnessing significant growth due to increasing R&D investment in pharmaceuticals, life science and rising point of care testing demand. New trends in healthcare, such as healthcare at home, supports point of care testing (POCT) as the most efficient and effective delivery of healthcare. Miniaturization also reduces the cost for screening compounds in pharmaceutical companies for cell biology problems. In addition, microfluidic proteomic devices are increasingly being used to quantify and identify proteins and to study interactions of different proteins with reagent in array. The global microfluidic device market was valued at USD 1,531.2 million in 2013. It is likely to grow at a CAGR of 22.8% during 2013 to 2019 to reach USD 5,246.4 million in 2019.
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In North America, rising aging population, increasing health awareness, rising chronic and lifestyle diseases, technological developments for various home use applications, and proper insurance coverage are driving the use of microfluidic devices in the market. According to European Federation of Pharmaceutical Industries and Associations, in 2012, the North American pharmaceutical market accounted for about 41% share of the total pharmaceutical market.
In Europe, the microfluidic device market is driven by rising diagnostic requirements due to increasing lifestyle associated diseases, aging population and improving healthcare infrastructure. On the other hand, increasing healthcare cost has shifted the focus of healthcare from hospitals to home, which would increase the use of microfluidic devices in the region.
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However, Asia is becoming one of the most attractive markets for medical device companies. The growth for microfluidic devices is much faster than developed countries due to widening health insurance penetration and up-gradation of health care systems.
Roche Diagnostics, Abbott Laboratories, Siemens Healthcare, Agilent Technologies, Bio-Rad Laboratories, Fluidigm Corporation, Johnson & Johnson, Becton, Dickinson and Company, and others are the major players of microfluidic device market.
The microfluidic device market is segmented as follows:
Microfluidic Device Market, By Material
Microfluidic Device Market, By Industry
- In-vitro diagnostics
- Medical devices
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Microfluidic Device Market, By Application
- Clinical and veterinary diagnostics
- Point of care testing
- Pharmaceutical and life science research
- Drug delivery
- Analytical devices
- Environment and industrial
Membrane Technology Market, by Geography
- North America
- Rest of the World (Row)
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