Global Microfluidic Devices Market Scenario:
Microfluidics devices include micro volume manipulation of fluids typically in the sub-millimeter scale, with precision control. Microfluidics devices are a multidisciplinary field intersecting engineering, physics, chemistry, nanotechnology, and others. The microfluidic devices market is anticipated to generate $13.24 billion with a CAGR growth of 19.7% during the forecast period of 2016 to 2024.
Microfluidic Devices Market Segmentation:
Industry – in-vitro diagnostics, pharmaceutical, medical devices. In-vitro diagnostics industry accounts for the largest share of 50.6% of the market by industry. Medical Devices is the fastest growing segment, which is expected to generate CAGR rate of 20.1% from 2016-2024
Materials – polymer, glass, silicon.
Application – clinical and veterinary diagnostics, point of care, analytical devices, drug delivery, environmental and industrial applications. Chips for lab analytics accounted for the largest market share.
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April 2014 – Roche acquired IQuum for USD 275 million upfront and USD 175 million in contingent product liabilities, which is poised to strengthen its offerings in molecular diagnostics microfluidic devices. Roche marks the entry in point of care molecular diagnostics devices.
January, 2014 – bioMérieux, acquired BioFire Diagnostics Inc., maker of automated PCR molecular biology systems.
Nov, 2016 – Danaher Corporation acquired Cepheid.
Jun 30, 2016 – Luminex Corporation acquired Nanosphere, Inc.
Inorganic growth – market players are using mergers and acquisitions to acquire proprietary technology needed for the intellectual property intensive microfluidic devices market said Mr. Suhail Noolkar, researcher at Market Research Future. He further expects the trend to continue even if it leads to a brief increase in debts as many major players have witnessed strong growth in this sector.
Customization – Mr. Suhail Noolkar further adds that long term strategic relationship will be the new default as the market represents low volume high value structure. Thus customization is a trend players can ill afford to avoid!
Key Players for Global Microfluidic Devices Market:
Some of the major players in this market are: Bio-Rad Laboratories, Inc., F. Hoffmann-La Roche AG, Abbott, Raindance Technologies, Inc, Agilent technologies, Inc, Cepheid, Siemens Healthcare GmbH, Dolomite Centre, Fluidigm Corporation, Micronit microfluidics, and others.
Increasing applications with characteristic low fluids volumes manipulation, multiplexing, such as biotechnology, drug discovery, chemical analysis and others are chief drivers of the market. Growing adoption of automation, high-throughput screening, and other in laboratory and manufacturing is another driver of the market. Growing R&D investment in life sciences, pharmaceuticals, and point of care testing are demand led drivers of the market. Technical advantages over conventionally sized systems such as parameter control, automation, multitasking such as processing as well as analyzing, are also driving the demand especially in research.
High cost of devices, operating issues such as proprietary technology resulting in high switching costs, and others are constraining the market. Regulatory challenges, and operational issues such as high pressure requirements, rupture and leakages, clogging and low robustness to impurities sensitivity and geometrical problem in construction and resource intensive maintenance are other strong restraints on the market.
North America is the largest market for microfluidic devices in 2015 with the U.S. clearly in the lead position. The faster uptake of technology, large biotech industry of the U.S., presence of large global players, growing prevalence of infectious diseases which is propelling the molecular diagnostics industry and other factors are driving the U.S. market.
Europe is the second-largest market as well as the second fastest growing region during the forecasted period led by Germany, U.K. and France. Asia is expected to be the fastest growing region with a CAGR of 22.8% during the forecast period of 2016 to 2024. Asia Pacific region is expected to be led by Japan followed by China, South Korea and India.
The Middle East and Africa market is expected generate slower growth on account of poor biotech and pharmaceutical industry and low demand due to poor socio-economic conditions.
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