Microfluidic Devices Market to grow at a CAGR of 22.8% by 2019
Microfluidics is an evolving scientific field with numerous analytical applications and commercial potential. It has several applications in the field of medicine, cell biology research and protein crystallization. Thus, microfluidic technology is an important tool to reduce side effects and improve the efficacy of treatments. 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. Additionally, the microfluidic technique has evolved into a new classification of research areas, targeting integration of laboratory protocols into miniaturized devices called lab on chip. Miniaturization reduces the cost for screening compounds in pharmaceutical companies for cell biology problems.
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Microfluidic devices offer various advantages for genomics including improved test speed, reduced reagent consumption and efficacy. 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.
North America has the largest share in the global microfluidic device market. In-vitro diagnostics is the largest industry, and clinical and veterinary diagnostics is the largest application of microfluidic device market. In terms of growth, Asia is the fastest growing region, medical devices are the fastest growing industry and point of care testing is the fastest growing application of microfluidic devices.
North America was valued at USD 644.5 million in 2013 and is expected to reach USD 2,095.5 million in 2019, growing at a CAGR of 21.7% from 2013 to 2019.
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Point of care testing in the global microfluidic device market was valued at USD 316.7 million in 2013 and is expected to reach USD 1,412.1 million in 2019, growing at a CAGR of 28.3% from 2013 to 2019.