Microfluidic Devices Market Insightful Review of The Key Industry Trends, and Growth Opportunities

ALISO VIEJO, Calif. - Feb. 24, 2020 - PRLog -- The market of microfluidic devices is gaining significant importance due to growing R&D investment in life sciences, pharmaceuticals, and increasing point of care testing demand. The global market for microfluidic devices (http://bit.ly/321DbAx) is expected to grow at a CAGR of 23.0% during the period 2015 to 2020 to reach $6,471 million by 2020. The factors driving the growth of microfluidic devices market are increase in demand for point of care testing products, rise in the commercial and analytical applications of these devices, and use of microfluidic products for miniaturization of chip.

On the basis of application, point of care testing (POCT) is by far the fastest growing application area of microfluidic devices. The growth of application of microfluidic devices in POCT is expected to witness a CAGR of 28.2% during the period 2015 to 2020, to reach $1.8 billion in 2020. An increase in point of care testing, as an effective method for delivery of treatment, has also led to increase in demand for the microfluidic devices in the global market. Diagnostic companies are getting access to microfluidic based technologies through acquisitions, as it reduces the technology development risk and increases the reactivity.

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In terms of material, the polymer had the largest share in the global microfluidic devices market, and it is expected to grow at the highest CAGR among all the materials during the forecast period. Polymer is an attractive alternative to glass and silicon, as it has faster fabrication process and is comparatively cheaper. Polymer has also become the most preferred substrate for POCT applications, and has several advantages like oxygen permeability, gas permeability, nontoxic and optical transparency.

The major companies operating in the microfluidic devices market include Abbott Laboratories, Agilent Technologies, Becton, Dickinson and Company, Bio-Rad Laboratories, Inc. Cepheid, Dolomite Centre, F. Hoffmann-La Roche, Fluidigm Corporation, Johnson & Johnson, Micronit Microfluidics, RainDance Technologies, Inc., and Siemens Healthcare, Inc.