Microfluidic Device System Market Expected to Behold a CAGR of 22.8% through 2016 – 2024

There has been a recent release of a new report on the global microfluidic device systems market by Transparency Market Research (TMR). The report suggests that the global microfluidic device market is estimated to grow at a CAGR of 22.8% during the period of 2013 to 2019. The market, which was valued at US$1.5 bn in 2013, will reach US$5.2 bn in 2019.The report, which is titled “Microfluidic Device System Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019,” provides a comprehensive study on the analysis of the microfluidic device market for the period from 2014 to 2019, wherein 2013 is considered as the base year for calculation. The report contains data related to the current market dynamics, trends, market drivers, restraints, and also the strategic developments propelling the global microfluidic device systems market.

The report states that the rising demand for microfluidic devices in proteomics and genomics, point of care testing, and miniaturization of chips are the chief driving forces behind the microfluidic device systems market’s growth. Another factor that could fuel the growth of the microfluidic device systems market is a change in the material mix, which would provide an opportunity to new market entrants. Conversely, strict regulations and standards for global affiliation of medical devices as well as high performance and consistency in quality of the devices are some of the factors limiting the growth of the microfluidic device systems market. Manufacturing issues such as surface chemistry and geometrical issues also account for the challenges faced by the microfluidic device systems market.

The report categorizes the global market for microfluidic device systems chiefly on the basis of four criteria: geography, industry, application, and materials used in the manufacturing process of microfluidic devices.On the basis of application, the market for microfluidic devices is segmented into pharmaceutical and life sciences research, point of care testing, environment and industrial, clinical and veterinary diagnostics, and drug delivery. Of these, the largest segment of the microfluidic devices market is the veterinary and clinical diagnostic application segment.

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Geographically, the microfluidic devices market is segmented into Asia, North America and Europe, wherein North America dominates the global microfluidic devices market, while Asia is a rapidly developing region for the microfluidic devices market.

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