Microfluidic Device Market Will Reach $5,246.4 Million in 2019 - Persistence Market Research

New York, NY, September 03, 2014 --(PR.com)-- Persistence Market Research
(http://www.persistencemarketresearch.com/) Released New Market Report “Global Market Study on Microfluidic Devices: Asia to Witness Highest Growth by 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 health care 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. Different materials such as glass, silicon, polymer metal and ceramics, are used to manufacture microfluidic devices. 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.

Browse the full report Global Market Study on Microfluidic Devices: Asia to Witness Highest Growth by 2019 at http://www.persistencemarketresearch.com/market-research/microfluidic-devices-market.asp

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. Usage of microfluidic technology in North America is high compared to other regions of the world due to its early adoption and multiple applications in different industries.

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 costs has shifted the focus of healthcare from hospitals to home, which would increase the use of microfluidic devices in the region.

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. Asia is one of the producers of generic drugs, which require microfluidic devices for toxicity testing of drugs.

Roche Diagnostics, Abbott Laboratories, Siemens Healthcare, Agilent Technologies, Bio-Rad Laboratories, Inc, Fluidigm Corporation and Johnson & Johnson are some of the major players of microfluidic device market.

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The microfluidic device market is segmented as follows:

Microfluidic Device Market, By Material

Glass

Polymer

Silicon

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

Microfluidic Device Market, By Industry

In-vitro diagnostics

Pharmaceuticals

Medical devices

Microfluidic Device Market, by Geography
North America

U.S.

Canada

Europe

Germany

France

Italy

Spain

U.K.

Belgium

Netherlands

Switzerland

Asia

Japan

China

India

Rest of the World (Row)

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