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 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.

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Continuous innovations in microfluidic devices have led to transformation of drug discovery and development, gene expression analysis and genotyping in the pharmaceutical and biopharmaceutical industry. Microfluidic device companies are entering in collaborations and partnerships to build innovative approaches, offering advanced tools for diagnostics and research. But regulatory issues act as hindrance in the development of microfluidic devices market. Apart from regulatory challenges, the market also confronts issues from surface chemistry and geometrical problem during manufacturing process.

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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.

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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.

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