Microfluidics Device Market: Drivers, Restraints, Opportunities, and Threats (2020-2027)


Posted July 15, 2021 by deppgaikwad

Market Research Future Adds The “Microfluidics Device Market Research Report–Forecast Till 2027” Report To Their Unique Collection.

 
A microfluidic device is a well-accepted technology and has several applications. The technology allows integration of many medical tests on a single chip. It has become an essential technology for integration, industrialization, miniaturization and parallelization of various tests in the fields of diagnostics, drug development and biological research. The technology also helps in reducing the side effects and improving the efficacy of treatment. New microfluidic methods are used for evaluating drugs and manipulating cells for the treatment of diseases related to heart and cancer

Globally, the market for microfluidic devices is gaining significant importance due to growing R&D investment in life sciences, pharmaceuticals, increasing point of care testing demand and An increase in point of care testing, as an effective method for delivery of treatment, has also led to increase in the demand for microfluidic devices in the global market

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Some other factors driving the microfluidic devices market are rise in the commercial and analytical application of these devices and use of microfluidic products for miniaturization of chip.

Moreover some of the challenges faced by the market are adherence to stringent regulatory requirements to decelerate growth and geometrical and surface chemistry issues.

The use of microfluidic devices has been gaining importance into recent classification of research areas that target integration of laboratory protocols into miniaturized devices known as lab on chip.

This process includes many steps such as mixing, pre-treatment, reaction, separation, and pre-concentration. These processes help to reduce the cost and consume less reagent/sample, which is further helpful in various medical diagnosis with the help of blood drop. The miniaturization technique is expected to drive the microfluidic devices market, as this technique helps to reduce the overall cost of screening the compounds for cell biology problems by the pharmaceutical companies. Also the miniaturization technique helps in the reduction of analysis time and carry parallel assay in microfluidic devices, which is further expected to support the growth of this market.

Competitive Analysis:

Hoffmann-la Roche AG, Abbott laboratories, Siemens healthcare GMBH, Agilent technologies, Inc., Fluidigm corporation, bio-rad laboratories, ink, Cepheid, Raindance technologies, Inc., Dolomite centre, Micronit microfluidics, Johnson & Johnson, Becton, Dickinson and Company, These are some of the prominent players at the forefront of competition in the Global Microfluidic Devices Market.

Global Microfluidics Device Regional Analysis:

North America is the largest market for microfluidic devices, with factors such as growing old age population, increasing healthcare awareness, rising chronic and lifestyle diseases, technological developments for various home use applications and wider insurance infrastructure facilities driving the growth of microfluidic devices. With the rise in overall healthcare expenditure, the use of these devices has increased, since these devices provide accurate, reliable and quick results for early detection and prevention of diseases.

Due to its early introduction and wider applications in industries, use of microfluidic devices is high in North America as compared to other geographies. According to the European Federation of Pharmaceutical Industries and Associations, in 2014, the North American pharmaceutical market accounted for about 41.0% share of the global pharmaceutical market. High research and development expenditures in new drug lead to increase in the demand for various microfluidic devices for toxicity testing in the drug development process.

The European market for microfluidic devices is driven by increasing diagnostic requirements, due to rise in lifestyle associated diseases and increasing geriatric population. On the other hand, the increasing healthcare expenditure in the region has led to a shift in the focus of healthcare from hospitals to home, leading to increased use of microfluidic devices in the region.

According to the European Federation of Pharmaceutical Industries and Associations, R&D investment in Europe was about $40.2 billion, which lead to increased production of drugs in pipeline. The use of microfluidic devices is also expected to increase microreactors in drug synthesis and toxicity testing in drug development.

There are various regulatory issues related to microfluidic devices used for pharmaceutical research, point of care testing and clinical and veterinary diagnosis. The European Medical Devices Directives regulates the laws on performance and safety of the medical devices

In Asia, there has been an overall increase in the clinical outcomes and patient requirement, due to availability of specific and sensitive diagnostic tests, along with technologically advanced medical equipment and devices. At the back of this trend, Asia has become an attractive market for medical device companies.

Lately, China has become has come up as one of the fastest growing markets for microfluidics in Asia due to increased government funding and improving healthcare facilities.

Asian countries have different regulatory bodies for medical devices. In Japan, the Ministry of Health Labour and Welfare (MHLW) is responsible for the Japanese Pharmaceutical Affairs Law (JPAL) and regulates all medical devices manufactured or sold. Similarly in China, the State Food and Drug Administration (SFDA) is under the State Council, and is responsible for the supervision of the safety management of food, cosmetics and health food.

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Last Updated July 15, 2021