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.

Albany, NY -- (SBWire) -- 04/29/2016 --Microfluidics is an evolving scientific field with numerous analytical applications and commercial potential. Microfluidic devices have several applications in the field of medicine, cell biology research and protein crystallization. Thus, microfluidic technology is an important tool to reduce side effects and improve the efficacy of treatments. It has many applications in other areas such as drug screening, sugar testers, chemical micro reactor, microprocessor cooling and micro fuel cells. Rising demand for point of care testing, miniaturization of chip, and increasing demand for microfluidic devices in genomics and proteomics are the key growth drivers for the microfluidic device market. In addition, change in material mix would provide opportunity for new market entrants, which would further drive the growth of the microfluidic device market.

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On the other hand, strict regulatory requirements are a major concern for the industry. Safety, performance and consistent quality of medical devices are a necessity for public health. Thus, it leads to strict and complex regulations and standards for global affiliation of medical devices. In addition, major challenges faced by the microfluidic devices industry are the geometrical and surface chemistry issues during manufacturing of a device.

This report provides an in-depth analysis of estimation of the microfluidic device market for the period 2014-2019, considering 2013 as the base year for calculation. In addition, data pertaining to current market dynamics including market drivers, restraints, trends and strategic developments has been provided in the report. The microfluidic device market is categorized on the basis of material used for manufacturing microfluidic devices, industry, application and geography. Based on industry, the microfluidic device market comprises in-vitro diagnostics, pharmaceuticals and medical devices. The application market comprises point of care testing, analytical devices, pharmaceutical and life science research, clinical and veterinary diagnostics, drug delivery and environment and industry.

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In the geographical analysis, the report identifies and analyses market size and forecast of North America, Europe, Asia and Rest of the World (Row). Some of the major players in the microfluidic device market are Roche Diagnostics, Abbott Laboratories, Siemens Healthcare, Agilent Technologies, Bio-Rad Laboratories, Fluidigm Corporation, Johnson & Johnson, Becton Dickinson and Company, and others. These key market players have been profiled on the basis of attributes such as company overview, recent developments, growth strategies, sustainability, and financial overview.

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