The global microfluidic devices market is expected to gain impetus from increasing technological advancements in the biotechnology domain. According to a report by Fortune Business Insights, titled, “Microfluidic Devices Market Size, Share & Industry Analysis, By Device Type (Chips, Sensors, and Others), By Material (Glass, Silicon, PDMS and Others), By Applications (Pharmaceutical & Life Science Research, Diagnosis & Treatment, and Others), By End-user (Diagnostic Centers, Research Institutes, Pharmaceutical and Biotechnology Companies, Healthcare Facilities and Others) and Regional Forecast, 2019-2026,” the market is projected to reach USD 22.65 Billion by 2026, thereby exhibiting a CAGR of 20.5% during the forecast period. However, the global microfluidic devices market size was valued at USD 5.14 Billion in 2018. The report further states that renowned market players are focusing on low-cost materials for manufacturing microfluidic sensors and chips. It would contribute to the market growth in the forthcoming years.
For more information in the analysis of this report, visit: https://www.fortunebusinessinsights.com/industry-reports/microfluidic-devices-market-101098
Fortune Business Insights profiles some of the renowned companies operating in the global microfluidic devices market. They are as follows:
Blacktrace Holdings Ltd. (Dolomite Microfluidic)
Other prominent players
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Schott AG Acquires MINIFAB to Develop Top-quality Polymer and Glass Solutions
Schott AG, a company specializing in the production of glass and glass-ceramics, based in Germany, declared that it has completed its acquisition of MINIFAB PTY Ltd., a provider of custom-designed and manufactured microfluidic and medical devices, based in Australia in June 2019. This strategic collaboration will enable both companies to upgrade their portfolios in the diagnostics market. They will be able to provide the products to their existing consumers as well as serve new consumers effectively in the upcoming years by developing centers of excellence for glass in Germany and polymer in Australia. MINIFAB is an expert in business development. The combination of Schott’s technology expertise and glass development with MINIFAB’s unique polymer technology will allow consumers to choose from a wide range of products for their specific applications. Overall, key market players are focusing on innovative product launches and strategic acquirements to gain competitive edge and increase microfluidic devices market share in the coming years.
Rising Usage of Microfluidic Devices to Boost Growth of Pharmaceutical and Biotechnology Companies Segment
In terms of end-user, the global microfluidic devices market is grouped into pharmaceutical and biotechnology companies, research institutes, diagnostic centers, and healthcare facilities and others. Out of these, the pharmaceutical and biotechnology companies segment is projected to lead the global market by acquiring the highest revenue in terms of share. It would occur due to the increasing manufacturing and usage of sensors, chips, and other microfluidic devices to offer novel and robust devices to the consumers. However, diagnostic centers and research institutes will also grow rapidly during the forecast period by utilizing microfluidic devices for various applications