May 18, 2024
Microfluidic Market

Microfluidic Market is expected to be Flourished by Growing Biomedical Applications

Microfluidics involves the manipulation of small volumes of fluids and focuses on the behavior and characteristics of fluids at micro and nano scales. Microfluidic technology has wide applications in biomedical research, point-of-care testing, and industrial manufacturing. Microfluidic devices allow biochemical assays with minute samples and reagents, reducing cost and shortening analysis time. Application of microfluidics in genomics and proteomics research helps accelerate discovery process for drug development and disease diagnosis. On-chip integration of several laboratory functions has enabled development of lab-on-a-chip devices for pathogens detection, protein analysis, and cell sorting.

The global microfluidic market is estimated to be valued at US$ 25.69 Mn in 2024 and is expected to exhibit a CAGR of 4.0% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

One of the key drivers for the growth of global microfluidic market expected to be the growing adoption of lab-on-a-chip technology for biomedical applications. Lab-on-chip integrated several laboratory functions on a single micro chip allowing automation of processes like DNA sequencing, drug discovery and screening. This has resulted in reduced analysis time, cost savings and miniaturization of equipment. Another factor fueling the demand is extensive research in the field of microfluidic to develop innovative applications like organs-on-chips. Organs-on-chips are microfluidic devices that mimic human physiology to study drug toxicity and disease progression. They help replace animal testing models. With increasing R&D investments, newer applications are expected to emerge, accelerating revenue generation in the microfluidic market during the forecast period.

Segment Analysis

The global microfluidic market is dominated by the medical/healthcare and laboratory sub-segments. The medical/healthcare sub-segment accounts for over 50% of the market share as microfluidic chips are widely used in disease diagnostics, drug discovery, point-of-care testing and other medical applications. They allow analyzing small volume of sample and reagents, which is ideal for studies related to health monitoring. The technological advancements have increased usage of microfluidic devices for organ-on-chips and other disease modeling research in the healthcare industry.

PEST Analysis

Political: Regulations regarding use of microfluidics in medical/healthcare applications are becoming more stringent. This pushes companies to improve safety and efficacy of their products according to new guidelines.
Economic: Developing countries are witnessing higher economic growth which is increasing their healthcare spending. This is expanding the customer base for microfluidic companies in emerging markets.
Social: Rising health awareness among general public is driving demand for point-of-care testing and home care diagnostics. Microfluidics enables developing portable and easy-to-use diagnostic devices.
Technological: Continuous research and development is leading to improved microchip designs, rapid prototyping techniques, and usage of new materials in microfluidic platforms. Integration of microfluidics with 3D printing and IoT is enhancing functionalities.

Key Takeaways

The Global Microfluidic Market Growth  is expected to witness high over the forecast period supported by factors such as increasing R&D spending in life science industry, technological innovations and developing healthcare infrastructure across regions. The global microfluidic market is estimated to be valued at US$ 25.69 Mn in 2024 and is expected to exhibit a CAGR of 4.0% over the forecast period 2024 to 2031.

From a regional perspective, Asia Pacific region is projected to be the fastest growing market for microfluidics during the forecast period. The growth can be attributed to expanding pharmaceutical and biotechnology industries, rising medical tourism and growing healthcare expenditure in large economies like China and India.

Some of the leading players operating in the microfluidic market include Nike, Adidas AG, Borosil, Milton and H2O International SA. The key players are focusing on new product launches, partnerships, mergers and acquisitions to strengthen their geographical presence. For instance, Nike launched sustainable urban shoes made from microfluidic technology that enables water circulation for cooling. Adidas AG collaborated with Silicon Valley startup Anthropic to develop shoe designs using microfluidics and robotics.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it