July 25, 2024
Microfluidic Market

Microfluidic Market Is Projected To Driven By Advancement In Material Sciences

Microfluidic technology has gained significant traction over the past few years in several industrial and medical applications. Microfluidic devices are miniaturized systems that manipulate and process small volumes of fluids using fabricated channels on microscale dimensions. They are ideal for applications requiring precise control and manipulation of fluids on micro-liter or even pico-liter scales. Research and development in materials sciences have brought innovations in substrates for microfluidic platforms. Glass, silicon and polymers like PDMS are commonly used materials for manufacturing microfluidic devices. The versatility of polymers allow fabrication of complex three-dimensional designs with geometries that are difficult to produce with glass or silicon. In addition, polymers are inexpensive with advantages like optical transparency, permeability to gases, and flexibility. These properties facilitate rapid prototyping and mass production of microfluidic chips.

The global Microfluidic Market is estimated to be valued at US$ 22.3 Bn in 2023 and is expected to exhibit a CAGR of 4.0% over the forecast period 2023 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Key Trends:

One of the key trends in the microfluidic market is the increasing adoption of 3D printing technology for device fabrication. 3D printing offers high design flexibility and ability to produce complicated 3D structures with micro-scale features. It enables rapid prototyping and customization of devices according to specific experimental requirements with reduced development time. Materials such as polymers, silicones and wax that are compatible with 3D printing are being explored for microfluidic applications. This is expected to boost the market growth over the forecast period as 3D printed microfluidics gain more penetration in research and industrial settings.

Porter’s Analysis

Threat of new entrants: Low economies of scale and investment requirements in technology act as entry barriers for new players in the microfluidic market.

Bargaining power of buyers: Buyers have moderate bargaining power owing to the presence of several established players offering microfluidic technologies and devices.

Bargaining power of suppliers: Suppliers have low bargaining power due to availability of alternative raw material suppliers in the market.

Threat of new substitutes: Limited threat of substitution exists as microfluidic technologies offer unique features that cannot be replicated by alternative techniques.

Competitive rivalry: The global microfluidic market is fragmented in nature with the presence of several international and regional players offering similar technologies.

Key Takeaways

The Global Microfluidic Market Size is expected to witness high growth over the forecast period driven by increasing demand for lab-on-a-chip devices across various industries. The global Microfluidic Market is estimated to be valued at US$ 22.3 Bn in 2023 and is expected to exhibit a CAGR of 4.0% over the forecast period 2023 to 2031.

North America dominated the microfluidic market in 2023 owing to presence of key players and significant R&D investments in the region. Europe is also projected to witness significant growth rates during the forecast period.

Key players operating in the microfluidic market are Nike, Adidas AG, Borosil, Milton, H2O International SA., shanghai Atlantis Industry Co. Ltd, SIGG Switzerland Bottles AG, Decathlon S.A., Puma SE, and Camlin Kokuyo. Regional analysis The Asia Pacific region is expected to witness fastest growth in the microfluidic market during the forecast period. Rising healthcare expenditure along with growing biotechnology and pharmaceutical industries in countries like China and India are projected to drive the demand for microfluidic technologies in the region.

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