June 17, 2024
Microfluidic Market

The Global Microfluidic Market Growth Is Projected To Driven By Rapid Advances In Healthcare

Microfluidics is a multidisciplinary field that involves manipulation of fluids at sub-millimeter scale. Microfluidic chips or devices allow the integration and manipulation of nanoliter to picoliter volumes of fluids in closed polyethylene terephthalate (PET) or glass substrates using microfluidic channels. Microfluidic technology finds application in biomedical research, molecular diagnostics, point-of-care testing, drug discovery and DNA analysis among others. The manipulations include separation, mixing, reactions and detection of molecules of interest in biological samples at microliter or nanoliter scale. The inherent advantages of microfluidics include less sample volume requirement, fast analysis time, portability and automation.

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 key trends:

One of the key trends in the microfluidic market is the advent of 3D printing technologies for fabrication of lab-on-a-chip devices. 3D printing allows rapid prototyping and customized fabrication of microfluidic chips according to specific application requirements. It reduces design constraints and enables production of complex multi-layered microfluidic structures which were previously difficult to fabricate. The other significant trend is the integration of smartphone platforms with microfluidic devices to develop portable point-of-care testing systems. This allows sample-in to result-out analysis on real biological specimens outside centralized laboratories. Several startups are working on smartphone-based molecular diagnostic tests which leverages capabilities of microfluidics.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is low due to the presence of technological and capital barriers. Entering into the microfluidic market requires huge capital investments in R&D and high production costs which pose entry barriers.

Bargaining power of buyers: The bargaining power of buyers is moderate as buyers have low switching costs and a variety of product options available from different manufacturers.

Bargaining power of suppliers: The bargaining power of suppliers is moderate as key raw materials used in microfluidic devices such as polymers, glass, silicone require specialized production processes with limited suppliers.

Threat of new substitutes: The threat of substitutes is low as there are no close substitute products that can perform functions comparable to microfluidic devices.

Competitive rivalry: The competitive rivalry is high due to increasing number of companies focusing on development of advanced microfluidic technologies and intensifying competition.

Key Takeaways

The Global Microfluidic Market Demand  is expected to witness high growth over the forecast period from 2024-2031. 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.

Regional analysis: Asia Pacific region is projected to grow at the highest CAGR during the forecast period. Countries such as China, Japan, and India are witnessing increasing investments from key players into R&D activities related to advanced microfluidic technologies. Growing geriatric population and prevalence of chronic diseases have increased the demand for POC diagnostic devices, driving the regional market growth.

Key players: 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. Companies are investing in development of innovative microfluidic platforms and microfluidic-based diagnostic kits to consolidate their market position. Strategic partnerships and collaborations are also playing a major role in their business expansion plans.

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