April 24, 2024

Microfluidic Market Is Expected To Be Flourished By Increasing Demand For Point-Of-Care Diagnostics

Microfluidics refers to the manipulation of fluids through channels with dimensions of tens to hundreds of micrometers. Microfluidics has emerged as an enabling platform for biological analysis, chemical synthesis, and medical diagnostics. It enables the precise control and manipulation of fluids at micro- and nano-liter scale. Microfluidic technology is revolutionizing applications like genomic analysis, proteomics, pathology, analytical chemistry, and drug discovery. It enables efficient integration of various laboratory procedures in miniaturized structures known as “labs-on-chips” or “micro total analysis systems.” Microfluidic technology has found wide applications in point-of-care diagnostics, portable DNA/protein analyzer, automated drug testing, and implantable medical devices.

The global Microfluidic Market is estimated to be valued at Us$ 22.3 Bn in 2024 and is expected to exhibit a CAGR Of 4.0% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

 

One of the key drivers for the microfluidic market is the increasing demand for point-of-care diagnostics. Point-of-care testing enables medical professionals to perform diagnostic testing nearer to the patient with quick turnaround time. Microfluidic technology enables development of portable and handheld devices for performing various diagnostic tests outside the conventional laboratory settings. The shrinking size of devices and automation enables testing to be performed in non-laboratory settings such as emergency rooms, physicians’ offices, ambulances, homes, and even disaster sites. This not only provides convenience to patients but also leads to faster medical intervention. The ability to provide instant diagnostic results is driving the adoption of point-of-care testing devices based on microfluidic technology. Moreover, the demand for point-of-care testing witnessed a surge during the COVID-19 pandemic as microfluidic-based devices enabled mass-scale screening and testing.

Segment Analysis

The global microfluidic market can be segmented based on material, application, end-use industry and geography. Based on material, the market is segmented into polymer, glass, silicon and others. Among these, the polymer segment dominated the market in 2022 and is expected to continue its dominance during the forecast period. Polymer materials such as PDMS provides advantages like low cost, optical transparency and easy production which has increased its adoption in microfluidic applications.

PEST Analysis

Political: Governments across the globe are supporting the R&D activities in microfluidics by providing funding. For instance, European Union has allocated funds for microfluidic projects under Horizon 2020 program.

Economic: The growing biotechnology and healthcare industries globally is driving the demand for microfluidic technologies. Companies are also investing in developing affordable point-of-care devices using microfluidics.

Social: The rising awareness about early disease diagnosis and increasing adoption of personalized medicine has increased the demand for portable microfluidic devices for home healthcare and on-field applications.

Technological: Continuous technological advancements are expanding the scope of microfluidic applications. Researchers are developing 3D microfluidic chips, paper-based microfluidic devices and molecular diagnostics on a chip using microfluidics.

Key Takeaways

The Global Microfluidic Market Demand is expected to witness high growth during the forecast period due to increasing R&D in healthcare and growing demand for point-of-care testing. The global microfluidic market is estimated to be valued at US$ 22.3 Bn in 2024 and is expected to exhibit a CAGR of 4.0% over the forecast period 2023 to 2030.

Regional analysis:

North America dominated the global microfluidic market in 2022 led by presence of key players and increasing initiatives for development of personalized medicine and molecular diagnostics in the region. Asia Pacific is expected to witness fastest growth during the forecast period due to expanding healthcare facilities, rising biomedical research and growing investments by regional governments to develop technologies.

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. The market players are focusing on new product launches, partnerships and acquisitions to strengthen their market position and expand business opportunities. For instance, in 2024, Adidas AG partnered with Borosil to develop innovative microfluidic shoe insoles for enhanced comfort.

Key players are focusing on research and development activities to expand application areas of microfluidics. Milton recently launched a portable microfluidic-based glucose monitoring system for home use.

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