Rising demand for point-of-care diagnostics drives market growth. Point-of-care testing allows for diagnostic tests to be done anywhere outside of a centralized laboratory. Increasing adoption of microfluidic technology in various applications also drives market growth. Microfluidic technology enables the development of portable, low-cost, and rapid point-of-care testing device. This technology integrates multiple process steps onto a single microchip. Increasing demand from various end-use industries such as healthcare, chemicals, and electronics is also expected to boost the market growth.
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Market Trends
There is a growing demand for miniature, portable, and easy-to-use medical devices. Microfluidic technology enables miniaturization of medical devices without compromising on their functionality. It allows for developing highly integrated micro total analysis systems on a single microchip. This trend of miniaturization is expected to drive the demand for microfluidic technology in the coming years.
Traditionally, microfluidic system finds major applications in healthcare industry. However, its use is rising in other industries. These include food & beverage testing, environmental monitoring, and electronics.
For example, microfluidic systems are used for testing quality parameters of beverages. These systems detect water contamination, and fabrication of compact electronic and optical devices. Increasing adoption in non-medical applications will present lucrative opportunities for microfluidic market players.
Microfluidic Market Report Coverage
|
Report Coverage |
Details |
|
Market Revenue in 2024 |
$33.1 billion |
|
Estimated Value by 2031 |
$88.2 billion |
|
Growth Rate |
Poised to grow at a CAGR of 15% |
|
Historical Data |
2019–2023 |
|
Forecast Period |
2024–2031 |
|
Forecast Units |
Value (USD Million/Billion) |
|
Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
By Product Type, By Material, By Application, By End User |
|
Geographies Covered |
North America, Europe, Asia Pacific, and Rest of World |
|
Growth Drivers |
• Growing Demand for Point-of-Care Testing • Growing Focus on Lab-on-a-Chip Technologies |
|
Restraints & Challenges |
• High setup cost and relatively low production volume • Lack of standardization |
Market Opportunities
The drug delivery segment of the microfluidic market is expected to dominate during the forecast period. Microfluidic systems can develop personalized drug formulations, minimize systemic side effects, and enhance drug bioavailability through targeted delivery. Continuous manufacturing of nanoparticles, liposomes, and other advanced drug delivery vehicles using microfluidic system is also driving segment growth.
Point-of-care diagnostics is another major opportunity in the microfluidic market. Microfluidic lab-on-a-chip technologies enable portable, rapid, and inexpensive diagnostic tests at the point of need. Applications include infectious disease detection, glucose monitoring, and genomic/proteomic analysis. The demand for decentralized diagnostic capabilities outside of central laboratories is propelling the segment growth.
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Key Market Takeaways
The global microfluidic market is anticipated to witness a CAGR of 15% during the forecast period 2024-2031. This is owing to the rising demand for personalized medicine and decentralized healthcare.
On the basis of product type, microfluidic-based devices segment is expected to hold a dominant position. This is due to widespread applications in drug delivery, diagnostics, and research.
On the basis of application, drug delivery segment is expected to dominate over the forecast period. This is driven by the development of advanced drug delivery vehicles using microfluidics.
Point-of-care diagnostics segment is also expected to grow significantly due to the demand for portable diagnostic tests.
On the basis of region, North America is expected to hold a dominant position over the forecast period. This is due to heavy investments in microfluidics research and the strong presence of leading manufacturers. Asia Pacific is anticipated to emerge as the fastest growing regional market.
Competitor Insights
Agilent Technologies, Inc.
Illumina, Inc.
Perkinelmer, Inc.
Life Technologies Corporation
Danaher
Bio-Rad Laboratories, Inc.
Hoffmann-La Roche Ltd
Abbott Laboratories
Fluidigm Corporation
Qiagen N.V.
Recent Developments
In November 2023, Microfluidics, a unit of IDEX Material Processing Technology (MPT), launched Microfluidics’ newest processor. This is designed for production scale cell disruption. It is used in the manufacturing of many biological products such as antigens for vaccines and viral vectors that deliver genes for next-generation gene therapy.
In January 2023, SCIEX launched the Intabio ZT system. This is the first fully-integrated microfluidic chip-based platform. This platform combines imaged capillary isoelectric focusing (icIEF) separation and UV detection.
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Detailed Segmentation-
By Product Type
- Microfluidic-Based Devices
- Microfluidic Components
By Material
- Polymer
- Glass
- Silicon
- Metal
- Ceramics
By Application
- Point of care testing
- Clinical Diagnostics
- Drug Delivery
- Analytical Testing
- Genomics
- Proteomics
- Cell based Analysis
- Others
By End User
- Hospitals & Diagnostic Centers
- Academic & Research Institute
- Pharmaceutical & Biotechnology Companies
- Contract Research Organizations
- Others
By Region:
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Argentina
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- Middle East
- GCC Countries
- Israel
- Rest of Middle East
- Africa
- South Africa
- North Africa
- Central Africa
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