Microfluidic devices are miniaturized total chemical systems that can handle extremely small fluid volumes down to the nanoliter or even picoliter range. Microfluidic technology represents a major advance over conventional chip-based or microfabricated devices, as it allows integrating multiple tasks on a single chip of only millimetric size.
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 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing adoption of microfluidics in the healthcare industry for disease diagnostics and treatment monitoring applications has accelerated the growth of microfluidic market. Miniaturization through microfluidic technology helps reduce manufacturing costs significantly. For example, developing microfluidic devices for portable clinical diagnostics enable performing laboratory tests at low costs without the need of elaborate infrastructure. This cost-effective feature promotes the application of microfluidic techniques in point-of-care testing and disease monitoring in resource-limited settings.
Segment Analysis
The global Microfluidic market is segmented based on material such as silicon, glass, polymer, paper and others. The polymer segment dominated the market in 2023 and is expected to continue its dominance during the forecast period. Polymers offer flexibility in design and fabrication of Microfluidic chips and devices at lower costs as compared to other materials like glass and silicon. This increased adoption of polymer materials in various applications such as IVD, pharmaceutical and biotechnology research.
Key Takeaways
The Global Microfluidic Market Demand is expected to witness high during the forecast period of 2023–2030. 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 2030.
Asia Pacific region is expected to experience the fastest growth in the Microfluidic market owing to growing pharmaceutical and biotechnology industries and increasing investments by governments and private organizations in developing novel Microfluidic technologies in countries like China, India and South Korea. China accounted for over 30% of the global Microfluidic market share in 2023. The country is a global leader in Microfluidic chip manufacturing as well as in development of various Microfluidic based applications in areas of IVD, drug delivery and point of care testing. India is also witnessing significant growth and the Indian government is promoting Microfluidic research through initiatives like Digital India.
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. These players are focusing on new product launches, partnerships, mergers and acquisitions to gain a competitive edge in the market. For instance, in 2022, Nike partnered with Microfluidic chip manufacturer Borosil to develop smart running shoes embedded with Microfluidic pressure sensors.
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