MICROFLUIDIC MARKET ANALYSIS

Microfluidic Market Size and Trends

Global microfluidic market is estimated to be valued at USD 33.1 Bn in 2024 and is expected to reach USD 88.2 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 15% from 2024 to 2031.

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Rising demand for point-of-care testing and organ-on-chip technology in drug discovery can drive the market growth. Furthermore, increasing investments in research activities associated with microfluidics by public and private organizations can also drive the market growth. Various industries like in-vitro diagnostics, pharmaceutical and biotechnology are increasingly adopting microfluidic products and systems for improved precision, speaed and efficiency. The development of innovative application-specific microfluidic systems for fields including genomics and proteomics can offer new opportunities for market players in the near future.

Market Driver – Growing Demand for Point-of-Care Testing

Global microfluidic market growth is driven by increasing demand for point-of-care testing. Point-of-care testing allows diagnostic tests to be carried out nearer to the patient with quick results. This has been a boon especially for patients in remote locations who would otherwise have to travel long distances to a laboratory for regular testing. Microfluidic technology enables the miniaturization of laboratory functions on a single microchip, allowing complex chemical and biological diagnostic tests to be performed outside a laboratory setting. For example, microfluidic chips can now perform tests like glucose monitoring, immunoassays, DNA analysis from small and easily accessible samples like drops of blood via a fingerpick. This not only saves travel time and costs for patients but also provides real-time monitoring capabilities. Due to rising need for timely test results to make critical treatment decisions, there has been huge adoption of microfluidics for developing portable and handheld diagnostic tools near patients. Its ability to integrate multiple assay steps onto a single device while requiring minute sample volumes can attract researchers developing technologies like mobile health testing. For instance, according to the data published by Cancer Australia in 2023, 162,163 new cancer cases were diagnosed in Australia in 2022. This significant prevalence of cancer cases can boost demand for point-of-care diagnostics, thus, driving the market growth.

Growing Focus on Lab-on-a-Chip Technologies

Increasing focus on developing advanced lab-on-a-chip technologies can also drive the market growth. Lab-on-a-chip refers to miniaturized devices that can replicate complex laboratory tests on a single microchip. By virtue of its ability to handle picolitre to nanolitre volumes of fluids, microfluidics provides an ideal platform for lab-on-a-chip development. Researchers are leveraging microfluidic techniques to design sophisticated chips mimicking microreactor, micropump, microvalve and micromixer functions of conventional analytical instruments on a compact footprint. This has led to the emergence of cutting-edge lab-on-a-chip systems capable of conducting advanced biomedical applications such as high-throughput screening, DNA sequencing, molecular diagnostics directly from minute native samples. Growing investments from governments and funding bodies to encourage lab-on-a-chip innovations enables the creation of highly integrated "labs" on a single microfluidic device. As more researchers realizing the potential of lab-on-a-chip to revolutionize fields like genetics, pharmacology and personalized medicine, microfluidics market can witness growth in the near future.