Microfluidics Market Projected To Reach USD 71.90 Billion By 2030

 San Francisco, 18 Dec 2023: The Report Microfluidics Market Size, Share & Trends Analysis Report By Application (Medical/Healthcare, Non-Medical), By Material (Silicon, Glass), By Technology, By Region, And Segment Forecasts, 2024 - 2030

The global microfluidics market size is expected to reach USD 71.90 billion by 2030, registering CAGR of 12.22% from 2024 to 2030, according to a new report by Grand View Research, Inc. The demand for microfluidics-based devices is expected to increase due to the introduction of improved technology such as digital microfluidics, which enables on-chip biochemical analysis. An increase in research activities undertaken by analytical and clinical researchers have also driven the demand for microfluidics device. For instance, in May 2022, a research team from the University of Minnesota developed an innovative microfluidic chip for disease diagnosing that uses a minimum number of components and can be operated wirelessly by a smartphone.

Miniature microfluidic-based tools are gaining significant popularity among consumers, which has encouraged companies to invest in their development. Since microfluidics is the underlying principle of lab-on-a-chip devices, it offers various benefits such as minimal sample volume, minimal reagent usage, reduced waste, and rapid processing. Fully automated microfluidics with enhanced functional capabilities, and robust modularity are creating growth opportunities for manufacturers operating in the market. This can be attributed to the fact that modular chips can interface with several instruments. In addition, companies operating in the field of drug discovery are striving to minimize overhead costs and timelines to offset the estimated decline in revenue owing to a significant number of drugs going off-patent.

The implementation of microfluidics is expanding in the field of diagnostics, especially in POC diagnostics. This is also supplemented by microfluidics-integrated biosensor technologies that are expected to enhance POC diagnostics. The combination of microfluidic components with POC devices is largely focused on achieving sensitivity, stability, accuracy, affordability, and obtaining minimally invasive POC technology. Microfluidic POC technologies are expected to enhance patient care by ensuring personalization, early disease detection, and easy monitoring.

In addition, COVID-19 has further upscaled the use of microfluidics. Point-of-care testing involves small equipment, regulates the process, and has limited testing cycles. This allows single or multiple research laboratory services to evaluate biological samples and diagnose harmful diseases simultaneously. In general, stage assessment and rapid detection of viral epidemics are vital to overcoming pandemic situations and diagnosing rapidly. Therefore, combining microfluidic devices with point-of-care testing enhances detection efficiency. At the same time, point-of-care testing of microfluidic chips enhances user accessibility, improves sensitivity and accuracy, and reduces the detection time, all of which are advantageous in detecting SARS-CoV-2.

Further, several acquisitions in the microfluidics industry are aimed at enhancing technologies for expanding the scope of microfluidics-related applications. In June 2021, Danaher Corporation announced that Precision NanoSystems (PNI), a Canada-based solution provider, was acquired by its life science business. PNI offered proprietary genetic toolkit platforms, including LNP delivery and nanoparticle manufacturing via the microfluidic-based platform, which further complemented the company’s portfolio of life science products.

On the other hand, high operational costs hinder the microfluidics market growth to a certain extent. The fabrication of microfluidics chips has certain issues such as open channel construction that require bonding of machine parts to form a final enclosed structure. The open channel is formed by the etching of glass or silicon. This step is slow, costly, and requires the use of aggressive chemicals. In addition, most of the microfluidic prototyping methods are not compatible with the batch process, and are also complicated and costly.

Access Research Report of Microfluidics Market @ https://www.grandviewresearch.com/industry-analysis/microfluidics-market

Microfluidics Market Report Highlights

• Based on application, the medical segment held the highest revenue share of the market in 2023 and is expected to exhibit a CAGR of 12.56% from 2024-2030.
• Based on material, the polydimethylsiloxane (PDMS) segment held the highest market share in 2023 and is expected to grow at a CAGR of 13.59% from 2024-2030.
• Based on technology, the lab-on-a-chip segment dominated the market in 2023 and is expected to reveal a CAGR of 11.06% during the forecast period.
• North America dominated the market with a revenue share of 42.69% in 2023 and is projected to exhibit a CAGR of 10.57% during the forecast period.

Microfluidics Market Report Scope

Report Attribute	Details
Market size value in 2024	USD 36.00 billion
Revenue forecast in 2030	USD 71.90 billion
Growth rate	CAGR of 12.22% from 2024 to 2030
Base year for estimation	2023
Historical data	2018 - 2022
Forecast period	2024 - 2030

List of Key Players of Microfluidics Market

• Illumina, Inc.
• Hoffmann-La Roche Ltd
• PerkinElmer, Inc.
• Agilent Technologies, Inc.
• Bio-Rad Laboratories, Inc.
• Danaher Corporation
• Abbott
• Thermo Fisher Scientific
• Standard BioTools

Access Press Release of Microfluidics Market @ https://www.grandviewresearch.com/press-release/global-microfluidics-market