Microfluidic technology involves the monitoring and handling of fluidics at a sub-millimeter scale level. Microfluidic devices have various applications in clinical diagnostics, point-of-care testing, drug discovery and biosciences research. The technology enables cheap, faster and safer diagnosis of diseases. There is a rising demand for portable diagnostic testing products that can perform multiplexed analyses directly on minute volumes of sample.

The global Microfluidic Market is estimated to be valued at US$ 25.69 Mn in 2024 and is expected to exhibit a CAGR of 4.0% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

The increasing adoption of in vitro diagnostics technology presents a major growth opportunity for the microfluidic market. In vitro diagnostics helps perform tests on body samples such as blood, urine outside a living body in laboratory setting. This allows quick and accurate diagnosis of diseases. Microfluidic technology is increasingly being utilized to develop assays and microfluidic chips for point-of-care testing and in vitro diagnostics. The miniature lab-on-a-chip microfluidic devices can analyze multiple samples simultaneously with high accuracy. The low sample volume requirement and portability of microfluidic devices make them ideal for use in in vitro diagnostic technology. The rising demand for decentralized laboratory testing is expected to fuel the adoption of microfluidic systems in in vitro diagnostics over the forecast period.

Porter’s Analysis

Threat of new entrants: The threat is moderate in the microfluidic market as the manufacturing process is complex and requires specialized manufacturing facilities and equipment. Significant investments are required to enter the market.
Bargaining power of buyers: The bargaining power of buyers is high in the microfluidic market as the product is a specialized one and buyers have many options from established players to select from. Buyers can negotiate on price and customization.
Bargaining power of suppliers: The bargaining power of suppliers is low to moderate as suppliers are fragmented and substitute components are available. Established players can source raw materials from alternative suppliers as well.
Threat of new substitutes: The threat of new substitutes is moderate as no direct substitutes exist for microfluidic products. However, alternative techniques like macrofluidic systems pose a moderate threat.
Competitive rivalry: The competitive rivalry is high among established players to gain market share and expand their product portfolio through continuous innovations.

SWOT Analysis

Strengths: Specialized manufacturing capabilities, Strong brand image & reputation for quality, Established distribution network
Weaknesses: High R&D and capital costs, Supply chain vulnerabilities
Opportunities: Growth in emerging economies, Expanding application areas like point of care testing and drug discovery
Threats: Intense competition from local players, Stringent regulations.

Key Takeaways

The Global Microfluidic Market Growth is expected to witness high during the forecast period of 2024-2031. The market size for 2024 is US$ 25.69 million and is projected to reach US$ 48.37 million by 2031, growing at a CAGR of 4%.

Regional analysis: The Asia Pacific region dominates the microfluidic market and is projected to be the fastest growing market during the forecast period. Countries like China, India, Japan, and South Korea are major contributors to the growth of the APAC microfluidic market. This is attributed to the growing biotechnology and pharmaceutical industries, increasing healthcare investments, and expanding medical device industries in the region.

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, and Camlin Kokuyo. Nike holds the leading market share of around 20% due to its diverse product portfolio and global distribution network. Adidas AG follows Nike with a market share of 18%.
 

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