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YG PRESS NEWS – Microfluidics holds promise in tackling future challenges

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In 2023, the microfluidics market, valued at nearly $19 billion, is witnessing reduced demand in consumer applications but is buoyed by technological innovations driving growth in industrial and medical sectors.

OUTLINE

  • The microfluidics module market is expected to grow from US$18 billion in 2023 to almost US$22 billion by 2029, with a 2.6% CAGR between 2023 and 2029.
  • Diagnostics companies specializing in diverse biological tests lead the way among the top ten players, commanding nearly 91% of the microfluidic market.
  • Diagnostics applications are the primary driver of the microfluidics market, with polymers serving as the predominant material for manufacturing single-use devices.

In its Status of the Microfluidics Industry 2024 report, Yole Group announces that the microfluidics module market is forecasted to increase from US$18 billion in 2023 to nearly US$22 billion by 2029, achieving a CAGR of 2.6%. The surge in demand for diagnostic tests and SARS-CoV-2 sequencing during the pandemic propelled this growth. Shipments are expected to reach 1.15 billion units in 2029, maintaining a steady volume compared to 2023.

In the consumer market, dominated by printing technologies, HP is experiencing reduced demand due to the rise of digitalization and the popularity of cost-effective ink tank printers.

Within diagnostics, Cue Health leads but anticipates a decline post-COVID-19, with future growth potential likely stemming from wellness and health monitoring solutions offered by companies like Withings and Epicore Biosystems. Despite global economic challenges, the industrial sector is expanding, particularly in environmental, food safety, agriculture, and oil testing, with electronic cooling emerging as a particularly promising application.

The pharmaceutical and life science research segment is notably dynamic, projected to grow at a CAGR of 5.1%. This growth is driven by advancements in drug discovery, sepsis diagnostics, next-generation sequencing, microphysiological systems, and cell analysis.

For more information about the Status of the Microfluidics Industry 2024 report, do not hesitate to contact us.

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