The Asia Pacific region is expected to grow at the highest rate in the microfluidic components market.
Northbrook, IL -- (SBWIRE) -- 11/30/2020 -- In this report, the global size for microfluidic components was arrived at after the assessment of major product segments and their share in the overall market. For this purpose, the share of major product segments was determined through various insights gathered during the primary and secondary research.
According MarketsandMarkets Research – The Global Microfluidic Components Market is projected to reach USD 6.1 billion by 2024 from USD 3.3 billion in 2019, at a CAGR of 12.7%
The Key Factors Who will Drives the Market Growth?
- Rising Demand for Point-Of-Care Testing
- Technological Advancements
- Increasing Focus on Data Precision and Accuracy
- Growing Demand for Miniature Portable Devices
Market Growth Opportunities:
- Emergence of Microfluidics-Based 3d Cell Culture
- Regenerative Medicine- an Alternative To Organ Transplantation
- Increasing Application Areas of Microfluidics Technology
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Market Segmentation in Depth:
Flow and pressure sensors are expected to be the largest revenue contributor to the microfluidic components market in 2019. The large share of this segment is attributed to their diverse application in pressure sensing, pH measurement, microfluidics conductivity measurement, and microfluidic biosensors.
Based on valve type, the microfluidic components market is segmented into solenoid valves, flow control valves, check valves, shuttle valves, pressure relief valves, proportional valves, and other valves. Solenoid valves are expected to grow at the highest CAGR during the forecast period due to factors like increased application scope in the automotive industry, the shift towards renewable sources for power generation, growing investments in various industries, and increasing government regulations on end-use industries across developing economies.
The healthcare industry segment accounted for the largest share of the market in 2019. The large share of this segment can be attributed to factors such as, high healthcare spending, growing demand for process automation, rising government funding in the healthcare sector, growing demand for point-of-care testing, and demand for enhanced safety.
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Leading Key Players in the Worldwide Industry:
The prominent players in the microfluidic components market are Parker Hannifin Corporation (US), IDEX Corporation (US), Fluigent SA (France), Staiger GmbH & Co. KG (Germany), SMC Corporation (Japan), Camozzi Automation Spa Società Unipersonale (Italy), Aignep s.p.a. (Italy), FIM Valvole Srl (Italy), Humphrey Products Corporation (US), The Lee Company (US), Dolomite Microfluidics (UK), Cellix Ltd. (Ireland), Elveflow (France), and Christian Bürkert GmbH & Co. KG (Germany).
Geographical Regions Mapped in Report:
The microfluidic components market in the Asia Pacific is estimated to grow at the highest CAGR during the forecast period. Increasing industrialization, investments in water infrastructure, growth in various industries (such as chemicals, power & energy, and aerospace), increasing number of infrastructural development projects (especially in China and India), rising standard of living, and growing urbanization are factors driving the adoption of microfluidic components in the Asia Pacific.