(PharmaNewsWire.Com, November 03, 2020 ) In this report, the global market 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. The research process involved the study of various factors affecting the industry to identify the segmentation types, industry trends, key players, competitive landscape, key market dynamics, and key player strategies.
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 Consumer Electronics and Wearable Devices - 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
Microfluidic Components Market Segmentation in Depth:
The flow & pressure sensors segment is expected to account for the largest share of the market
The flow & pressure sensors segment is estimated to account for the largest market share 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.
By valve type, the solenoid valves segment is expected to grow at the highest CAGR during the forecast period
The solenoid valves segment is expected to grow at the highest CAGR during the forecast period. The growth in this segment can be attributed to factors such as the increasing application areas 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 APAC market is projected to register the highest growth during the forecast period. Factors such as 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 some of the key factors driving the growth of the market in the APAC region.
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).
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