Global microfluidic components market was worth USD 3.56 Billion in 2020, and it is further - PDF document

Global Microfluidic Components Market to Witness Boost in Growth in Coming Years – Projected to Reach Worth USD 7.61 Billion in 2027 Global Microfluidic Components Market Size – Industry Trends & Forecast Report 2027 Summary Global Microfluidic Components Market, By Product (Valve, Flow and Pressure Controllers, Flow and Pressure Sensors, Nozzle, Micropump, Microneedle, and Others), By Industry (Automotive, Aerospace & Defense, Healthcare, Consumer Elect ronics, Oil & Gas, and Others), By Region (North America, Europe, the Asia - Pacific, the Middle - East & Africa, and Latin America) Trend Analysis, Competitive Market Share & Forecast, 2017 - 2027 . A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global microfluidic components market was worth USD 3.56 Billion in the year 2020. It is forecast to grow at the CAGR of 11.6% during 2021 - 2027 (forecast period), earning revenue of around USD 7.61 Billion by the end of 2027. The growing demand for point - of - care diagnostic devices in the healthcar e sector has been favoring the growth of the microfluidic components marke t . Microfluidic components have several benefits, including quick analysis, reduced reagent consumption, accurate test results, and fast return on investments. These benefits have ma de microfluidic components popular among various end - users. The need for smart, intelligent flow meters, sensors, and advanced pumps in high - end industries is also driving the market's demand. Microfluidic components are manufacturing miniature devices containing chambers and tunnels through which fluids flow are connected. View report Press release Sample report Global Microfluidic Components Market to Witness Boost in Growth in Coming Years – Projected to Reach Worth USD 7.61 Billion in 2027 Report Overview The growth of the global microfluidic component market is driven by the increased demand for miniature portable devices, consumer electronics, and wearable devices across the globe. Moreover, the growing demand for point - of - care diagnostic devices in the healthcare sector is also favoring the market's g rowt h The global microfluidic components marke t was wort h USD 3.56 Billion in 2020, and it is further projected to reach USD 7.61 Billion by 2027, at a CAGR of 11.6% during 2021 - 2027 (forecast period). The growth of the market is driven by the increased de mand for miniature portable devices, consumer electronics, and wearable devices across the globe. An increase in healthcare - related investment has led to an increase in the demand for in - vitro diagnostics, which in turn is driving the growth of microfluidi c components.Additionally, the growing use of microfluidic components has benefited consumers by providing them with accurate and precise data, which has fueled the market's growth. The primary challenges to the market, however, are standardization and com mercialization of components . S ource: BlueWeave Consultin g Microfluidic Components Market Overvie w Microfluidic components are employed in lab - on - a - chip applications. The lab - on - chip application is a collection of multiple procedures that are compiled into one chip. These components are highly efficient and capable of providing sensitivity, equipment mo bility, and analysis speed. Moreover, compared to conventional methods, it uses fewer samples, reagents, and chemicals. Thermoplastics such as acrylic,glass, silicon, or Polydimethylsiloxane (PDMS), an optically transparent silicone rubber with an optical frequency of 240 nM - 1100 nM, are used to make microfluidic components. The rising demand for in - vitro diagnostics is also fuelling the growth of the microfluidic components market . Microfluidic Components Market Trend s Growth Driver s Global Microfluidic Components Market to Witness Boost in Growth in Coming Years – Projected to Reach Worth USD 7.61 Billion in 2027 Wide Application in Di agnostics Driving Market Deman d The popularity of point - of - care diagnostics has reduced hospital visits and early disease diagnoses. With microfluidic components, particularly biosensors integrated with microfluidics, point - of - care testing reduces follow - u p calls by 89% and follow - up patient visits by 61%. Thedemand for microfluidic components has been fuelled by this application.For instance, Elveflow, the world pioneer in high - performance microfluidic flow control, uses its microfluidic technology to dete ct toxins, analyze DNA sequences, and create inkjet printing devices. Microfluidic components provide sensitivity, stability, accuracy, affordability, and minimally invasive point - of - care technology. Additionally, the microfluidic components market offers a high return on investment and helpswith cost control by minimizing errors . Restraint s Standardization and Commercialization of Market . Market growth for microfluidic components is hindered by strict regulations required for the standardization of product s. The microfluidic community is slow, reluctant, and has stringent standards and guidelines. Through the product development cycle, there is a constant need for academics, researchers, designers, and industries to harmonize with each other. This increases the amount of time, effort, and money required to bring a single product to the market. The number of submissions related to microfluidic component devices to regulatory agencies such as the U.S Food and Drug Administration is very low. Appropriate assess ment of device performance remains a bottleneck for microfluidic devices. These loopholes in the standardization and commercialization process havebeen impeding the growth of the microfluidic components market . Impact of COVID - 1 9 With the COVID - 19 outbreak, microfluidic component devices have seen a surge in demand. Based on a December 2020 article titled "Evaluation of current diagnostic methods for COVID - 19", it was concluded that nanobiosensors, microfluidics, and instrumental a dvancements are regarded as promising technologies for tackling pandemic - like situations. The crucial need for rapid detection tests during the pandemic has popularized the market in the healthcare sector. Moreover, due to the extreme benefits offered by t he microfluidic components industry, numerous companies have launched unique solutions throughout the pandemic period. In March 2020, FDA approved the use of Cepheid’s GeneXpert, a rapid molecular diagnostic machine that can run a complete test in 45 minut es. Thus, the COVID - 19 has had a favorable impact on the global microfluidic components marke t . Microfluidic Components Market - By Produc t Based on products, the microfluidic components market is segmented intothe valve, flow and pressure controllers, flow and pressure sensors, nozzles, micropumps, microneedles, and others. The valve segment is further segmented into solenoid valves, flow control valves, check valves, shuttle valves, pressure Global Microfluidic Components Market to Witness Boost in Growth in Coming Years – Projected to Reach Worth USD 7.61 Billion in 2027 relief valves, proportional valves, and other valves. The valve s egment held the largest market share in 2020. Its wide applicability across numerous industrial sectors is one of the factors fueling its growth. Due to increasing automation across all industries, the valve segment, especially the solenoid valve segment, dominates the microfluidic component market. Source: BlueWeave Consultin g Microfluidic Components Market - By Applicatio n Based on applications, the microfluidic components market is segmented into automotive, aerospace&defense, h ealthcare, consumer electronics, oil & gas, and others. Among these, the healthcare segment contributed the highest revenue to the market in 2020. The growth can be attributed to the high demand that rapid diagnostics or point - of - care diagnostics witnessed in 2020. Additionally, increased healthcare expenditures, automation demand, government funding, and other factors have all contributed to the growth of this segment . Global Microfluidic Components Market to Witness Boost in Growth in Coming Years – Projected to Reach Worth USD 7.61 Billion in 2027 S ource: BlueWeave Consultin g Microfluidic Components Market - Regional Insight s Based on regions, the microfluidic components market is categorized into North America, Europe, the Asia - Pacific, Latin America, and the Middle East & Africa. Among these, North America leads the market with the highest market share in 2020.Growing research and de velopment in microfluidic technology in the US has been one of the primary factors driving the growth of the market. The presence of well - established healthcare and higher adoption of novel therapeutics has also expanded the microfluidic components market in the North American region.The Asia - Pacific region, on the other hand, is expected to grow at an accelerating rate during the forecast period. The most significant market player Parker Hannifin has expanded its product portfolio in Asia. Additionally, th e increasing industrial projects in China and India due to rapid urbanization are powering the growth of the microfluidic components market in the Asia Pacific. S ource: BlueWeave Consultin g Competitive Landscape The microfluidic components market is mildl y fragmented and led by few dominant players. The key players dominating the market are Parker Hannifin Corporatio n , IDEX CORPORATIO N , Fluigent S A , Staiger GmbH & Co. K G , SMC Corporatio n , Camozzi Automation Spa Societ à , Unipersonal e , Aigneps.p.a . , FIM ValvoleSrl, Humphrey Products Corporation , and other prominent players. IDEX Corporation and Parker Hannifin Corporation control the largest share of the market . The small to mid - size companies are marking their market presence by lowering prices and int roducing new technologies. The key players maintain their dominance in the market by adopting strategies like strategic alliances, acquisitions, collaborations, and launching advanced product innovations . Recent Development s  In June 2021, the 1 4 th Lab - on - a - Chip, and Microfluidics Europe 2021 online global conference was announced. A host of lab - on - chip applications were showcased during the three - day conference, from life science research to taking diagnostics to the point - of - care and organs - on - a - chip . Global Microfluidic Components Market to Witness Boost in Growth in Coming Years – Projected to Reach Worth USD 7.61 Billion in 2027  In May 2021, Nuclera, a fast - growing biotech company, acquired E Ink's digital microfluidics unit into the newly formed US subsidiary of Nuclera, which will enable the delivery of revolutionary desktop protein and gene bioprinter. Scope of the Repor t At tribut e Detail s Years Considere d Historical data – 2017 - 202 0 Base Year – 202 0 Forecast – 2021 – 202 7 Facts Covere d Revenue in USD Billio n Market Coverag e The U.S., Canada, Germany, the U.K., France, Italy, Spain, Brazil, Mexico, Argentina, Japan, South Korea, China, India, Australia, UAE, South Africa, Saudi Arabia, Turkey, Qatar . Product/Service Segmentatio n By Product, By Application, and By Regio n Key Player s Key players in the market include are Parker Hannifin Corporatio n , IDEX CORPORATIO N , Fluigent S A , Staiger GmbH & Co. K G , SMC Corporatio n , Camozzi Automation Spa Societ à , Unipersonal e , Aigneps.p.a . , FIM ValvoleSrl, Humphrey Products Corporatio n , The Lee Compan y , Dolomite Microfluidic s , Cellix Ltd . , Elveflow Microfluid s , Christian Bürkert GmbH & Co. K G , Metal Work SP A , Vesta Automation Global Microfluidic Components Market to Witness Boost in Growth in Coming Years – Projected to Reach Worth USD 7.61 Billion in 2027 SR L , International Polymer Solution s , Fortive Corporatio n , Fluidigm Corporatio n , and other prominent players . By Produc t  Valve s o Solenoid Valve s o Flow Control Valve s o Check Valve s o Shuttle Valve s o Pressure Relief Valve s o Proportional Valve s o Other Valve s  Flow and Pressure Controller s  Flow and Pressure Sensor s  Micropump s  Nozzle s  Microneedle s  Other Components (Tubing, Connectors ) By Industr y  Oil & Ga s  Healthcar e  Aerospace &Defenc e  Consumer Electronic s  Automotiv e  Other Industrie s By Regio n  North Americ a  Europ e  The Asia - Pacifi c  Latin Americ a  The Middle - East & Afric a Global Microfluidic Components Market to Witness Boost in Growth in Coming Years – Projected to Reach Worth USD 7.61 Billion in 2027 About us Blueweave Consulting offers a one - stop solution for your market intelligence needs for any service or product. You get well - researched comprehensive reports based on qualitative and quantitative data to put your business plan into action. Your well informed and tim ely decisions using our reports avert situations of excessive risks and help you grow your business with optimum risk - return trade - off. Delivering quality insights into several product or service markets within the timeline as per the needs of the clients has earned BWC an excellent reputation among clients. BWC strives to provide timely and accurate digital market intelligence services for making your business endeavours successful. For more information, kindly visit our Website www.blueweaveconsulting.com contact us info@blueweaveconsulting.com Global Microfluidic Components Market to Witness Boost in Growth in Coming Years – Projected to Reach Worth USD 7.61 Billion in 2027