(PharmaNewsWire.Com, April 02, 2021 ) The Global Microfluidic Components Market 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 to the new market research report "Microfluidic Components Market by Product (Valve, Solenoid Valve, Check Valve, Nozzle, Tubing, Micropump, Microneedle, Shuttle Valve), Industry (Automotive, Aerospace & Defense, Healthcare, Consumer Electronics, Oil & Gas) - Global Forecast to 2024" published by MarketsandMarkets™, the major factors driving the growth of this market are the rising demand for point-of-care testing, technological advancements, increasing focus on data precision and accuracy, fast return on investments, growing demand for miniature portable devices, and growing demand for consumer electronics and wearable devices.
The Microfluidic Components Market is expected to reach USD 6.1 billion by 2024 from an estimated USD 3.3 billion in 2019, at a CAGR of 12.7%.
Browse 91 market data Tables and 24 Figures spread through 163 Pages and in-depth TOC on "Microfluidic Components Market"
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 microfluidic components market in the APAC region.
Leading Key-Players:
Parker Hannifin Corporation (US), SMC Corporation (Japan), Staiger GmbH & Co. KG (Germany), Fluigent SA (France), Camozzi Automation Spa Società Unipersonale (Italy), IDEX Corporation (US), Aignep s.p.a. (Italy), FIM Valvole Srl (Italy), Humphrey Products Corporation (US), The Lee Company (US), and Dolomite Microfluidics (UK) are some key players in this market. These companies are focusing on increasing their presence in the high-growth markets through both organic as well as inorganic growth strategies such as product launches, acquisitions, and expansions.
Parker Hannifin (US) is a leading manufacturer of motion & control technologies and systems that provides precision-engineered solutions for the commercial, mobile, industrial, and aerospace markets. The company has engineering expertise in a broad range of core technologies, which helps it to solve various engineering challenges. The company has a strong geographical presence and sells its products in North America and Europe. Furthermore, to expand its territorial reach, the company sells its products in Asia and the Middle East through its strong distribution network. Its diverse range of products makes Parker the leading supplier of microfluidic components that meet and exceed market demands.
- In December 2017, Parker launched VSO LowPro GC, a microfluidic valve.
- In 2018 Parker Aerospace, a business segment of Parker Hannifin Corporation, opened its second global Customer Response Center (CRC) in Singapore, with the aim to provide more local insights and potentially faster resolution of issues.
- In December 2017, IDEX Health and Science acquired thinXXS, a manufacturer of disposable microfluidic components for the point of care, veterinary and life science markets.
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