(EMAILWIRE.COM, July 17, 2020 ) 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.

How the Market Growth looks like and Industry Segmentation?

The Global Microfluidic Components Market is projected to reach USD 6.1 billion, at a CAGR of 12.7%

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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Recent developments:

- 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.

Critical questions the report answers:

- Where will all these developments take the industry in the medium to long-term?

- What are the application areas of the microfluidic components market?

- Which are the major microfluidic components?

- Which geographies are likely to grow at the highest CAGR?

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Geographical Regions Mapped in Report:

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.

Major Key Players Mapped in Research Report:

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).