(EMAILWIRE.COM, January 09, 2021 ) 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.

According to MarketsandMarkets Research "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" 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%.

Recent developments in Industry;

# 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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Solenoid valves segment is expected to grow at a higher CAGR;

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 segment is expected to account for the largest share of the microfluidic components market in 2019;

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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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.

Key Market Players;

The prominent players in the global 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).

Parker Hannifin is a leading manufacturer of motion & control technologies and systems that provide 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 across the globe.To expand its territorial reach, the company sells its products in Asia and the Middle East through its strong distribution network. It focuses on various strategies like product launches and enhancements to increase its revenue and expand its presence in the microfluidic components market.