Newark, NJ, May 19, 2022 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, The global microfluidic components market is expected to grow from USD 3.29 billion in 2019 to USD 8.71 billion by 2027, at a CAGR of 13% during the forecast period 2020-2027. The Asia-Pacific region is expected to account for the highest growth rate in the microfluidic components market globally during the forecast period. The massive investments in the development of infrastructure, rapid pace of industrialisation, rise in the rate of urbanisation, and improvement in the standard of living will drive the growth of the market in the region. The measures taken by governments for industrial promotion and technological advancements of the production process will also fuel the market growth in the region. North America is expected to hold the largest market share.
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Some of the leading players of the market include Vesta Automation, IDEX Corporation, Dolomite Microfluidics, Parker Hannifin, SMC Corporation, Staiger GmbH & Co. KG, International Polymer Solutions, Camozzi Automation, Fortive Corporation, Aignep, Humphrey Products, Metal Work, FIM Valvole, and The Lee Company. The companies focus on maintaining the standards of the product and expansion across different markets through partnerships and mergers.
This study delivers a comprehensive analysis of product, industry and regions of the global microfluidic components market. On the basis of product, the market can be divided into valve, nozzle, micropump, tubing, microneedle, and pressure controller. The valves segment is expected to account for the highest growth rate due to the use of valves in various functions across industries, and the rising automation in the industrial sector. Amongst the valves, Solenoid valves are anticipated to have higher demand due to its higher application in the automotive industry, and a rise in demand for renewable sources of energy. Based on industry, the market can be divided into healthcare, automotive, consumer electronics, aerospace & defence, and oil & gas. The healthcare segment is expected to dominate the market due to increasing investments by the government in healthcare infrastructure, rising demand for automated healthcare facilities, and rise in demand for increased safety.
The microfluidic components demand is rising due to its use in intelligent flow meters, sensors, and pumps in high-end sectors. With the rising importance of data precision, and increasing demand for compact portable devices and consumer electronics, the market is expected to grow at a rapid pace. With the rise in the number of refineries and petrochemical industries, the microfluidic components market will grow substantially. The regulatory measures in favour of the market, like reimbursement policies, innovations in healthcare, and other mechanisms will fuel the market growth. The high cost of valves that are technologically upgraded will act as a restraint in the growth of the market.
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About the report:
The global microfluidic components market is analysed on the basis of value (USD Billion). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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