The global microfluidic components market is projected to reach USD 6.1 billion by 2024 from USD 3.3 billion in 2019, at a CAGR of 12.7%. Growth in this market is driven by 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.
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.
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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.
IDEX (US) is one of the leading players in the microfluidics components market, owing to its broad range of offerings in the valves, micropumps, and sensors segments. It is involved in the design, production, and distribution of small-scale & highly precise fluidics components and sub-assemblies used in analytical and diagnostics instruments, as well as medical equipment and implantable devices. The firm largely focuses on acquiring and partnering with companies that complement its fluidics and microfluidics businesses. IDEX Health & Science has an international network of direct sales professionals and distribution partners in many countries across the globe. The company has manufacturing operations in more than 20 countries.
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
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