Global Microfluidic Components Market to Witness Boost in Growth in Coming Years – Projected to Reach Worth USD 7.61 Billion in 2027 | BlueWeave
A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global microfluidic components market was worth USD 3.56 Billion in the year 2020. It is forecast to grow at the CAGR of 11.6% during 2021-2027 (forecast period), earning revenue of around USD 7.61 Billion by the end of 2027. The growing demand for point-of-care diagnostic devices in the healthcare sector has been favoring the growth of the microfluidic components market. Microfluidic components have several benefits, including quick analysis, reduced reagent consumption, accurate test results, and fast return on investments. These benefits have made microfluidic components popular among various end-users. The need for smart, intelligent flow meters, sensors, and advanced pumps in high-end industries is also driving the market's demand. Microfluidic components are manufacturing miniature devices containing chambers and tunnels through which fluids flow are connected. However, a lengthy standardization procedure and time-consuming commercialization process are impeding the market growth. The market is also constrained by a lack of skilled technicians and unaffordability in low-income economies.
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Demand for Miniature Portable Devices Driving Market
Manually hand-powered portable microfluidic devices are cheap alternatives for point-of-care diagnostics. It eliminates the use of bulky syringe pumps, pressure controllers, and equipment in on-field testing. Portable microfluidic devices are alsoused for in-field detection of pharmaceutical residues in water. Paper-based microfluidics are also used to test heavy metal toxicity in water analysis. Furthermore, microfluidic wearable devices can facilitate physiological signal monitoring, clinical diagnosis, and therapeutics. Also, the growing market for microfluidic components is also driven by the new applications of microfluidic technology.
In-Vitro Diagnosis Increasing Market Demand
Lab-on-a-chip devices with microfluidic components are far more efficient, and cost-effective. Moreover, they also facilitate quick disease detection, monitoring, and patient treatment. The growing demand for in-vitro diagnostics has resulted in the accelerated growth of the microfluidic components market. The need for rapid testing has also contributed to the growth of the market. Moreover, continuous research and development in the microfluidics diagnostics field have also made it the primary choice among consumers. A joint team from Technion and IBM Research improved the sensitivity of protein detection in immunoassay by more than 1,000-fold using a microfluidic chip.
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Oil and Gas Segment to Witness Growth During Forecast Period
Based on applications, the microfluidic components market is segmented into automotive, aerospace & defense, healthcare, consumer electronics, oil & gas, and others. The oil& gas segment is likely to hold the highest market share during the forecast period due to its increasing demand. The constant need for the replacement of valves and the rising number of refineries and petrochemical plants has increased the popularity of this segment in the microfluidic components market. As of 2020, the global oil consumption was 4.4 billion tonnes, which is expected to drive demand for the oil & gas segment.
Impact of COVID-19
A rise in demand for microfluidic components has been observed since the onset of the Coronavirus pandemic, which has led to increased market growth. Coronavirus testing is now possible through microfluidic technology, which enables quicker results with less sample volume. Using COVID-19 microfluidic systems, sample volume is reduced by 20-fold, and reagent consumption is reduced by 5-10 times. Due to the extreme benefits offered by the microfluidic components industry, numerous companies have launched unique solutions throughout the pandemic period. In March 2020, FDA approved the use of Cepheid’s GeneXpert, a rapid molecular diagnostic machine that can run a complete test in 45 minutes. Currently, there are more than 23,000 automated GeneXpert systems around the world, including nearly 5,000 in the United States.
North America Dominates the Market
The Microfluidic Components market is categorized into North America, Europe, the Asia-Pacific, Latin America, and the Middle East & Africa. Among these, North America held the highest market share in 2020. The microfluidic market in this region is experiencing steady growth as a result of the continued research and development of microfluidic technology. This is leading to consumers' buying more advanced products. Molecular diagnostics and point-of-care diagnostics arevastly growing fields in the United States. The market in the North American region is also growing as a result of the high budget sanctions for the healthcare industry. However. the Asia-Pacific microfluidic component market is also expected to grow at an accelerating rate during the forecast.
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The microfluidic components market is mildly fragmented and led by a few dominant players. The key players dominating the market are Parker Hannifin Corporation, IDEX CORPORATION, Fluigent SA, Staiger GmbH & Co. KG, SMC Corporation, Camozzi Automation Spa Società, Unipersonale, Aigneps.p.a., FIM ValvoleSrl, Humphrey Products Corporation, The Lee Company, Dolomite Microfluidics, Cellix Ltd., Elveflow Microfluids,Christian Bürkert GmbH & Co. KG, Metal Work SPA, Vesta Automation SRL, International Polymer Solutions, Fortive Corporation, Fluidigm Corporation, and other prominent players. IDEX Corporation and Parker Hannifin Corporation control the largest share of the market.
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The report's in-depth analysis provides information about growth potential, upcoming trends, and statistics of the global microfluidic components market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the global microfluidic components market, along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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