Global Microfluidic Components Market

Global Microfluidic Components Market, By Product (Valve, Flow and Pressure Controllers, Flow and Pressure Sensors, Nozzle, Micropump, Microneedle, and Others), By Industry (Automotive, Aerospace & Defense, Healthcare, Consumer Electronics, Oil & Gas, and Others), By Region (North America, Europe, the Asia-Pacific, the Middle-East & Africa, and Latin America) Trend Analysis, Competitive Market Share & Forecast, 2017-2027

  • Published Date: September 2021
  • Report ID: BWC2170
  • Available Format: PDF
  • Page: 185

Report Overview

The growth of the global microfluidic component market is driven by the increased demand for miniature portable devices, consumer electronics, and wearable devices across the globe. Moreover, the growing demand for point-of-care diagnostic devices in the healthcare sector is also favoring the market's growth

The global microfluidic components market was worth USD 3.56 Billion in 2020, and it is further projected to reach USD 7.61 Billion by 2027, at a CAGR of 11.6% during 2021-2027 (forecast period). The growth of the market is driven by the increased demand for miniature portable devices, consumer electronics, and wearable devices across the globe. An increase in healthcare-related investment has led to an increase in the demand for in-vitro diagnostics, which in turn is driving the growth of microfluidic components.Additionally, the growing use of microfluidic components has benefited consumers by providing them with accurate and precise data, which has fueled the market's growth. The primary challenges to the market, however, are standardization and commercialization of components.

Microfluidic Components Market

Source: BlueWeave Consulting

Microfluidic Components Market Overview

Microfluidic components are employed in lab-on-a-chip applications. The lab-on-chip application is a collection of multiple procedures that are compiled into one chip. These components are highly efficient and capable of providing sensitivity, equipment mobility, and analysis speed. Moreover, compared to conventional methods, it uses fewer samples, reagents, and chemicals. Thermoplastics such as acrylic,glass, silicon, or Polydimethylsiloxane (PDMS), an optically transparent silicone rubber with an optical frequency of 240 nM-1100 nM, are used to make microfluidic components. The rising demand for in-vitro diagnostics is also fuelling the growth of the microfluidic components market.

Microfluidic Components Market Trends

Growth Drivers

Wide Application in Diagnostics Driving Market Demand

The popularity of point-of-care diagnostics has reduced hospital visits and early disease diagnoses. With microfluidic components, particularly biosensors integrated with microfluidics, point-of-care testing reduces follow-up calls by 89% and follow-up patient visits by 61%. Thedemand for microfluidic components has been fuelled by this application.For instance, Elveflow, the world pioneer in high-performance microfluidic flow control, uses its microfluidic technology to detect toxins, analyze DNA sequences, and create inkjet printing devices. Microfluidic components provide sensitivity, stability, accuracy, affordability, and minimally invasive point-of-care technology. Additionally, the microfluidic components market offers a high return on investment and helpswith cost control by minimizing errors.

Restraints

Standardization and Commercialization of Market.

Market growth for microfluidic components is hindered by strict regulations required for the standardization of products. The microfluidic community is slow, reluctant, and has stringent standards and guidelines. Through the product development cycle, there is a constant need for academics, researchers, designers, and industries to harmonize with each other. This increases the amount of time, effort, and money required to bring a single product to the market. The number of submissions related to microfluidic component devices to regulatory agencies such as the U.S Food and Drug Administration is very low. Appropriate assessment of device performance remains a bottleneck for microfluidic devices. These loopholes in the standardization and commercialization process havebeen impeding the growth of the microfluidic components market.

 

Impact of COVID-19

With the COVID-19 outbreak, microfluidic component devices have seen a surge in demand. Based on a December 2020 article titled "Evaluation of current diagnostic methods for COVID-19", it was concluded that nanobiosensors, microfluidics, and instrumental advancements are regarded as promising technologies for tackling pandemic-like situations. The crucial need for rapid detection tests during the pandemic has popularized the market in the healthcare sector. Moreover, 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. Thus, the COVID-19 has had a favorable impact on the global microfluidic components market.

Microfluidic Components Market- By Product

Based on products, the microfluidic components market is segmented intothe valve, flow and pressure controllers, flow and pressure sensors, nozzles, micropumps, microneedles, and others. The valve segment is further segmented into solenoid valves, flow control valves, check valves, shuttle valves, pressure relief valves, proportional valves, and other valves. The valve segment held the largest market share in 2020. Its wide applicability across numerous industrial sectors is one of the factors fueling its growth. Due to increasing automation across all industries, the valve segment, especially the solenoid valve segment, dominates the microfluidic component market.

Global Microfluidic Components Market                          

Source: BlueWeave Consulting

Microfluidic Components Market- By Application

Based on applications, the microfluidic components market is segmented into automotive, aerospace&defense, healthcare, consumer electronics, oil & gas, and others. Among these, the healthcare segment contributed the highest revenue to the market in 2020. The growth can be attributed to the high demand that rapid diagnostics or point-of-care diagnostics witnessed in 2020. Additionally, increased healthcare expenditures, automation demand, government funding, and other factors have all contributed to the growth of this segment.

Microfluidic Components Market Share

Source: BlueWeave Consulting

Microfluidic Components Market- Regional Insights

Based on regions, the microfluidic components market is categorized into North America, Europe, the Asia-Pacific, Latin America, and the Middle East & Africa. Among these, North America leads the market with the highest market share in 2020.Growing research and development in microfluidic technology in the US has been one of the primary factors driving the growth of the market. The presence of well-established healthcare and higher adoption of novel therapeutics has also expanded the microfluidic components market in the North American region.The Asia-Pacific region, on the other hand, is expected to grow at an accelerating rate during the forecast period. The most significant market player Parker Hannifin has expanded its product portfolio in Asia. Additionally, the increasing industrial projects in China and India due to rapid urbanization are powering the growth of the microfluidic components market in the Asia Pacific.

Regional Insights

Source: BlueWeave Consulting

Competitive Landscape

The microfluidic components market is mildly fragmented and led by 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,and other prominent players. IDEX Corporation and Parker Hannifin Corporation control the largest share of the market.The small to mid-size companies are marking their market presence by lowering prices and introducing new technologies. The key players maintain their dominance in the market by adopting strategies like strategic alliances, acquisitions, collaborations, and launching advanced product innovations.

Recent Developments

  • In June 2021, the 14th Lab-on-a-Chip, and Microfluidics Europe 2021 online global conference was announced. A host of lab-on-chip applications were showcased during the three-day conference, from life science research to taking diagnostics to the point-of-care and organs-on-a-chip.

 

  • In May 2021, Nuclera, a fast-growing biotech company, acquired E Ink's digital microfluidics unit into the newly formed US subsidiary of Nuclera, which will enable the delivery of revolutionary desktop protein and gene bioprinter. 

 

Scope of the Report

Attribute

Details

Years Considered

Historical data – 2017-2020

Base Year – 2020

Forecast – 2021 – 2027

Facts Covered

Revenue in USD Billion

Market Coverage

The U.S., Canada, Germany, the U.K., France, Italy, Spain, Brazil, Mexico, Argentina, Japan, South Korea, China, India, Australia, UAE, South Africa, Saudi Arabia, Turkey, Qatar.

Product/Service Segmentation

By Product, By Application, and By Region

Key Players

Key players in the market include 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.

 

By Product

  • Valves
    • Solenoid Valves
    • Flow Control Valves
    • Check Valves
    • Shuttle Valves
    • Pressure Relief Valves
    • Proportional Valves
    • Other Valves
  • Flow and Pressure Controllers
  • Flow and Pressure Sensors
  • Micropumps
  • Nozzles
  • Microneedles
  • Other Components (Tubing, Connectors)

By Industry

  • Oil & Gas
  • Healthcare
  • Aerospace &Defence
  • Consumer Electronics
  • Automotive
  • Other Industries

By Region

  • North America
  • Europe
  • The Asia-Pacific
  • Latin America
  • The Middle-East & Africa

Frequently Asked Questions:

Ans: The Microfluidic Components market reached USD 3.56 Billion in 2020 across the globe.
Ans: Some of the key market drivers for the growth of the microfluidic components market are the increasingdemand for point-of-care and in-vitro diagnostics. The wide application of microfluidic components across industries is also driving the market growth.
Ans: The key players in the global market include Parker Hannifin Corporation, IDEX CORPORATION, Fluigent SA, Staiger GmbH & Co. KG, SMC Corporation, CamozziAutomation 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.
Ans: The valve segment accounted for the largest share in the global microfluidic components market.
Ans: The Asia-Pacific region is growing at a higher rate in the global microfluidic components market.