According to FutureWise analysis, the market for microfluidic Components is projected to expand at a CAGR of 12.7% from 2023-2031.
Factors such as increasing incidences of chronic diseases are expanding the microfluidic component market size. The increasing demand for in-vitro diagnostics is further complementing the growth of the market. According to the World Health Organization (WHO), 95 million people received HIV testing in developing and under-developing economies. The growing number has led to a reduction in the price of microfluidics in HIV testing at POCs, thus inflating the microfluidic components market share. The market is classified into product, industry, and region. In terms of product, flow and pressure sensors are predicted to show notable growth due to its growing use in pressure sensing and microfluidics conductivity measurement.
Furthermore, the high accuracy and control stability offered by flow and pressure controllers is bolstering the market. Valves are also expected to hold a vast segment of the market owing to its increasing use in the automotive sector. The growing demand for power generation alongside increasing investments in multiple industries is playing a catalyst role in increasing the microfluidic components market size. In terms of region, the Asia-Pacific region is expected to show exponential growth owing to the rise in industrialization and investments in water infrastructure. Growing urbanization and rising number of infrastructural development projects in India and China are complementing the growth of the market. Growth of chemicals, aerospace and power energy sectors is also positively influencing the market.