The market size of the global Precision Fluidics market is predicted to show an 18.2% CAGR during the forecast period.
Precision fluidics—the elements that control small amounts of fluids—are often anticipated to enhance the performance of analytical equipment, clinical diagnostic instruments, and patient gas delivery systems. The demand for clinical diagnostic and analytical devices from laboratories has risen due to an increase in the prevalence of infectious diseases, the appearance of pandemics like COVID-19, and the adoption of technologically advanced instruments to provide accurate results, fueling the growth of the precision fluidics market. A rise in R&D for technologically advanced equipment, grants from public and private organizations for R&D and the acquisition of diagnostic tools, and an increase in the number of end-user sectors are all contributing to the market's expansion.
Due to the increasing potential of these technologies, dependable drug delivery systems with enhanced physicochemical qualities may now be produced using simple, low-cost, and repeatable processes. However, the high cost of products like syringe pumps will hinder market expansion. These tools are used in preclinical research, chromatography, microfluidics, cellular research, mass spectrometry calibration, and neurology. Depending on the type, brand, and quality, syringe pumps used in the study might fluctuate in price. Due to their high cost, the market for precision fluids cannot expand.
The Precision Fluidics market is segmented on the component and application. Based on the Component, the market is segmented into Pumps, Valves, Probes, Degassers, Fluidic Systems, Manifolds, Pressure Sensors, Flow Sensors, Fluid Level Sensors, Inline Filters and Subsystem Level-Fluidics Systems or Integration. Based on application, the market is segmented into Analytical Instruments, Clinical Diagnostics, Patient Gas Delivery and Others.
Based on the component, the flow sensors segment is accounted as a significant contributor to the Precision Fluidics market.
The precision fluidics market is anticipated to have the highest revenue contribution from flow sensors. Their wide range of applications in pressure sensing, pH measurement, microfluidic conductivity measurement, and microfluidic biosensors accounts for their significant market share. Flow sensors can measure air or other gases in mass flow with accuracy and dependability. These flow sensors were designed with the motion control sector knowledge and included our most cutting-edge sensor, valve, and laminar flow element technology.
The Clinical Diagnostics vaccines segment witnessed growth at a rapid rate.
Due to the rise in the prevalence of infectious diseases, there is an increased demand for clinical diagnostic services from laboratories. The growth of this segment is due to the massive demand for home care and the rising frequency of infectious and chronic diseases. Precision fluidics' high degree of functionality and customizability enables the blending of chemical and biological laboratories' operations into various on-chip diagnostic modules, making the products an excellent replacement for locations with limited resources.
The North America Precision Fluidics market holds a significant regional revenue share.
The North American Precision Fluidics market is expected to register the highest market share in revenue in the near future. The rising elderly population, well-established vendors, and the rising incidence of chronic diseases in this region due to the high obesity rate and poor lifestyle are vital contributors to the region's phenomenal growth. The main factors expected to project the market's growth are favourable government policies and initiatives intended to attract customers by spending on healthcare infrastructure, improving reimbursement packages and the cost-effectiveness of product and service offerings, and streamlining research and development to create innovative products. In addition, Asia Pacific is projected to grow rapidly in the global Precision Fluidics market because of increased infrastructure building projects, particularly in China and India, rising standards of living, and increased urbanization. The Chinese government has always supported the ownership of intellectual property rights and improved infrastructure. The market for precision fluidics is therefore anticipated to have significant growth. In addition, the region's precision fluidics market is expected to reach new heights over the next few years due to the growing demand for healthcare services. The quick expansion of point-of-care devices and the increase in research and development activities in India are responsible for the market's growth.
Some major key players in the Precision Fluidics market are IDEX Health & Science LLC, Parker Hannifin Corporation, MK Fluid Systems, Dolphin Fluidics, The Lee Company, Flex Fluidics LLC, Halma Plc, IMI Plc, Bürkert, Hamilton Company, Bio-Chem, IVEK, SMC, TECAN, Symbient Product Development, Gems Sensors, Diba Industries, New England Small Tube Corporation, and Controlled Fluidics.