The global micropump market research is expanding swiftly on the back of the massive demand for the micropump in the pharmaceutical industry. The micropumps are around for the past few years, and they are playing a crucial role in the industry across the procedures including drug discovery, development, and delivery. The ability of pumps providing controlled fluid or the drug dosage to the patient’s body is increasingly augmenting its applications in the healthcare sector. Thanks to these factors, the market for micropump is anticipated to exhibit a CAGR of 19.2% and reach a valuation of USD 7328.83 million by the end of the forecast period.
The enhanced medical outcomes and better healthcare management brought on by the controlled fluid supply are driving the growth of the worldwide micropump market. Aside from the factors that are causing the micropump market to grow, such as an ageing population, a growth in chronic diseases, and changes in lifestyle, the point of care testing (POCT) trend is also emerging. The hunt for treatments for ailments like osteoporosis, Parkinson’s, infertility, Alzheimer’s, and multiple sclerosis as well as other conditions is assisting in the growth of the micropump market.
Regulatory limitations and surface chemistry issues are limiting the performance of the micropump, which is expected to restrain market growth. Yet, because of ongoing technological advancements and developments, there is room for growth in the global micropump market.
The global micropump market players include Alldoo Micropump, Advanced Microfluidics, Microfluidica LLC, Takasago Electric, Inc., Servoflo Corporation, TOPS Industry & Technology Co. Ltd, Xavitech, World Precision Instrument, Christian Bürkert GmbH & Co. KG, Longer Precision Pump Co. Ltd, Hargraves Technology Corporation (Parker), CircuLite Inc., and Calon Cardio. These players are adopting the business developing strategies such as merger and acquisition and new product launches. Additionally, these strategies are helping them to adopt newer technologies and opening doors for business expansion.
The micropump market report is segmented on type, application, material, end user, and region.
Based on type, the market is segmented into piezoelectric micropump, mechanical micropump, syringe pump, non-mechanical micropump, and a peristaltic pump.
Based on the material, the market is segmented into glass, polymer, and silicon.
Based on the application, the market is divided into medical device, drug delivery systems, and in-vitro diagnostics.
Based on the end-user, the market is separated into hospitals and diagnostic centers, biotechnology and pharmaceutical companies, and research institutes. Of these, the biotechnology and pharmaceutical companies’ segment accounted for the lion’s share and grabbed a value of USD 443.0 million in 2016.
On the basis of region, the micropump market is segmented into North America, Asia Pacific, Europe, and Rest of the World. Of these, North America is estimated to expand by demonstrating a CAGR of 17.6% in the global micropump market over the estimated timeframe till 2023. This growth is attributable to the broader acceptance of the technology in the region. Additionally, the European region accounted for second-leading share and is anticipated to expand at a 17.4% CAGR owing to the favorable environment created by the government for the adoption of micropump. Additionally, the market is getting benefit from the presence of substantial people demanding for medical instruments such as diagnostic devices, drug delivery systems, and other healthcare-related services in the region.
Over the course of the forecast, Asia Pacific is anticipated to experience the micropump market’s fastest growth. This expansion might be ascribed to the presence of major regional firms who concentrate on mergers and acquisitions in order to adopt cutting-edge technologies. Additional factors that are anticipated to fuel market expansion in the future include higher R&D spending, improvements to the healthcare system in emerging nations, and the adoption of health insurance in the area.
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