Micropump Market Overview
The global micropump market 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 19.4% and reach a valuation of USD 3184.6 million by the end of the forecast period.
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The controlled supply of the fluids has improved healthcare management and led to better medical outcomes are fueling the growth of the global micropump market. Additionally, growing inclination toward the point of care testing (POCT) owing to a rising elderly population, increasing chronic diseases, and lifestyle changes are driving growth of the micropump market. Further, the exploration and research and development activities for finding effective drugs over diseases such as osteoporosis, Parkinson, infertility, Alzheimer’s, and multiple sclerosis are benefiting the growth of the micropump market.
However, the regulatory constraints and issues due to surface chemistry are hampering the performance of micropump, which is likely to restrain the market growth. Nonetheless, growing technological advancements and innovations in the technologies are offer opportunities for growth of the global micropump market.
Micropump Market Competitive Analysis:
Some of the major companies in the global micropump market 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.
Micropump Market Segmentation:
The micropump market 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.
Micropump Market Regional Analysis:
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.
However, the Asia Pacific region is predicted to be the fastest-growing region in the micropump market over the forecast period. This growth can be attributed to the existence of the key players in the region focusing on the mergers and acquisition, for adopting advanced technologies. Further, factors such as increased R&D investment, up-gradation of the healthcare sector in the emerging countries, and penetration of health insurance in the region are estimated to drive the market growth in the coming future.
Micropump Industry News:
In September 2019, II?VI Incorporated announced the launch of a 400 mW micro-pump laser for high-temperature operation. This type of micropump is generally used to operate in the space-, thermally-, and power-constrained environments.
In June 2019, TTP Ventus announced the introduction of its latest product line – the LT Series. This product is developed by aiming the application across life science, medical, environmental, and industrial sectors.
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