(USA, NY, New York City) Market Research Future (MRFR) has announced a new release about the global microfluidic pumps, or micro pump market. The micro pump market is expected to exhibit a robust 19.4?GR over the 2017-2023 forecast period. The report looks into the regional and various other segmentations of the global micro pump market to present a granular picture of the market’s present conditions and provide readers with clear data about the market’s growth prospects over the forecast period.
The global micro pump market has been driven primarily by the growing awareness about the importance of controlled drug delivery in healthcare applications. Machines such as micro pumps enable smooth delivery of the required drugs at the requisite intervals without manual intervention, while ensuring perfect measurement of the drug volumes and thus preventing overdoses. Such benefits have led to the growing use of micro pumps in the treatment of a number of diseases and are likely to enable smooth growth of the micro pump market over the forecast period.
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Leading players in the global micro pump market include Alldoo Micropump, Dolomite Centre Ltd., Biochem Fluidics, Takasago Electric Inc., IDEX Corporation, TOPS Micro Pump Technology Company, Xavitech, KNF Neuberger Inc., Servoflo Corporation, Cole-Parmer Instrument Company, LLC, Microfluidics SA, Microfluidica LLC, and World Precision Instruments.
The global micro pump market is segmented on the basis of product type, material, application, and end use.
On the basis of product type, the global micro pump market is segmented into mechanical micropumps and non-mechanical micropumps. Mechanical micropumps are surther sub-segmented into piezoelectric micropumps, syringe pumps, peristaltic pumps, and others. Mechanical pumps are likely to remain the dominant segment of the global micro pump market over the forecast period and accounted for close to two-thirds of the overall market in 2016. However, non-mechanical micro pumps are likely to exhibit growth at a higher CAGR of 19.81% over the 2017-2023 forecast period.
On the basis of material, the micro pump market is segmented into polymer, glass, silicon, and others.
On the basis of application, the global micro pump market is segmented into drug delivery, medical devices, in vitro diagnostics, and others.
Based on end use, the micro pump market is segmented into biotechnology and pharmaceutical companies, hospitals and diagnostic centers, research institutes, and others.
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The global market for micropump, based on region, is divided into the Americas, Europe, Asia Pacific, and the Middle East & Africa.
The Americas has been the largest market for micropumps since the technology came into existence and is predicted to dominate the global demand for micropumps during the forecast period. There are several factors for the enormous growth of the micropump market, such as the broader acceptance of the technology. The North American countries initially embraced Micropump technology, and the use of micro pumping systems has grown over the years. Significant market players such as Cole Palmer, IDEX Corporation, Bio-Chem Fluidics, and World Precision Instruments, among others, are based in the USA, which has contributed to the development of the state-of-the-art infrastructure needed for micro pumping technology. Government funding is another essential factor in the overall growth of the market.
The European demand for micro-pumps is predicted to be the second largest in the forecast period. In addition, a broad population requiring substantial diagnostic and medical requirements, drug discovery and development, and delivery facilities have played a significant role in the growth of the European region’s micropump market. In addition, the companies operating in the market are particularly focused on mergers and acquisitions, which are expected to support market growth.
Asia Pacific is expected to be the fastest-growing region due to increased R&D investment, penetration of health insurance, and up-grading of healthcare systems. In addition, Japan had a market share of 23.6% in the Asia Pacific region in 2016.
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