According to Acumen Research & Consulting, the revenue generated by the sale of Micropumps Market, globally, is anticipated to reach the value of more than US$ 5800 Million by 2028, at a whopping CAGR of around 19% over the forecast timeframe.
Micropumps are miniaturized pumping devices fabricated by micromachining technologies. They are an essential component of microfluidic systems and have a wide range of applications, from drug delivery to in-vitro diagnostics. Micropumps are created for a variety of reasons. Two major reasons include weight loss and the capacity to manage small quantities. Micropumps weigh less and take up less space than their macroscopic counterparts due to their smaller dimensions. These miniature devices are also capable of efficiently handling incredibly small amounts of liquid. Therefore, micropumps are having a widespread application in the medical industry.
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Global Micropump Market Trends
Micropumps have established a substantial presence in the biomedical sector due to their smaller dimensions and higher pumping flow rates. Improved accuracy compared to conventional pumps, and rising demand for medical devices with precise drug delivery are some of the primary factors boosting the growth of the global micro-pump market. Micropumps provide for the smooth flow of medication at a regular interval without the need to do it manually, ensuring that the patient receives the correct medication and prevents overdosing. Micropumps are one of the most developed microelectromechanical system (MEMS) devices, and they are employed specifically in microfluidic research. Drug delivery devices using microelectromechanical technology (MEMS) are gaining popularity because of their major applications in the biomedical field. Thus, there has been an increased effort to improve the efficiency of drug delivery in the past couple of years.
The rising prevalence of chronic diseases, as well as the growing older population, supports the market expansion during the forecast period. For instance, in 2020 there were 727 million people aged 65 years or over throughout the world. However, there are certain limitations to the market, such as the expensive cost of the micropump and strict laws that govern the import and export of these devices. Furthermore, growth in point-of-care testing, ongoing research & development in the pumps field, and increasing usage of micropump in healthcare settings are the factors that are creating multiple growth prospects for the market currently as well as in the future.
Global Micropump Market Segmentation
The micropump market is divided into five categories: product type, material, application, end-user, and region. The product type is further categorized into mechanical micropumps (peristaltic pump, piezoelectric micropump, and others), and non-mechanical micropumps. By material, the market is split into silicon, polymer, and glass. Based on application, the segment categorizes as drug delivery, in-vitro diagnostics, medical devices, and others. Biotechnology & pharmaceutical companies, hospitals & diagnostic centers, and academic & research institutes are the segmentation of end-user. Furthermore, North America, Latin America, APAC, Europe, the Middle East, and Africa are covered under the regional category.
Easy usage of non-mechanical micropump helps the segment to grow with a considerable CAGR
Based on product type, the non-mechanical micropump is likely to register a considerable growth rate during the forecast period 2021 – 2028. This could be credited to the frequent use of non-mechanical micropump in drug administration due to its easy-to-use and simple function. However, the mechanical pump generated the largest revenue in 2020 and is likely to continue its trend throughout the forecast period.
In-vitro diagnostics to register the fastest growth rate during the review period
Among applications, the segment of in-vitro diagnostics is anticipated to attain the fastest growth rate all through the forecasted years. Since mechanical and non-mechanical pumps are majorly used in in-vitro diagnostics areas, the segment registers a significant growth rate. Meanwhile, the drug delivery segment dominated the largest market shares in 2020, as the micropump’s primary application is to deliver drugs with precise quantity.
Micropump Market Regional Stance
In 2020, the North America region occupied the maximum market share in this category. Early adoption of technologies, the presence of advanced healthcare infrastructure, and the presence of a number of key companies in the region are all helping to accumulate the largest share in the North American region. In addition, the growing base of geriatric population and an increasing number of chronic disorders are contributing the adoption of micropumps. Europe on the other hand stood on the second position due to the population growth that requires significant diagnosis and medical assistance. Meanwhile, the Asia-Pacific region is expected to register the fastest CAGR during the review period 2021 – 2028. The high growth in the region is due to the growth in number of cancer and heart patients, and rising awareness regarding drug delivery, especially in China and India.
Major Players
The micropump market is combined with a large number of key companies. The top players presented in the report include World Precision Instruments, Micropump Inc. (IDEX Corporation), Calon Cardio-Technology Ltd, Bartels Mikrotechnik GmbH, Takako Industries, INC., Bürkert Fluid Control Systems, TOPS Industry & Technology Co., Ltd., The Lee Company, Xiamen AJK Technology Co., Ltd., Xavitech, ALLDOO Micropump, Servoflo Corporation, and Microfluidica and others.
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