According to the latest research report, the micropump market share is predicted to reach USD 3184.6 Million by the end of the year 2023 by registering a CAGR of 19.4% during the forecast period.
The global micro-pump market has been evaluated as rapidly growing market and expected that the market will reach high growth figures. Micro-pumps have been playing a crucial role in the pharmaceutical industry for last few years. Especially in the processes such as drug discovery, development and delivery. The ability of micro-pump to provide a controlled flow of fluids and controlled delivery of drug dosage into the body of the patients are the major factors boosting the demand for such techniques. This has led to the improved healthcare management and better medical outcomes. Growing demand for micro-pump technology in the medical and pharmaceutical industry has played an important role in the growth of the micro-pump market. Point of care testing is increasing widely due to lifestyle changes, aging population, and growing chronic diseases. Point of care testing (POCT) involves the performance of a test close to the site of patient care to provide immediate results outside the conventional laboratory environment. The role of micro-pumps has been instrumental in the point of care services. Additionally, different types of materials are used to manufacture different micro-pump in order to ensure their compatibility with the extensive range of fluids. Due to these innovations in the material mix of microfluidic pumps, the opportunities for new entrants is increasing in the market, thus driving the growth of the overall market. Proper drug delivery is the most important part of the drug administration. There has been rising awareness about the importance of the controlled drug delivery. Efforts are being taken to provide treatments for diseases like osteoporosis, infertility, Parkinson, Alzheimer, multiple sclerosis, among others through micro-pumps which will enhance the growth of the micro-pump market.
On the other hand, there are certain factors that can hinder the growth of the micro-pump market. The regulatory issues act as hindrance in the development of micro-pump market. Apart from regulatory challenges, the market also confronts issues from surface chemistry and geometrical problem during manufacturing process.
Taste the market data and market information presented through more than 63 market data tables and figures spread over 101 numbers of pages of the project report. Avail the in-depth table of content TOC market synopsis on “The Global Micro-Pump Market Research Report -Forecast to 2027.
Global Micro-Pump Market Players:
The major participants of this market are Advanced Microfluidics SA, Alldoo Micropump, Bio-Chem Fluidics, Cole-Parmer Instrument Company LLC., Dolomite Centre Ltd, IDEX Corporation, KNF Neuberger Inc., Microfluidica LLC, Servoflo Corporation, Takasago Electric Inc., TOPS Industry Technology Co. Ltd., World Precision Instruments, Xavitech and others.
Segmentation
The global market for micropump market has been segmented into type, material, application, and end-user.
Based on type, the global market for micropump has been segmented into mechanical micropump, piezoelectric micropump, micro syringe pump, peristaltic pump, and non-mechanical micropump.
Based on material, the global market for micropump has been segmented into polymer, glass, and silicon.
Based on application, the global market for micropump has been segmented into drug delivery systems, medical devices, and in-vitro diagnostics.
Based on end-user, the global market for micropump has been segmented into biotechnology and pharmaceutical companies, hospitals and diagnostic centers, and research institutes. The biotechnology and pharmaceutical companies’ segment of the global micropump market accounted for a market value of USD 443.0 million in 2016.
Regional Analysis:
Depending on geographic region, micro-pump market is segmented into four key regions: North America, Europe, Asia Pacific, and Rest of World. Globally North America is the largest market for micro-pump. The North America market for micro-pump is expected to grow at CAGR 17.6% during the forecasted period. Europe is the second-largest market for micro-pump which is expected to grow at a CAGR of 17.4%. Asia-Pacific region is expected to be fastest growing region in micro-pump market.
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