Impact of COVID-19 on the Global Micro Pump Market
Micro Pump are used in various healthcare procedures and the manufacturing of medical devices. These are used in manufacturing numerous medical devices for home and hospital, wearable medical devices, hand-held point-of-care diagnostics, therapeutics, sleep therapy devices, wound care, and drug delivery devices. Also, several advanced micro pumps have been developed for applications such as transdermal insulin delivery, blood transportation through artificial hearts, injection of glucose and drugs, hormone treatment, and pain and wound-care management.
The micro pumps market is driven by rising healthcare costs and the shift to home-based outpatient care. Rising demand for smaller, lighter, and more portable products are also contributing to the market growth. Micro pumps are commonly used and easily available components, however, the micro pumps industry is facing numerous complications created by COVID-19 pandemic.
The production facilities of major manufacturers such as Xavitech are closed due to the pandemic. The major players are trying to supply their products to the customers through various channels, but they are facing many problems due to the limited manufacturing and disturbance in the supply chain caused by the pandemic. Micro pumps industry is expected to face significant losses due to the disruptions caused by COVID-19 and it will take around 2-3 years to recover from the losses completely. Major markets for micro pumps such as the US, China, Spain, Italy, Germany, France, and the UK are suffering huge economic losses due to the pandemic. According to the MRFR analysis, the market is expected is register around 60-65% dip in the revenue for 2020 as compared to the revenue generated in 2019.
The medical devices industry in developing countries like India is highly dependent on the import of raw materials and electronic components and facing a shortage of raw material due to the COVID-19 outbreak. It will create a unique situation where domestic medical devices manufacturers will start looking for other alternative sources of raw materials. This is likely to provide an opportunity for local micro pump raw material suppliers to enter into developing markets.
The only positive thing for the micro pump industry is the demand for medical devices such as ventilators that fall under emergency care products is increased in the recent period due to the increase in hospitalization. According to the latest report published by the World Health Organization (WHO), as of 25th May, 2020 more than 5.3 million patients were suffering from COVID-19 across the globe. Micro pumps are used as a component in the manufacturing of ventilators, thus the rising demand for ventilators is expected to provide favorable conditions for the growth of the micro pumps market.