ID: MRFR/MED/0792-CR | July 2019 | Region: Global | 142 pages
According to the latest research report, the global micro-pump market size 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. Micropumps are devices that help to manipulate and control the volumes of small fluids. Moreover, a different kind of small pump is also referred to as a micropump; it has functional dimensions in the micrometer range.
The global micro-pump market is acquiring significant importance due to rising pharmaceuticals, R&D investment in life science, and rising point of care testing demand. The use of micropumps in the healthcare industry is increasing rapidly due to its use in various applications like flow fluids and transporting it from a place to another, and mixing tiny amounts of fluids are the major factor that is boosting the growth of the global micro-pump market. The micropump is highly used in medical devices which helps to deliver the appropriate dosage of medicine to the patient. Moreover, surface chemistry issues and geometrical and adherence to regulatory requirements are predicted to hinder the growth of the global micro-pump market.
This report contains all the information on the global micro-pump market trends, research, and market strengths. The report also contains the culmination of dynamics, segmentation, key players, regional analysis, and other important factors. And a detailed analysis of the global micro-pump market insights and forecast to 2023 is also included in the report.
Covid 19 Analysis
The increased healthcare costs and the shrift of outpatients care to home is driving the micro pumps market due to the outbreak of covid 19. The demand for lighter, smaller and compatible products for treating coronavirus-affected patients around the globe is also contributing to the growth of the micro-pump market. However, the industry of micropumps is also facing several complications due to the covid 19 pandemic.
The role of micropump in care services has increased rapidly due to the adoption of clinical tests and development which is predicted to boost the demand for the micro-pump market. The high use of the micropump in infusion therapy in order to treat cancer patients is another major factor contributing to the growth of the global micro-pump market.
The mix of material changes is providing lucrative opportunities to the new key players and hence increasing the demand for the micropump for care testing. The rising awareness among individuals about the significance of controlled delivery of drug uses of the micropumps in biochemical research, and the rising prevalence of fatal and chronic diseases are the major factor for the growth of the global micro pup market.
The faithfulness to stringent regulatory requirements around the globe is likely to create a hurdle in the growth of the global micro-pump market.
The regulatory issues are the major challenge in the micro-pump market and the market also faces issues from geometrical problems and surface chemistry during the process of manufacturing which is another bigger challenge in the micro-pump market.
Cumulative Growth Analysis
According to the reports, there has been a magnificent rise in the number of health issues due to the rise in population from the past couple of decades. According to the reports of the World Health Organization, cancer is the major cause of increasing death rates around the world and it is responsible for the deaths of about 8.8 million people around the globe in the year 2015, accordingly, one in six deaths are because of cancer. Micropumps play a significant role in these types of diseases where doctors take the help of infusion therapy to treat the patients. Furthermost, Asia Pacific is predicted to be the fastest-growing micro pump market due to improved health insurance penetration and developments in healthcare systems. Japan accounts for the largest share of 23.6% in the year 2016, in the global micro-pump market share.
Value Chain Analysis
According to the report, the global micro-pump market has been segmented into types, material, application, end-user, and region. On the basis of types, the global micro-pump market has been segmented into mechanical micropump, piezoelectric micropump, syringe pump, peristaltic pump, and non-mechanical micropump. On the basis of materials, the global micro-pump market has been segmented on the basis of gloss, polymer, and silicon. On the basis of application, the global micro-pump market has been segmented into drug delivery systems, medical devices, and in-vitro diagnostics.
On the basis of end-users, the global micro-pump market has been segmented into biotechnology and pharmaceutical companies, hospitals and diagnostic centers, and research institutes. The biotechnology and pharmaceutical companies segment is predicted to account for the global micro-pump market in terms of the value of USD 443.0 Million in the year 2016.
The market is segmented on the basis of the types, material, application, end-user, and region. The global micro-pump market is expected to witness decent growth during the forecast period.
Based on the application, the market is segmented into drug delivery systems, medical device, and in-vitro diagnostics.
Based on the propulsion types, the market is segmented into biotechnology and pharmaceutical companies, hospitals and diagnostic centers, and research institutes.
According to the reports, on the basis of region, the global micro-pump market has been divided into the Americas, Europe, Asia Pacific, and the Middle East & Africa. The Americas is predicted to lead the global micro-pump market during the forecast period due to the existence of advanced micro pump technology in this region. Apart from that, there are several other factors that are boosting the growth of the micro-pump market such as the acceptance of technology. North America is predicted to hold the largest share in the global micro-pump market due to funding provided by the governments of this region and it is a crucial factor for the growth of the overall market. The European market is predicted to hold the second-largest share in the global micro-pump market due to the rise in population which demands significant diagnosis and medical help, furthermost, the upgraded delivery services, developments, and discovery of drugs are the major factor for the growth of micro-pump market in this region.
The major key players of the market are focused on developing the state-of-the-art infrastructure which is highly required for boosting the technology in micro pumping. The key strategies of these prominent players include mergers & acquisitions, and developments of new products.
Major Key Players
The following report comprises of –
Global Micropump Market, by Type
Global Micropump Market, by Material
Global Micropump Market, by Application
Global Micropump Market, by End User
Global Micropump Market, by Region
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Material, Application, and End user|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Advanced Microfluidics, Alldoo Micropump, Microfluidica LLC, Servoflo Corporation, Takasago Electric, Inc., TOPS Industry & Technology Co. Ltd, World Precision Instrument, Xavitech, Christian Bürkert GmbH & Co. KG, Hargraves Technology Corporation (Parker), Longer Precision Pump Co. Ltd, Calon Cardio, and CircuLite Inc.|
|Key Market Opportunities||The material mix changes providing opportunities for new players|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The global micropump market is predicted to touch USD 3184.6 million by 2027.
The micropump market is predicted to grow at a 19.4% CAGR between 2020-2027.
The Americas is predicted to lead the micropump market during the forecast period.
Growing demand for point of care testing and increasing investments in pharmaceuticals and life sciences are boosting market growth.
Adherence to strict regulatory needs and surface chemistry & geometrical issues may restrict market growth.