What is a micropump used for?
Micropumps have potential industrial applications, such as delivery of small amounts of glue during manufacturing processes, and biomedical applications, including portable or implanted drug delivery devices.
- CAGR: 16.2%
- Current Market Size: USD 1.65 Billion
- Forecast Growing Region: APAC
- Largest Market: North America
- Projection Time: 2021 – 2031
- Base Year: 2020
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Rise in chronic diseases such as cancer and diabetes, high-end technological advancements in the healthcare sector, and surge in awareness regarding controlled drug delivery drive the growth of the global Micropump market. On the other hand, strict laws pertaining to the usage of Micropumps in human healthcare and high manufacturing cost of the devices restrain the growth to some extent. However, rise in adoption of key strategies such as collaboration, acquisition, partnership, and agreement by the market players is expected to create lucrative opportunities in the industry.
Alarming rise in the number of key players, increase in adoption of in-vitro diagnosis and rise in disposable income lead to growth of the micro pump market.
Covid-19 scenario-
- Rise in expenditure by government and private organizations for the treatment of Covid-19 had a positive impact on the growth of the Micropump market.
- Micropumps have widely been used during COVID-19 pandemic for treatment and investigation purposes.
- Micropumps are also being used for manufacturing vaccines, which drives the demand for Micropumps in biotechnology companies.
Key Findings Of The Study
- By type, the mechanical segment was the highest contributor to the market in 2021.
- By material, the plastic & composites segment was the highest contributor to the market in 2021.
- By application, the drug delivery segment dominated the market in 2021, and is expected to continue this trend during the forecast period.
- By end user, the hospital & diagnostic centers segment dominated the market in 2021, and is expected to continue this trend during the forecast period.
- By region, North America garnered the largest revenue share in 2021, whereas Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.
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The hospitals and diagnostic centers segment to lead the trail-
Based on end-user, the hospitals and diagnostics centers segment held nearly three-fifths of the global Micropump market revenue in 2021. Simultaneously, the same segment would also garner the fastest CAGR of 16.5% during the forecast period. This is due to rise in number of hospitals, increase in expenditure by government to develop healthcare infrastructure, and surge in number of chronic diseases across the world.
North America garnered the major share in 2021-
Based on region, North America held the major share in 2021, generating nearly two-fifths of the global Micropump market. This is attributed to increase in number of research activities, technological advancements in the healthcare sector, and rise in the prevalence of chronic diseases. The Asia-Pacific region, on the other hand, would garner the fastest CAGR of 17.0% by 2031. Surge in expenditure by government organizations to develop the healthcare sector, increase in prevalence of chronic diseases, and rise in the number of key players in the province propel the market growth.
Key players in the industry-
- Arcmed Co. Ltd.
- Bartels Mikrotechnik Inc
- Cole Parmer India Pvt. Ltd.
- ALLDOO Micropump Inc
- Xavitech Micropump AB
- Enomoto Micropump Mfg. Co
- Burkert GmbH and Co. KG
- Sandur Fluid Controls PVT. LTD.
- TTP Ventus Ltd
- Fluigent Inc
- IDEX Corporation
- Takako Industries, Inc
- Takasago Electric, Inc
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The report analyzes these key players in the global Micropump market. These players have incorporated various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in assessing the operating segments, their business performance & product portfolio, and so on.
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