Global Micropump Market Surpass US$ 5,840 million by 2028 | CAGR 19%
According to Ameco Research, the worldwide micropump market will increase at a CAGR of more than 19% throughout the forecast period, reaching a market size of more than US$ 5,840 million by 2028.
The growing prevalence of chronic disorders such as cancer, diabetes, and cardiovascular among others is the primary reason for the rapid growth of micropump market. According to the WHO, cancer is the top cause of mortality worldwide, with approximately 10 million deaths expected by 2020. In the same year, there were more than 530 million cases of diabetes in the world and they are projected to rise to 643 million by 2030. Thus, such huge cases of cancer and diabetes are propelling the demand for micropumps in the worldwide market.
The increasing trend of precision drug delivery stimulates the global micropump market
The development and facilitation of microelectromechanical (MEM) technology systems have enabled the production of high-precision micropump, which has shown to be the most exact way for the pharmaceutical industry. Micropumps have assisted healthcare professionals to administer drugs in precise amounts and at regular time intervals. Micropumps ensure that the patient obtains the necessary medication and avoids overdosing by allowing medication to flow smoothly at a regular interval without the need to do it manually. In addition to administering exact dosages of medicine, micropumps are utilized for a variety of purposes, including mixing small amounts of fluids and transferring fluids from one location to another.
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The industry has created awareness among medical professionals and patients as these devices are used for controlled drug delivery. High or low concentrations of drugs might have some side effects on the patient. As a result, the micropump is the most important component of a drug delivery system because it ensures that the drug is delivered in the correct quantity, precision, and dependability to the tissue or blood artery. Nevertheless, an increasing number of minimally invasive procedures are also contributing to the rapid growth of the micropump industry.
Besides, a decrease in micropump devices by increasing production capacity and an increase in adoption of advanced technologies in the drug delivery systems are some of the important trends of the worldwide micropump industry. However, stringent government regulations for the use of micropumps and the negative impact due to the COVID-19 pandemic that has caused supply chain disruption have acted as major hindrances for the industry. The COVID-19 has had an impact on numerous businesses, limiting manufacturing activities as well as supply, resulting in a downturn in this industry as micropumps manufacturing and transportation were put on pause. However, the sector began to perform well in 2021 because of the multiple benefits of using micropump for drug delivery and point-of-care testing for pathogens such as COVID-19 or Methicillin-resistant Staphylococcus aureus (MRSA).
Because there are numerous advantages to employing a micropump, this industry has been developing. Furthermore, compared to present pumps, better accuracy, possible cost, size, reliability, and robustness will provide various growth opportunities for the sector.
Global Micropump Market Segmentation
Material, product type, application, end-user, and regions are the segmentation considered in the global micropump industry. Silicon, glass, and polymer are the categorization of the material segment. Among them, the silicon segment accounted for the majority of the share in 2020, while polymer and glass segments are having stable market growth. The product type segment is bifurcated into mechanical and non-mechanical. The mechanical segment is further split into piezoelectric micropump, peristaltic pump, and others. The mechanical micropump accumulated the maximum share while the non-mechanical micropump will rise with a significant CAGR. Based on application, the market is categorized as drug delivery, medical devices, in-vitro diagnostics, others. Drug delivery was the dominating segment in 2020 and in-vitro diagnostics segment is anticipated to attain a substantial growth rate throughout the forecast timeframe 2021 – 2028. The end-user segment includes academic & research institutes, biotechnology & pharmaceutical companies, and hospitals & diagnostic centers. A growing number of cancer and cardiovascular surgeries in hospitals is the primary reason for the biggest market share of hospitals & diagnostics segment market share.
The micropump market is highly consolidated, with numerous players. The prominent players offered in the report comprise ALLDOO Micropump Bartels Mikrotechnik GmbH, Bürkert Fluid Control Systems, Calon Cardio-Technology Ltd, World Precision Instruments, Microfluidica, Takako Industries, INC., The Lee Company, Micropump Inc. (IDEX Corporation), TOPS Industry & Technology Co., Ltd., Xiamen AJK Technology Co., Ltd., Servoflo Corporation, and Xavitech.
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