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Micropump Market size to exceed $5.7bn by 2028

  • Published Date: February 11, 2022

Micropump Market size is set to exceed USD 5.7 billion by 2028, according to a new research report by Global Market Insights Inc.
 

Rising adoption of miniature medical devices and precise drug delivery are expected to drive global market growth over the forthcoming years. Additionally, increasing technological advancements and new product launches will foster the industry expansion.

 

Increasing technological advancements will fuel the market progression

Increasing technological advancements in micropump devices will propel its market size. Major players are undertaking various initiatives such as introducing advanced technologies such as diaphragm pump, rotary vane, lab-on-chip, and ion-driven air flow micropump. Furthermore, micropumps are being integrated in several wearable, and wireless devices. Thus, aforementioned factors and future advancements in technology will propel the micropump market statistics during the analysis timeframe.
 

Increasing advancement in micropump kits will upsurge the market share

Based on product type, micropump market is classified into mechanical micropump and non-mechanical micropump. The mechanical micropump is further divided into piezoelectric micropump, peristaltic pump, and others. The mechanical micropump segment is expected to exhibit around 19.7% CAGR during the analysis timeframe. The segmental growth is high as mechanical micropumps can accurately release fluids with small-scale flow rates. It also offers, stable and reproducible pumping of various fluids and gases. Moreover, mechanical micropumps are used in a variety of applications such as fuel injection, targeted drug delivery, and microprocessor cooling. Such varied advantages of mechanical micropump will boost the overall market forecasts.
 

Browse key industry insights spread across 180 pages with 206 market data tables & 12 figures & charts from the report, Micropump Market Statistics By Product Type (Mechanical Micropumps {Piezoelectric Micropump, Peristaltic Pump}, Non-mechanical Micropumps), Application (Drug Delivery, In-vitro Diagnostics, Medical Devices), End-user (Biotechnology & Pharmaceutical Companies, Hospitals & Diagnostic Centers, Academic & Research Institutes), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 – 2028 in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/micropump-market
 

The rising demand for controlled drug delivery will upsurge the market expansion in the medical device segment

Based on the application, micropump market is classified into drug delivery, in-vitro diagnostics, medical devices, and others. The drug delivery segment accounted for around USD 678 million in 2021. The segmental growth is attributed to rising geriatric population and pediatric population globally as these population are non-adherence to the medication regimen. Also, geriatric population suffers with various chronic diseases, compromised mental and biological functions that affect their medication intake. Thus, their bodies cannot tolerate high doses and harsh side effects of drugs. In such cases, controlled drug delivery becomes essential for them. Controlled drug offers various benefits such as high therapeutic efficacy, better patient compliance and reduced treatment cost. Additionally, continuous innovation on developing efficient drug delivery system will drive the segmental as well as overall market outlook.
 

Increasing patient visits in hospitals and diagnostic laboratories will upsurge the overall market trends

Micropump market based on the end-user is categorized as biotechnology & pharmaceutical companies, hospitals & diagnostic centers, and academic & research institutes. The hospitals and diagnostic centers market was valued at USD 772 million in 2021. Rising prevalence of chronic diseases such as cancer, and diabetes has increased the demand for micropumps in hospitals. Additionally, doctors, use micropumps in blood transportation through artificial hearts, hormone treatment, transdermal insulin delivery, and pain and wound-care management.
 

Rise in R&D spending will contribute to European micropump industry expansion

Europe micropump market accounted for over 27.6% revenue share in 2021. The presence of sturdy healthcare infrastructure and increasing adoption of less invasive methods for drug delivery has positively influenced the regional market growth. Further, technological advancements, increasing awareness about the microfluidic technology and the use of micro-pumps for various applications such as rapid disease detection will enhance the industry landscape.
 

Major leaders are focusing on strategies & launching innovative products to capture a higher market share

Some of the prominent industry players operating in the micropump market include Thomas (Gardner Denver), TTP Ventus, The Lee Company, Servoflo Corporation, Xavitech, Takasago Electric, Inc., Cole-Parmer India Pvt. Ltd., Bio-Chem Fluidics (Halma), Dolomite Microfluidics (Blacktrace Holdings Ltd.), Idex. These industry players are focusing on various strategic collaborations, mergers, and acquisitions to strengthen their market value. For instance, in June 2019, TPP Ventus announced the launch of its LT Series. These micropumps were developed to serve application with demanding operational life requirements across medical sector. This product launch helped the company to strengthen its market position.
 

Authors: Sumant Ugalmugale, Rupali Swain