Micropump Market Analysis:
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.
Key Points and Statistics on the Micropump Market:
· Global Micropump market projected to hit USD 10.8 Billion by 2032, with a 17.9% CAGR from 2023 to 2032
· Micropump market valued at USD 2.1 Billion in 2022, segmented by animal type, indication, route of administration, distribution channel, and by region
· North America anticipated as top revenue-generating region through 2032
· Mechanical micropump segment expected to lead in product type segment of the market
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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.
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.
Opportunities in the Micropump Market
The micropump sector offers several exciting potential for expansion and innovation. To begin, the growing need for portable and wearable medical equipment is pushing the use of micropumps in a variety of healthcare settings. Micropumps are essential components of drug delivery systems, insulin pumps, continuous glucose monitoring devices, and other wearable health monitors, allowing for precise and regulated administration of drugs and fluids. This tendency is especially noticeable among the elderly and those with chronic illnesses, who require ongoing monitoring and treatment of their health problems, presenting a significant market potential for micropump makers.
Furthermore, advances in microfluidics and nanotechnology are creating new opportunities for micropump applications in areas other than healthcare. Micropumps are now widely used in analytical equipment, environmental monitoring systems, inkjet printers, and microreactors, among other uses. The downsizing and integration of micropump technologies into compact and efficient systems improves performance, lowers prices, and increases scalability, pushing their acceptance in a variety of industries. As research and development activities continue to push the frontiers of micropump technology, the market is positioned for additional growth, with potential for novel solutions that address changing consumer wants and industry requirements.
Micropump Market Segmentation:
Market By Product Type
· Mechanical Micropump
o Peristaltic Pump
o Piezoelectric Micropump
o Others
· Non-Mechanical Micropump
Market By Material
· Silicon
· Polymer
· Glass
Market By Application
· In-vitro Diagnostics
· Drug Delivery
· Medical Devices
· Others
Market By End-User
· Biotechnology & Pharmaceutical Companies
· Hospitals & Diagnostic Centers
· Academic & Research Institutes
Based on Region
· North America
· Europe
· Asia-Pacific
· Latin America
· The Middle East & Africa
Micropump Market Segmentation Overview:
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 2022, 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 2022 and in-vitro diagnostics segment is anticipated to attain a substantial growth rate throughout the forecast timeframe 2023 – 2032. 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.
Micropump Market Companies:
Prominent players in the industry include ALLDOO Micropump, Bürkert Fluid Control Systems, Bartels Mikrotechnik GmbH, Calon Cardio-Technology Ltd, Microfluidica, Micropump Inc. (IDEX Corporation), World Precision Instruments, Takako Industries, INC., TOPS Industry & Technology Co., Ltd., The Lee Company, Servoflo Corporation,Xiamen AJK Technology Co., Ltd., and Xavitech.
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