The scope of the Micropump market includes product type, material, application, end user, and region. Based on region, the Micropump market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South and Central America. The report offers insights and in-depth analysis of the Micropump market emphasizing on various parameters such as market trends, technological advancements, market dynamics, and competitive landscape analysis of leading market players across the world. It also includes COVID–19 impact analysis across the regions.
In recent years, controlled release of drugs has posed numerous challenges such as the release of the suitable quantity of drugs at the right time with the least invasiveness and raised demand for advanced drug delivery devices. Some of the factors that challenge conventional drug delivery devices include long-term treatments, narrow therapeutic windows, complex dosing schedules, combined therapies, and individual dosing regimens. The emergence of micro-electro-mechanical systems (MEMS) that combine mechanical and electrical components is providing solution to overcome these drawbacks. The rising adoption of miniaturized medical devices has helped reshape the medical device industry. Owing to the rising healthcare costs and the shift to home-based outpatient care, the demand for smaller, lighter, and portable products has increased tremendously. Miniaturization of a medical device can be achieved in various ways—one of the most important is through micropumps. Micropumps are associated with lower production costs, fewer leaks, decreased power consumption, and increased accuracy owing to the controlled flow of fluids and delivery of drug dosage into the body. They can handle extremely small volumes of liquid efficiently. Micropumps are being developed for a variety of medical applications including transdermal insulin delivery, blood transportation through artificial hearts, injection of glucose and drugs, hormone treatment, and pain and wound-care management. Additionally, manufactures are releasing a wide range of micropumps to cater to the rising demand of medical device industry. For instance, in November 2019, TTP Ventus Ltd launched a new HP Series micropumps that delivers higher flow rates, and higher pressures. This has opened product innovation possibilities for applications including microfluidics research, medical diagnostics, therapeutic devices, and wearables. Moreover, micropumps are used for new medical applications. For instance, in September 2018, Sensile Medical received EU certification for its wearable micro pump designed for the treatment of Parkinson’s disease. The device is easy to use with features such as automatic filling with liquid medicine, color display, charging unit, and data storage help enhance therapy management.
The micropump market, by product type is segmented into mechanical micropump, syringe pump, piezoelectric micropump, peristaltic pump, and non-mechanical micropump. The mechanical micropump segment held the largest share of the market in 2021, however the non-mechanical micropump segment is anticipated to register the highest CAGR of 19.7% in the market during the forecast period.
Micropump market based on material is segmented into silicon, polymer, glass. In 2021, the silicon segment is likely to hold the largest share of the market, however polymer segment is expected to grow at the fastest rate during the coming years.
The micropump market by application, is segmented into medical equipment & devices, clinical & analytical lab, pharmaceuticals, biotechnology, and others. The medical equipment & devices segment is likely to hold the largest share of the market in 2021, and the same segment is anticipated to register the highest CAGR of 19.5% of the market during the forecast period.
The micropump market by end user, is segmented into hospitals & diagnostic centers, biotechnology & pharmaceutical companies, and academic & research institutes. The hospitals & diagnostic centers segment is likely to hold the largest share of the market in 2021 and is anticipated to register the highest CAGR of 19.3% of the market during the forecast period.
Inorganic strategies such as partnerships, and mergers and acquisitions are commonly adopted by companies to cater to changing customer demand and maintain their brand name across the world. Market players operating in the Micropump market also adopt organic strategies such as product launch and expansion to outstretch their footprint and product portfolio worldwide as well as to meet the growing demand.
The regional trends and factors influencing the Micropump Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Micropump Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 1.55 Billion |
| Market Size by 2028 | US$ 5.17 Billion |
| Global CAGR (2021 - 2028) | 18.8% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Product Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Micropump Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Micropump Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The List of Companies - Micropump Market
Asia Pacific is projected to be the fastest growing region in the global market.
The costs of the Micropump are much higher, and they may cost US$ 30–150, or more, per type. The cost may also differ from product to product types.
North America held highest market share in 2021.
Micropumps are small volume devices designed to transmit fluids with high precision. These pumps are used for numerous functions in the medical industry, such as preparing samples for medical diagnoses & therapeutics and dispensing precise dosages of medications. Micropumps are key components of microfluidic systems with applications ranging from biological fluid handling to microelectronic cooling. Their small size, potential cost, and improved dosing accuracy have led to increased adoption by medical device manufacturers.
The Micropump market is anticipated to grow around 18.8% CAGR amid the forecast period 2021-2028.
The growth of the market is due to increasing demand for micropumps in medical device industry, and improved accuracy compared to traditional drug delivery devices are boosting the micropump market growth. However, stringent medical device regulations are hindering the growth of market.