The Global Micro Pump Market is expected to expand in size owing to the influx of capital in life sciences and healthcare sectors. The utilization of micro pumps to deliver the right dosage of medicine to diabetic patients and others suffering from chronic diseases can create opportunities for the micro pump market till 2023.
Pune, India, Sept. 27, 2018 (GLOBE NEWSWIRE) — Micro Pump Market Scope
The Global Micro Pump Market is projected to reach a size of USD 5.28 billion by 2023, growing at a CAGR of 19.4% from 2017 to 2023 (forecast period), according to a new report by Market Research Future (MRFR). Awareness of controlled drug delivery and influx of capital in the healthcare sector are factors expected to boost market demand among end-users.
Micro pumps are an innovative method of delivering drugs and medication with precision and accuracy. The increase in on-point care testing and rise in investments in life sciences, pharmaceuticals, and healthcare sectors are likely to create opportunities for micro pump manufacturers.
The demand in developing countries such as China and India owing to being contract manufacturing hubs coupled with the need for high-profile tools is likely to augur market demand in the forthcoming years. The high performance by polydimethylsiloxane (PDMS) micro pumps which require low number of reagents to gain accurate results has gained accolades in the industry and encouraged research and development. But strict regulations threaten to hamper market growth.
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Competition Analysis
Prominent market players include Xavitech, Cole-Parmer Instrument Company, LLC, Alldoo MicroPump, Microfluidica LLC, IDEX Corporation, World Precision Instruments, Biochem Fluidics, Dolomite Centre Ltd., Takasago Electric, Inc., TOPS Micro Pump Technology Company, Advanced Microfluidics SA, KNF Neuberger Inc., Servoflo Corporation, and others. Miniaturization of electronic devices have managed to make micro pumps even more compact. Manufacturers are continuously developing new products to better treat current diseases.
Micro Pump Industry News
The utility of microfluidics has extended its application in life sciences to molecular diagnostics, proteomics, DNA sequencing, and cellular biology. Development of micropump based fluid control techniques have gained traction in the market.
To tackle diabetes, Roche received the CE mark for its Accu Chek Solo micro pump system in 2018. The company has commenced clinical trials of the device in Switzerland, Poland, Austria, and the U.K. This pump can extend the application of insulin pump therapy and provide the necessary dosage and offer quality care to patients.
Segmentation Analysis
The Global Micro Pump Market is segmented by product type, material, application, and end-user.
By product type, the market is segmented into mechanical and non-mechanical. The mechanical segment is further segmented into peristaltic, piezoelectric, syringe, and others. Among these, the non-mechanical segment is anticipated to grow at a rapid pace with a 19.81% CAGR over the forecast period. This can be credited to its applications in the medical sector. In 2016, researchers at the University of Colorado developed a micro pump which can sense electrical imbalance and uses minimum power.
By material, the Micro Pump Market is segmented into glass, silicon, polymer and others.
Major applications include medical devices, in vitro diagnostic, drug delivery system, and others. The medical devices application is predicted to garner huge revenues for the micro pump market by the end of the forecast period.
End-users of micropumps include research institutes, hospitals & diagnostic centers, biotechnology & pharmaceutical companies and others.
Regional Analysis
Regions taken under consideration with respect to the market include the Americas, the Middle East & Africa (MEA), Europe, and Asia Pacific (APAC).
The Americas region had captured the lion’s share of the market and is touted to touch a valuation of USD 1419.5 million by 2023. Factors sustaining the market demand include a strong economy, focus on research institutes and major hospitals adopting the latest technology, and continuous investments in the healthcare sector.
The APAC is expected to exhibit a 19.5% CAGR during the review period. This can be attributed to developing economies such as China and India residing in the region. The increased healthcare budget of these countries is one of the major factors fueling market growth. According to the National Bureau of Statistics of the People’s Republic of China, the R&D expenditure of China was recorded to be USD 409 billion in 2015.
Europe is the second biggest market for micro pumps thanks to increasing government support and massive healthcare budgets. This is exemplified by the ballooned expenditure of Germany and France, two populous nations with high unmet medical needs.
The MEA micro pump market is expected to exhibit a moderate growth rate owing to low emphasis on the medical sector and low developments in the healthcare sector. But the initiatives taken by Kuwait and Qatar may turnaround the market fortunes by the end of the forecast period.
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