Micropump Market Estimated to Exhibit 19.4% CAGR through 2023

 

Micropump Market Overview

The Global Micro Pumps Market is expected to exhibit a CAGR of 19.4% over the forecast period from 2017 to 2023, according to the latest research report from Market Research Future (MRFR). The global micro pumps market was valued at USD 920.5 million in 2016 and is likely to exhibit rapid growth due to the growing demand for microfluidic systems in medical research and the growing demand for micro pumps in advanced drug delivery systems. The rising awareness about the importance of controlled drug delivery is likely to be a major driver for the global micro pumps market over the forecast period. Drug delivery mechanisms are among the most widely researched topics in medical research circles due to the importance of developing drug delivery mechanisms that provide convenient, painless administration and precise dosage.

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The effectiveness of drug delivery has emerged as a key topic in medical research, which is likely to drive the micro pumps market over the forecast period. The rising demand for point of care testing is also likely to be a major driver for the global micro pumps market.

The rising government support and funding to medical research is likely to be a major driver for the global micro pumps market. Micro pumps are utilized in a number of medical research applications to study cell biology and behavior. The increasing interest in developing effective cures for diseases such as cancer is likely to drive the global micro pumps market at a handsome growth rate over the forecast period. The growing investment in R&D by major players in the clinical research field is likely to act as a major driver for the global micro pumps market over the forecast period.

Micropump Market Competitive Analysis:

Leading players in the Global Micro Pumps Market include Advanced Microfluidics SA, Biochem Fluidics, Dolomite Centre Ltd., KNF Neuberger Inc., Servoflo Corporation, TOPS Micro Pump Technology Company, Xavitech, World Precision Instruments, Takasago Electric Inc., Microfluidica LLC, IDEX Corporation, Cole-Parmer Instrument Company LLC, and Alldoo MicroPump.

In April 2019

researchers at Polytechnique Montreal and McGill University developed a new microfluidic process for automating protein detection by antibodies. This process will greatly help advance the cancer research sector in the coming years by enabling portable instruments for molecular analysis and screening. The growing scope for cancer research is likely to drive the global micro pump market over the forecast period.

Micropump Market Segmentation:

The Global Micro Pump Market is segmented on the basis of product type, material, application, end user, and region.

On the basis of product type, the global micro pumps market is segmented into mechanical micro pumps and non-mechanical micro pumps. The mechanical micro pump segment is sub-segmented into piezoelectric micro pumps, syringe pumps, peristaltic pumps, and others. The mechanical micro pumps segment dominates the global micro pump market and is likely to remain the dominant segment over the forecast period, despite the non-mechanical micro pumps segment exhibiting a higher CAGR of 19.81% over the forecast period.

On the basis of material, the micro pump market is segmented into polymer, glass, silicon, and others.

On the basis of the application, the global micro pump market is segmented into drug delivery systems, medical devices, in vitro diagnostics, and others.

Based on the end user, the global micro pump market is segmented into biotechnology and pharmaceutical companies, hospitals and diagnostic centers, research institutes, and others.

Micropump Market Regional Analysis:

Regionally, the Global Micro Pump Market is segmented into the Americas, Europe, Asia Pacific, and the Middle East and Africa.

The Americas segment holds the dominant share in the global micro pump market and is expected to reach a valuation of USD 1,419.5 million by 2023. The Americas segment is driven by the strong presence of medical research agencies in the region, which has driven the demand for micro pumps in the region at a solid pace over the last few years. Growing government support to cancer research is likely to play a key role in the growth of the micro pumps market in the Americas over the forecast period.

Asia Pacific is expected to exhibit the fastest CAGR of 19.5% over the forecast period due to the growing government support for clinical research in the region.

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