Micropump market is expected to reach US$ 5,172.86 million in 2028 from as estimated value of US$ 1,553.01 million in 2021. The market is likely to grow with a CAGR of 18.8% from 2021-2028According to The Insight Partners new research study on “Micropump Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by product type, material, application, end-user,” . A non-mechanical micropump employs forces directly on a liquid and have a limited flow rate, slower response compared to mechanical micropumps. However, they have shown to be very useful in drug delivery applications owing to their low power consumption. Non-mechanical micropumps are commonly used in micro devices because they can take advantage of physical properties of fluids when the volumes decrease to the micro-size and smaller.
Strategic Insights:
Report Coverage Details
Market Size Value in - US$ 1,553.01 Million in 2021
Market Size Value by - US$ 5,172.86 Million by 2028
Growth rate - CAGR of 18.8% from 2021-2028
Forecast Period - 2021-2028
Base Year - 2021
No. of Pages - 201
No. Tables - 140
No. of Charts & Figures - 78
Historical data available - Yes
Segments covered - Product Type ; Material ; Application ; End-User , and Geography
Regional scope - North America; Europe; Asia Pacific; Latin America; MEA
Country scope - US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report coverage - Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Get Sample PDF Copy of Micropump Market at: https://www.theinsightpartners.com/sample/TIPRE00007338/Increasing Demand for Micropumps in Medical Device Industry
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 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.
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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.
Micropump Market: Competitive Landscape and Key Developments
Advanced Microfluidics, Microfluidica, LLC, Alldoo Micropump Co.,Ltd, Servoflo Corporation, TOPS INDUSTRY AND TECHNOLOGY CO. LTD, World Precision Instruments, Xavitech, Calon Cardio-Technology Ltd, Takasago Electric, Inc., Medtronic amongst others.
The companies are adopting inorganic and organic growth strategies to expand their global footprints and product portfolio to meet the rising demands for the Micropump. For instance, in Jan 2021, Medtronic has begun clinical studies for its 780G pump. The 780G is an advanced hybrid closed-loop system that employs a new algorithm that brings it one step closer to a genuine closed-loop automated insulin pump system, according to the manufacturer (artificial pancreas).
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