Acknowledging the traction, this market is vibrating with currently; Market Research Future (MRFR) has recently published a study report giving out the complete market prognosis up till 2023. According to MRFR, the global Micro-Pump Market gaining further prominence will register a spectacular growth by 2023, posting a striking CAGR of 19.4% during 2017 – 2023.
Factors such as augmenting demand for micro-pump technology across industries coupled with the ongoing product development & commercialization help boosting the market growth. Growing investments in R&D activities, life sciences, and pharmaceuticals, combined with the increasing demand for point of care testing is providing impetus to the market growth.
Burgeoning Pharmaceutical Industry backed by the demand for material mix changes and raising awareness towards the benefits of controlled drug delivery are some of the prominent factors fostering the market growth of Micro-Pump. Also, some new trends in micro-pump manufacturing coupled with the rising uptake of these pumps in biological sciences for their ability to fabricate high-performance microfluidic chips using PDMS with a limited number of reagents will drive the Micro-pump market during the review period.
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On the other hand, specific factors such as regulatory issues along with the other subjects like surface chemistry and geometrical hurdles occurring during the manufacturing process, are impeding the market growth.
Global Micro-Pump Market – Key Findings
The Global Micro Pump Market was estimated to be at USD 920.5 million in 2016.
- Non-mechanical micropumps are the fastest growing segment, which is projected to grow at a CAGR of 19.81% during the forecast period from 2017–2023.
- The Americas region captured the largest market globally and is expected to be at USD 1419.5 million by 2023.
- Asia Pacific is the fastest growing region across the globe and is expected to grow at a CAGR of 19.5% during the forecast period.
Global Micro-Pump Market – Key Players
The major participants of this market are Advanced Microfluidics SA, Alldoo Micropump, Bio-Chem Fluidics, Cole-Parmer Instrument Company LLC, Dolomite Centre Ltd, IDEX Corporation, KNF Neuberger Inc., Microfluidica LLC, Servoflo Corporation, Takasago Electric Inc., TOPS Industry & Technology Co. Ltd., World Precision Instruments, Xavitech and others.
Industry/ Innovation/ Related News:
May 18, 2018 – Axolotl Biologix (US) A specialized provider for optimized regenerative medicine announced a strategic partnership with Leonhardt Ventures (US), a product invention development laboratory. This partnership will allow the company to utilize some of Leonhardt’s expertise, such as bioelectric, mixed stem cell-based composition, and micro-pump combined with Axolotl’s amniotic-derived fluid products for organ regeneration.
Global Micro-Pump Market – Segmentation
MRFR has segmented the report into five key dynamics, for the convenience of the report and enhanced understanding.
By Product Type: Comprises Mechanical Micro Pump (piezoelectric micro pump, peristaltic pump, & syringe pump, others) and Non-Mechanical Micro Pump.
By Material: Polymer, Silicon, and Glass, among others.
By Applications: Drugs Delivery Systems, In Vitro Diagnostic, and Medical Devices among others.
By End-Users: Biotechnology, Pharmaceutical Companies, Hospitals, Diagnostic Centers, and Research Institutes, among others.
By Regions: North America, Europe, APAC and Rest of the World.
Global Micro-Pump Market – Regional Analysis
The Americas dominates the Global Micro Pump Market owing to the increasing investment in healthcare, the presence of a strong economic condition, and focus of research institutions on updating technology and others. Furthermore, American micro pump manufacturers have significantly upgraded their factories and manufacturing capabilities.
Europe holds the second position in the market increasing support from the government, the presence of huge healthcare spending. According to the Organization for Economic Co-operation and Development (OECD), the healthcare expenditure in Germany was EUR 321 billion in 2014, France recorded the second highest level of current healthcare expenditure of EUR 237 billion.
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Asia Pacific is the fastest growing market owing to a greater number of developing nations present in this region, for instance, countries like India and China. These countries are encouraging the growth of the micro pump market. Recently, China has become one of the fastest growing markets for microfluidics in Asia due to increased government funding and improving healthcare facilities. According to the National Bureau of Statistics of the People’s Republic of China, the total R&D spending of China was around USD 409 billion, in 2015.
The Middle East & Africa is expected to hold the least market share due to less availability of medical facilities, and less development in the healthcare domain. However, countries such as Qatar and Kuwait are focusing more on the healthcare and developing medical facilities, which will boost the market of this region.
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