Global Micro Pump Market size is expected to grow at a CAGR of 19.4% across the review period 2016 to 2027. The assessment further highlights that the market is supposed to earn revenues worth USD 3.18 billion by 2023. Increasing research & development in life sciences is likely to fuel demand for micro pumps in the years to come, thus acting as a growth catalyst to market expansion. The rising demand for healthcare facilities has led to the innovation and adoption of devices such as microfluid pumps.
Micro Pump Market is expected to witness significant growth Due to rising awareness among the population about the importance of controlled drug delivery in the past few years. This has boosted the growth of the micro pump market and is anticipated to exhibit the same trend over the next couple of years. In addition, the increasing burden of chronic diseases such as diabetes, cancer, etc. is likely to fuel demand for these pumps in the years to come. According to the estimations circulated by the World Health Organization (WHO), 8.8 million patients succumbed to cancer alone in 2015. The cancer death rate has been on the rise since years. Thus, the future trajectory of the micro pump market is expected to remain lucrative over the evaluation period.
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The rising demand for point of care services is likely to favor the growth of micro pump market across the forecast period. Increasing adoption of these tests is expected to accelerate the proliferation of the market in the nearby future. However, the implementation of strict regulations is anticipated to restrict market growth over the next few years.
Some of the global leaders in the micro pump market are assessed in the share analysis included in this MRFR report. These players are Advanced Microfluidics, Microfluidica LLC, Alldoo Micropump, Servoflo Corporation, TOPS Industry & Technology Co. Ltd, Takasago Electric, Inc., World Precision Instrument, Christian Bürkert GmbH & Co. KG, Xavitech, Hargraves Technology Corporation (Parker), Calon Cardio, Longer Precision Pump Co. Ltd, and CircuLite Inc. These players are expected to contribute substantially to the expansion of the market over the next couple of years.
Technological advancements are anticipated to dictate the growth of the market players, resulting in the acceleration of revenue generation over the next couple of years. Few of the growth strategies devised by the key players of the micro pump market include mergers & acquisitions, collaborations, partnerships, product development, etc. The landscape of the market is set to represent robust competitiveness in the years to come.
Based on type, the global micro pump market has been segmented into piezoelectric micropump, mechanical micropump, peristaltic pump, syringe pump, and non-mechanical micropump.
On the basis of material, the micro pump market has been segmented into glass, polymer, and silicon
By application, the global micro pump market has been segmented into medical device, drug delivery systems, and in-vitro diagnostics.
Based on end-user, the micro pump market has been segmented into hospitals and diagnostic centers, biotechnology and pharmaceutical companies, and research institutes.
The regional assessment of the global micro pump market spans across Americas, Asia Pacific (APAC), Europe, and the Middle East & Africa (MEA). Americas is the largest market for micro pumps. The developments of healthcare technology in the region is likely to facilitate the large-scale acceptance of the technology. This, in turn, is anticipated to catapult the micro pump market in the region on upward trajectory. Asia Pacific is anticipated to exhibit a relatively higher CAGR across the assessment period. Increasing investments in research & development in the region are expected to propel market growth over the next few years.
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About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
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