Micropump Market value to cross $5.7 Billion by 2028, Says Global Market Insights Inc

SELBYVILLE, Del., Feb. 23, 2022 /PRNewswire/ -- Global micropump market size is projected to reach over USD 5.7 billion by 2028, according to a new research report by Global Market Insights Inc. Rising pharmaceuticals, R&D investment in life science, and rising point of care testing demand is expected to drive the industry growth.

Increasing demand for micropumps in point of care testing centers will accelerate its demand. As micropumps used in in POCT settings require low volume of sample and reagents to conduct tests. Also, with the help of these miniatured devices, the turnaround time for analysis for test becomes quick, easy, and cost-effective. Additionally, micropumps have fewer leaks, requires low power consumption, and it can handle extremely small volumes of liquid efficiently. Furthermore, in POCT settings, micropumps are used for a variety of medical applications such as transdermal insulin delivery, and several diagnostic tests to detect important biomolecules, thereby increasing its demand.

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Non-mechanical micropump segment is expected to witness over 17.8% CAGR during the analysis timeframe. The demand for non-mechanical pumps has increased as these micropumps are relatively simple and easy to use as compared to mechanical micropumps. Moreover, electroosmotic micropumps, a type of non-mechanical micropump is used in drug delivery and personalized medication. Such usage of these micropumps will flourish the business landscape.

Some major findings of the micropump market report include:

• Rising demand for miniatured medical devices will foster the overall market demand.
• Surging demand for micropumps in wide range of medical applications, such as wearable blood pressure devices and portable capnography will boost the market demand for micropump devices globally.
• Market players involved in this industry have implemented several strategic initiatives to maintain their economic stability that has helped them to evolve as foremost market leaders.
• Increasing popularity of non-invasive surgeries will boost micropump devices industry landscape.
• Risk associated with implantable micropump devices will hamper business development during analysis period.

Browse key industry insights spread across 180 pages with 206 market data tables & 12 figures & charts from the report, "Micropump Market Statistics By Product Type (Mechanical Micropumps {Piezoelectric Micropump, Peristaltic Pump}, Non-mechanical Micropumps), Application (Drug Delivery, In-vitro Diagnostics, Medical Devices), End-user (Biotechnology & Pharmaceutical Companies, Hospitals & Diagnostic Centers, Academic & Research Institutes), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 – 2028" in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/micropump-market 

Micropump market from medical devices segment surpassed USD 518 million in 2021. Due to fewer leaks, and growing demand for controlled flow of fluids the demand for micropumps in medical devices have increased. Additionally, increasing trend for smaller, lighter, quieter medical products that are portable and easy to use will also boost the industry outlook. Furthermore, owing to micropump's precise and accurate nature, these are used in several medical devices such as oxygen concentrators & conservers, infusion pumps, blood pressure machines etc. thereby propelling its market expansion.

academic & research institutes segment accounted for around 20% market revenue in 2021. The segmental growth is attributed to the use of micropumps in several studies for controlled drug delivery. Additionally, high demand for micropumps in several microfluidic technology research has increased its usage in research centers. Further, led by its self-priming, bubble-tolerant, and low-cost nature, plastic micropumps are used in several academic institutes for research purposes.

Asia Pacific micropump market exceeded USD 352 million in 2021. The regional growth is ascribable to high government funding in research and development. Additionally, with the rise in overall healthcare expenditure and the applications of these micro pumps in various industries including pharmaceutical, medical, microfluidics, and others have increased its demand and has led to the regional industry expansion.

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Some of the prominent business players operating in micropumps industry include Thomas (Gardner Denver), TTP Ventus, The Lee Company, Servoflo Corporation, Takasago Electric, Inc., Cole-Parmer India Pvt. Ltd., Bio-Chem Fluidics (Halma), Dolomite Microfluidics (Blacktrace Holdings Ltd.), and Idex. These market players are focusing on developing innovative products that helps the company expand its business globally.

About Global Market Insights

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.

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SOURCE Global Market Insights Inc.