Rapid Growth Forecasted for Micropump Market, projected to Reach US$ 12.4 Billion by 2034: TMR Report - Enhanced by Rising Demand from Wearable Health Devices and IoT Integration

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Jul 24, 2024, 05:15 ET

The demand for smaller, portable, and more efficient devices in various industries, especially in medical and healthcare applications, is driving the need for micropumps.

WILMINGTON, Del., July 24, 2024 /PRNewswire/ -- The micropump market was projected to attain US$ 1.9 billion in 2023. It is likely to garner an 18.7% CAGR from 2024 to 2034, and by 2034, the market is expected to attain US$ 12.4 billion.

Innovations in micropump technologies, including the development of more efficient, reliable, and cost-effective pumps, are contributing to market growth. Significant investments in research and development by key market players and academic institutions are leading to new applications and improved performance of micropumps.

The increasing popularity of wearable health monitoring and therapeutic devices, which often incorporate micropumps, is a major trend in the market. The integration of micropumps with IoT for remote monitoring and control is enhancing their functionality and application scope.

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Micropumps are being increasingly used in environmental monitoring and energy applications, such as in fuel cells and energy harvesting systems. The development of smart micropumps with advanced features like self-regulation, enhanced precision, and integration with digital health systems is opening new avenues for market expansion.

The rise in chronic diseases such as diabetes, cardiovascular diseases, and respiratory disorders necessitates precise and reliable drug delivery mechanisms, enhancing the micropump market. Continuous improvements in the performance, efficiency, and reliability of micropumps make them more attractive for various applications.

Government grants and funding for research in medical devices and microfluidic technologies are propelling the development and commercialization of micropumps. There is a growing trend towards the customization and personalization of micropumps to meet specific patient needs in medical applications.

Micropump Market Report Scope:

Report Coverage	Details
Forecast Period	2024-2034
Base Year	2020-2022
Size in 2023	US$ 1.9 Bn
Forecast (Value) in 2034	US$ 12.4 Bn
Growth Rate (CAGR)	18.7 %
No. of Pages	133 Pages
Segments covered	By Product Type, By Material, By Application, By End-user, By Region

Micropump Market: Key Players

The micropump market is highly competitive, with players continuously striving to innovate and expand their market presence. The focus on technological advancements, strategic partnerships, and regional expansion are key strategies that will shape the future growth and dynamics of the market. The following companies are well known participants in the micropump market:

LEE Ventus Limited
Sensile Medical AG
Cole-Parmer India
iDEX
Dolomite Microfluidics
Gardner Denver
Takasago Fluidic Systems
Halma Plc
Servoflo Corporation

Key Developments

In 2023, PSG Biotech introduced the new Quattroflow® QB2-Standard (QB2-SD) Single-Use Precision Micropump. The Quattroflow pump line is expanding with the introduction of its inaugural QB Series micropump, the QB2-SD. This model is the smallest in the series of single-use, lightweight, and compact rotary microdosing pumps designed for precision transfer of delicate biologics.
The QB2-SD boasts a minimum resolution of 25 μl and can achieve flow rates of up to 2.7 liters per hour (91.3 fluid ounces per hour), making it ideal for liquid-handling operations requiring precise and gentle dosing. Applications include cell and gene therapy, laboratory work, and small-scale upstream and downstream processes.

Key Findings of Market Report

The shift towards home healthcare and point-of-care testing presents significant opportunities for micropump applications in portable diagnostic and therapeutic devices.
Micropumps are being used in precision agriculture for controlled delivery of nutrients and pesticides, providing a new avenue for market growth.
The need for efficient cooling solutions in microelectronics and semiconductor industries is driving the demand for micropumps designed for thermal management.
The automotive and aerospace sectors are increasingly adopting micropumps for various applications, including fluid control systems and fuel management.

Market Trends for Micropumps

By product type, the piezoelectric micropump segment is expected to boost the growth of the micropump market.
Piezoelectric micropumps offer exceptional precision and accuracy in fluid handling, making them ideal for applications requiring exact dosages, such as in medical and pharmaceutical industries.
The micropumps can handle a wide range of fluids, including both liquids and gases, across various viscosities, enhancing their applicability in diverse sectors like diagnostics, drug delivery, and industrial processes.
Piezoelectric micropumps are known for their energy efficiency, which is critical for portable and battery-operated devices. The attribute is particularly important for wearable medical devices and other mobile applications.
On the basis of material, the silicon segment is anticipated to augment the market growth.
Silicon micropumps offer excellent mechanical strength and stability, making them suitable for high-pressure applications and ensuring durability and reliability.

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Global Market for Micropump: Regional Outlook

North America

North America has a highly developed healthcare infrastructure, which facilitates the rapid adoption of advanced medical technologies, including micropumps for drug delivery and diagnostic applications.
The region has a significant prevalence of chronic diseases such as diabetes, cardiovascular diseases, and cancer, necessitating advanced drug delivery systems and point-of-care diagnostic devices that often utilize micropumps.

Asia Pacific

Asia Pacific is home to numerous leading research institutions and companies investing heavily in research and development, leading to continuous innovations and advancements in micropump technologies.
Government initiatives and funding for healthcare advancements and medical device innovation are encouraging the development and adoption of micropump technologies.

Micropump Market Segmentation

Product Type

Mechanical Micropump
Piezoelectric Micropump
Peristatic Micropump
Others (Syringe Pump, etc.)
Non-mechanical Micropump

Material

Polymer
Glass
Silicon

Application

Drug Delivery
In-vitro Diagnostics
Medical Devices
Others

End User

Biopharmaceutical Companies
Hospitals & Diagnostic Centers
Academic & Research Institutes

Region

North America
Latin America
Europe
Asia Pacific
Middle East & Africa

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