Micropump Market to Reach $7.40 Bn, Globally, by 2031 at 16.2% CAGR: Allied Market Research

Rise in chronic diseases such as cancer and diabetes, high-end technological advancements in the healthcare sector, and surge in awareness regarding controlled drug delivery drive the growth of the global micro pump market.

PORTLAND, Ore., Aug. 9, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Micropump Market by Type (Mechanical, Non Mechanical), by Material (Plastics and Composites, Ceramics, Metals), by Application (Drug delivery, In Vitro Diagnosis, Medical device, Others), by End User (Hospitals and Diagnostic Centers, Biotechnology and Pharmaceutical Companies, Academic and Research Institutes): Global Opportunity Analysis and Industry Forecast, 2021-2031". According to the report, the global Micropump industry was estimated at $1.65 billion in 2021, and is anticipated to hit $7.40 billion by 2031, registering a CAGR of 16.2% from 2022 to 2031. The report offers an explicit analysis of the changing market trends, top segments, key investment pockets, value chain, competitive scenario, and regional landscape. The market study is exclusively meant to help the readers with a complete valuation of industry analysis and trends.

Download Report (245 Pages PDF with Insights, Charts, Tables, Figures): https://www.alliedmarketresearch.com/request-sample/15215 

Pre-determinant of growth-

Rise in chronic diseases such as cancer and diabetes, high-end technological advancements in the healthcare sector, and surge in awareness regarding controlled drug delivery drive the growth of the global Micropump market. On the other hand, strict laws pertaining to the usage of Micropumps in human healthcare and high manufacturing cost of the devices restrain the growth to some extent. However, rise in adoption of key strategies such as collaboration, acquisition, partnership, and agreement by the market players is expected to create lucrative opportunities in the industry.

Covid-19 scenario-

• Rise in expenditure by government and private organizations for the treatment of Covid-19 had a positive impact on the growth of the Micropump market.
• Micropumps have widely been used during COVID-19 pandemic for treatment and investigation purposes.
• Micropumps are also being used for manufacturing vaccines, which drives the demand for Micropumps in biotechnology companies.

Scope of the Report: -

The mechanical segment to dominate by 2031-

By type, the mechanical segment contributed to more than four-fifths of the global Micropump market share in 2021, and is expected to lead the trail by 2031.  The same segment is also expected to exhibit the fastest CAGR of 16.4% from 2022 to 2031, owing to technological advancements associated with the manufacturing of mechanical Micropumps, availability of different Micropumps, and rise in the use of mechanical microscope in micro-electro-mechanical systems (MEMS) that are used in drug delivery.

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The plastics and composites segment to maintain the lion's share-

Based on material, the plastics and composites segment generated nearly three-fourths of the global Micropump market revenue in 2021, and is expected to lead the trail by 2031. The same segment would also manifest the fastest CAGR of 16.5% from 2022 to 2031. This is attributed to the technological advancement in the field of the healthcare sector that cause rise in demand for high-quality Micropumps.

The hospitals and diagnostic centers segment to lead the trail-

Based on end-user, the hospitals and diagnostics centers segment held nearly three-fifths of the global Micropump market revenue in 2021. Simultaneously, the same segment would also garner the fastest CAGR of 16.5% during the forecast period. This is due to rise in number of hospitals, increase in expenditure by government to develop healthcare infrastructure, and surge in number of chronic diseases across the world.

North America garnered the major share in 2021-

Based on region, North America held the major share in 2021, generating nearly two-fifths of the global Micropump market. This is attributed to increase in number of research activities, technological advancements in the healthcare sector, and rise in the prevalence of chronic diseases. The Asia-Pacific region, on the other hand, would garner the fastest CAGR of 17.0% by 2031. Surge in expenditure by government organizations to develop the healthcare sector, increase in prevalence of chronic diseases, and rise in the number of key players in the province propel the market growth.

Key players in the industry-

• Arcmed Co. Ltd.
• Bartels Mikrotechnik Inc
• Cole Parmer India Pvt. Ltd.
• ALLDOO Micropump Inc
• Xavitech Micropump AB
• Enomoto Micropump Mfg. Co
• Burkert GmbH and Co. KG
• Sandur Fluid Controls PVT. LTD.
• TTP Ventus Ltd
• Fluigent Inc
• IDEX Corporation
• Takako Industries, Inc
• Takasago Electric, Inc
• TCS Micropump Ltd
• The Lee Company, Inc.
• ThomasTOPS Industry and Technology Co., Ltd.

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The report analyzes these key players in the global Micropump market. These players have incorporated various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in assessing the operating segments, their business performance & product portfolio, and so on.

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