The rising demand for healthcare facilities has led to the innovation and adoption of devices such as microfluid pumps. As per the assessment published by Market Research Future, the global micro pump market is poised to mark 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 3184.6 Mn 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.
Awareness among the population about the importance of controlled drug delivery has risen 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.
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.
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Segmentation
The global market for micropump market has been segmented into type, material, application, and end-user.
Based on type, the global market for micropump has been segmented into mechanical micropump, piezoelectric micropump, micro syringe pump, peristaltic pump, and non-mechanical micropump.
Based on material, the global market for micropump has been segmented into polymer, glass, and silicon.
Based on application, the global market for micropump has been segmented into drug delivery systems, medical devices, and in-vitro diagnostics.
Based on end-user, the global market for micropump has been segmented into biotechnology and pharmaceutical companies, hospitals and diagnostic centers, and research institutes. The biotechnology and pharmaceutical companies’ segment of the global micropump market accounted for a market value of USD 443.0 million in 2016.
Global Micro-Pump Market 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.
Regional Analysis:
Depending on geographic region, micro-pump market is segmented into four key regions: North America, Europe, Asia Pacific, and Rest of World. Globally North America is the largest market for micro-pump. The North America market for micro-pump is expected to grow at CAGR 17.6% during the forecasted period. Europe is the second-largest market for micro-pump which is expected to grow at a CAGR of 17.4%. Asia-Pacific region is expected to be fastest growing region in micro-pump market.
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