Micro Pump Market Expected to Reach $7.40 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Micro Pump Market," The micropump market size was valued at $1.65 billion in 2021, and is estimated to reach $7.40 billion by 2031, growing at a CAGR of 16.2% from 2022 to 2031. Micro pumps are instruments used in medicine to regulate and work with small quantities of fluid. Micro pumps, consist of axial and centrifugal pumps, which aim to operate on a different principle than conventional pumps since their functional dimensions are in the micrometer range. Micro pumps are utilized for a wide range of application, including fluid mixing and fluid transportation, and dispensing medication in precisely measured doses. Some of the medical uses for micro pump include blood transportation through artificial hearts, transdermal insulin delivery, hormone therapy, pain and wound care management, and injection of medicines and glucose.

Factors that drive growth of the micropump market size include rise in number of key players to manufactures micro pump, rise in the research activities which enhances demand of micro pump, increase in number of pharmaceutical and biotechnology companies. For instance, some of the key micropump industry players operating in the micro pump market include TTP Ventus, Thomas (Gardner Denver), Idex, The Lee Company, Takasago Electric, Inc., Cole-Parmer India Pvt. Ltd., Dolomite Microfluidics (Blacktrace Holdings Ltd.), Bio-Chem Fluidics (Halma), and Servoflo Corporation among others. Moreover, rise in number of chronic and infectious diseases cause rise in usage of micro pump for in-vitro diagnosis. Chronic diseases such as cancer and diabetes require chemotherapy and insulin therapy respectively. In these therapies there is requirement of micro pump for controlled drug delivery which increases the demand of micro pump in medical field. Thus, this factor is anticipated to fuel the micropump market growth.

Moreover, rise in number of product launches in the field of micropump boosts the micropump market trends. For instance, in June 2019, TTP Ventus, a micro pump manufacturing company, announced the launch of its latest product line, the LT Series. The new pump products have been developed to serve applications with demanding operational life requirements across the life science, medical industrial and environmental sectors. This product launch helped the company in enhancing its overall product portfolio. In addition, rise in number of chronic diseases such as cancer causes rise in application of micro pump in medical treatment. For instance, according to National Cancer Institute, in 2020, estimated number of new cancer cases in the U.S. are 1,806,590 and estimated number of deaths are 606,520. Moreover, according to world cancer research and international, in 2020 approximately 18,094,716 new cancer cases diagnosed across the globe. As per the same source breast and lung cancers were the most common cancers worldwide, contributing 12.5% and 12.2% of the total number of new cases diagnosed in 2020.

On the basis of type, the market is classified into mechanical and non-mechanical. The mechanical segment dominated the market in 2021, and is expected to continue this trend during the forecast period, owing to technological advancement in manufacturing of mechanical micro pump, availability of different micro pump and rise in use of mechanical microscope in micro-electro-mechanical systems (MEMS), which is used in drug delivery.

On the basis of material, it is classified into plastics & composites, ceramics, metals. The plastics & composites segment dominated the market in 2021, and is expected to continue this trend during the forecast period, owing to increase in use of plastic & composites in mechanical micropump technological advancement in the field of healthcare sector cause rise in the demand of high-quality micro pump.

On the basis of application, the market is classified into drug delivery, in-vitro diagnosis, medical device and others. The drug delivery segment dominated the market in 2021, and is expected to continue this trend during the forecast period, owing to rise in drug delivery application, increase in awareness regarding controlled drug delivery and rise in number of chronic diseases such as cancer and diabetes.

On the basis of end user, the market is classified into hospitals & diagnostic centers, biotechnology & pharmaceutical companies, academic & research institutes. The hospitals & diagnostic centers segment dominated the market in 2021, and is expected to continue this trend during the forecast period, owing to rise in the number of hospitals, increase in the expenditure by government to develop healthcare infrastructure and rise in number of chronic diseases.

North America accounted for a majority of the global micropump market share in 2021, and is anticipated to remain dominant during the forecast period. This is attributed to increase in the number of research activities, technological advancement in the healthcare sector and rise in the prevalence of chronic diseases. Asia-Pacific is anticipated to witness lucrative growth, owing to rise in expenditure by government organization to develop healthcare sector, increase in prevalence of chronic diseases and rise in the number of key players who manufacture micro pump.

The COVID-19 outbreak is anticipated to have a positive impact on growth of the global micropump market. Increase in the expenditure by government and private organization for treatment of COVID-19 anticipated to fuel the growth of micropump market. Micro pump has been used during Covid-19 pandemic for treatment and investigation purpose.

Key Findings Of The Study

• By type, the mechanical segment was the highest contributor to the market in 2021.
• By material, the plastic & composites segment was the highest contributor to the market in 2021.
• By application, the drug delivery segment dominated the market in 2021, and is expected to continue this trend during the forecast period.
• By end user, the hospital & diagnostic centers segment dominated the market in 2021, and is expected to continue this trend during the forecast period.
• By region, North America garnered the largest revenue share in 2021, whereas Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.