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Micropump Market Analysis
Based on the products, the micropump market is bifurcated into mechanical and non-mechanical micropumps. The mechanical micropump segment was worth over USD 1 billion in 2021. These micropumps provide consistent and predictable pumping of various gases and fluids while helping them release precisely at modest flow rates. Mechanical micropumps are utilized for several applications, including targeted medicine administration, microprocessor cooling, and fuel injection, driving their demand through 2030.
Regarding the application paradigm, the micropump market from medical devices segment is predicted to expand at over 20.5% CAGR between 2022 and 2030. This is attributed to the accuracy and precision offered by micropumps that support their integration into several medical devices, including conservers, oxygen concentrators, blood pressure machines, infusion pumps, etc. The increasing popularity of lighter, smaller, and quieter medical equipment that offers enhanced portability and ease of use will stimulate the market outlook.
In terms of end-user, the hospitals & diagnostic centers segment recorded a valuation of over USD 770 million in 2021. The prevalence of several chronic ailments, such as diabetes and cancer, has accelerated the market trends. Healthcare professionals across these establishments use micropumps for a range of minimally invasive procedures, including pain and wound care management, hormone treatment, blood transportation through artificial hearts, and transdermal insulin delivery, spurring industry statistics.
Asia Pacific micropump market is poised to witness a 21.5% CAGR from 2022 to 2030. The increasing investments in the healthcare sector, driven by the rising disease burden and growing health awareness, will augment the regional industry scenario. In addition, the mounting demand for micropumps from several end-use verticals, such as medical, pharmaceutical, micro fluids, and many more, will create optimistic scenarios for the micropump industry across the Asia Pacific region.
Which companies manufacture micropumps?
Prominent players in the micropump market are Xavitech Micropumps, Sensile Medical (Gerresheimer AG), Antylia Scientific, Idex Corporation, Dolomite Microfluids (Blacktrace Holdings Ltd.), The Lee Company, Thomas Gardner Denver (Ingersoll Rand), Takasago Electric, Inc., Servoflo Corporation, and Bio-chem Fluidics (Halma).
Why mechanical micropumps are gaining traction?
Mechanical micropump segment accounted for over USD 1 billion in 2021 and is projected to garner appreciable revenues by 2030 due to the broad range of applications of mechanical micropumps, including targeted medicine administration, microprocessor cooling, and fuel injection.
How much is the micropump market worth?
Global market size for micropump was worth more than USD 1.5 billion in 2021 and is anticipated to exhibit over 19.5% CAGR from 2022 to 2030 backed by the rapid integration of advanced technologies in conventional micropumps.
What factors are driving the demand for micropumps in medical device applications?
The medical device segment is anticipated to depict over 20.5% growth rate from 2022 to 2030, attributed to the mounting demand for lightweight and concise medical devices due to their enhanced portability and ease of use.