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Micropump Market size to exceed $8.5bn by 2030
- Published Date: October 21, 2022
Micropump Market is anticipated to reach USD 8.5 billion by 2030, as per the latest research report announced by Global Market Insights Inc.
The increasing awareness about the significance of drug delivery is a prominent factor propelling the market progression. The integration of micropumps in drug delivery devices helps achieve the desired concentration of drugs or chemical agents for therapeutic effect. Drug concentrations higher or lower than the desired levels can lead to several side effects or intoxication. This, in consequence, has bolstered the demand for advanced drug delivery devices that help maintain customized toxicity, dose frequency, and drug interaction based on patients' illnesses.
Customized drug delivery applications to bolster the adoption of non-mechanical micropumps
Non-mechanical micropump segment held 32% revenue share in 2021 and is projected to attain a sizeable valuation by 2030. The easy availability of several types of non-mechanical micropumps, such as valveless micropumps and capillary pumps, is seen as a major factor boosting the segment revenues. These micropumps are widely utilized for various drug and personalized medicine delivery applications due to their simple and user-friendly design, augmenting their market share.
Expanding aging populace to spur product demand in drug delivery applications
Micropump market from drug delivery segment was worth USD 678 million in 2021. The rapid expansion of the geriatric and pediatric population base and their non-adherence to medication regimens is fostering the industry landscape. Aging people have several mental and biological abnormalities and are highly susceptible to various chronic diseases. The escalating requirement to control drug dose administration in elderly patients will help the segment drive lucrative development.
Browse key industry insights spread across 170 pages with 206 market data tables & 13 figures & charts from the report, “Micropump Market Analysis By Product (Mechanical Micropumps {Piezoelectric Micropump & Peristaltic Pump}, Non-mechanical Micropumps), Application (Drug Delivery, In-vitro Diagnostics, Medical Devices), End-use (Biotechnology & Pharmaceutical Companies, Hospitals & Diagnostic Centers, Academic & Research Institutes) Industry Analysis Report, Regional Outlook, Growth Potential, Covid-19 Impact Analysis, Competitive Market Share & Forecast, 2022 – 2030” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/micropump-market
Increasing R&D investments and practices to drive market size
The academic and research institutes segment is predicted to grow at 18.5% CAGR through 2030. Several research institutes have been making use of plastic micropumps for research purposes owing to their bubble-tolerant, self-priming, and lost cost characteristics. The increasing R&D practices aimed at introducing advancements in microfluidic technologies for controlled drug delivery will increase the market value.
Escalating clinical research projects to streamline industry expansion across North America
North America micropump market was worth USD 690 million in 2021. The regional industry is fueled by the consistent efforts of the leading industry giants toward developing cutting-edge micropumps. The considerable rise in healthcare expenditure, coupled with the increasing government investments, and clinical research focused on the development of advanced medical equipment, will strengthen the regional landscape.
Novel innovations remain the leading growth strategy
Leading companies in the micropump industry include 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).