Global Micropump Market: Snapshot
The global micropump market is estimated to expand at promising pace during the forecast period of 2021 to 2031. This growth can be attributed to many factors including increased product demand from the medical device industry. Polymer, glass, and silicon are some of the materials used in the manufacturing of micropumps.
An upcoming research report by Transparency Market Research (TMR) gives 360-degree analysis of prime factors shaping the growth curve of the global micropump market. Drivers, present and historical trends, restraints, R&D activities, challenges, growth opportunities, and key market technological advancements are some of the important factors presented in the research report in an easy-to-understand manner.
The research analysts have presented major information and assessment of the global micropump market in the form of varied segments. The segmentation of the market is performed on the basis of many important parameters such as product type, application, material, end-user, and region. In terms of product type, the market for micropump is classified into five parts, namely, syringe pump, mechanical micropump, peristaltic pump, non-mechanical micropump, and piezoelectric micropump.
What are Key Factors Driving Growth of Micropump Market?
Over the period of past few years, micropumps are gaining traction across varied industry verticals clinical & analytical lab, medical equipment & devices, biotechnology, pharmaceutical industry. This popularity can be attributed to many advantages these products offer, including fewer leaks, lower manufacturing costs, reduced requirement of power, and increased precision due to the controlled flow of fluids and drug delivery dosage into a body. Moreover, these devices are known for known for handling extremely limited volumes of liquid proficiently.
Micropumps are used by biotechnology & pharmaceutical companies, hospitals & diagnostic centers, and academic & research institutes. Increased product use in these industries is expected to boost the expansion opportunities in the micropump market in the upcoming years.
Blood transportation through artificial hearts, transdermal insulin delivery, hormone treatment, pain and wound-care management, and injection of glucose and drugs are some of the medical application of micropumps.
Competition Landscape of Micropump Market
The global micropump market is moderately fragmented in nature. Owing to existence of several companies, the competitive landscape of the market for micropump is quite fierce. Thus, players are executing organic and inorganic strategies in order to maintain their prominent position. Mergers, acquisitions, partnerships, collaborations, and joint ventures are some of the major strategies utilized by companies in the global market.
Companies engaged in the global micropump market are increasing efforts to develop innovative products. As a result, they are growing investments in R&D activities. Major enterprises in the micropump market are growing efforts to launch products that fulfill the present demand from medical device industry.
Some of key players in the global micropump market are:
Regional Outlook for Micropump Market
In terms of region, the global micropump market shows existence in many regions including Europe, North America, Asia Pacific, Middle East and Africa, and South and Central America. Among all regions, North America seems to be one of the lucrative regions for companies in the market for micropump. This growth can be attributed to many factors including presence of sturdy healthcare infrastructure and early adoption of advanced technologies in the region.
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