Global Micro-pumps Market is in trends by the Emergence of Internet of Things

 

Global Micro-pumps Market

The global micro-pumps market comprises products that are miniature in size and have the ability to transport small quantities of liquids or gases. Micro-pumps find applications in medical devices, lab-on-a chip technology, drug delivery systems and more. They have advantages such as reduced size, low power consumption and precision delivery capabilities. The rising demand for portable medical devices and point-of-care diagnostic kits is propelling the need for micro-pumps.

The Global Micro-pumps Market is estimated to be valued at US$ 2.21 Bn in 2024 and is expected to exhibit a CAGR of 17.% over the forecast period 2024 To 2031.

Key Takeaways

Key players operating in the global micro-pumps are Bartels Mikrotechnik GmbH, Bürkert Fluid Control Systems, TOPS INDUSTRY & TECHNOLOGY CO. LTD., The Lee Company, Xiamen AJK Technology Co. Ltd., Xavitech, ALLDOO Micropump, Servoflo Corporation, Dolomite Microfluidics(Backtrace Holdings Ltd.), TTp ventus, Arcmed Group (Halma). Bartels Mikrotechnik GmbH is one of the leading providers of microfluidic components.

The growing demand for point-of-care testing and the emergence of applications like lab-on-a-chip, micro-reactor technology is propelling the demand for micro-pumps globally. Further, the increasing use of micro-pumps in drug delivery applications such as insulin pumps is also fueling market growth.

The rising penetration ofInternet of Things and portable consumer devices is driving global players to expand their presence across regions. Major players have entered into strategic agreements to cater to the growing product demand from medical, industrial and analytical verticals. The Asia Pacific region is expected to witness the fastest growth owing to rising healthcare investments and growing electronics industry.

Market Key Trends
The emergence of Internet of Things has opened up opportunities for Micro-Pumps Market Demand. IoT enabled micro-pumps are finding increasing usage in miniature medical devices, implantables, portable diagnostic kits and wearables. Their ability to transport precise amounts of fluids or gases in miniaturized devices is making them well-suited for IoT integrated medical devices and industrial sensors. Continuous technology advancement is allowing micro-pumps to deliver improved performance in terms of pressure rating, biocompatibility and reliability.

Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate-high due to moderate capital requirements and technology barrier. However, established market players enjoying customer loyalty limit the threat.

Bargaining power of buyers: Bargaining power of buyers is high as there are many existing suppliers offering comparable micro-pumps. Buyers can negotiate on price and quality.

Bargaining power of suppliers: Bargaining power of suppliers is moderate as there are many component manufacturers. Switching costs are also low.

Threat of new substitutes: Threat of new substitutes is low as micro-pumps have few direct substitutes for their applications in medical, laboratory and industrial sectors.

Competitive rivalry: The competitive rivalry is high due to many global and regional players competing for market share. Companies compete on product quality, technology and pricing.

Geographical Regions with High Market Value
North America accounts for the largest share of the global micro-pumps market in terms of value, followed by Europe. This is attributed to developed healthcare infrastructure, stringent regulatory policies favoring safety and adoption of advanced medical technologies in the regions.

Fastest Growing Geographical Region
Asia Pacific region is expected to witness the highest growth during the forecast period due to growing medical tourism, increasing focus of international players on emerging countries for market expansion, rising disposable incomes, and improving access to healthcare in the region.

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About Author

Priya Pandey, is a dynamic and passionate editor with over three years of expertise in content editing and proofreading. Holding a bachelor's degree in biotechnology, Priya has a knack for making the content engaging. Her diverse portfolio includes editing documents across different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. Priya's meticulous attention to detail and commitment to excellence make her an invaluable asset in the world of content creation and refinement.

(LinkedIn- https://www.linkedin.com/in/priya-pandey-8417a8173/)

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