According to the research report titled ‘Micropump Market Size By Product Type (Mechanical Micropumps {Piezoelectric Micropump & Peristaltic Pump}, Non-mechanical Micropumps), By Application (Drug Delivery, In-vitro Diagnostics, Medical Devices), By 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 - 2028, available with MarketStudyReport, global micropump market is estimated to register substantial growth during 2022- 2028.

Growing awareness regarding controlled drug delivery coupled with rising demand for the product in point-of-care testing are some of the major factors augmenting the growth of global micropump market.

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For those unaware, a microfluidic system is at the core of several molecular diagnostics devices, wherein small amounts of fluid are required to be transported precisely to produce a swift and dependable result. Microfluidics have gained significant traction during the COVID-19 pandemic predominately due to  its reliability.

Apart from this, strategic collaborations among the leading companies, technological advancements, and rising R&D activities are also stimulating the overall industry outlook.

Worldwide micropump market is bifurcated on the basis of application scope, end-user spectrum, product type, and regional contribution.

Citing the product landscape, the market is further divided into mechanical micropumps and non-mechanical micropumps. The non-mechanical micropumps segment is estimated to showcase a 17.8% CAGR during the study period, owing to flourishing product demand for personalized medication and drug delivery purposes.

Based on application spectrum, the market is segregated into drug delivery, medical devices, in-vitro diagnostics, and others. Out of these, the medical devices segment was valued at USD 518.5 million in 2021 and is expected to showcase a strong growth during 2022-2028.

Moving on to end-user perspective, the market is split into biotechnology & pharmaceutical companies, academic & research institutes, and hospitals & diagnostic centers. Among these, global micropump market share from the hospitals & diagnostic centers segment is expected to progress at 18.9% CAGR during the forecast timeframe, on account of increasing product demand for non-invasive surgeries in hospitals.

In the regional landscape, Latin America micropump market accounted for USD 142 million in 2021 and is poised to amass notable valuation through the study timeline.

The prominent companies operating in the global micropump market are defined by companies such as Servoflo Corporation, Bio-Chem Fluidics, Takasago Electric Inc., Gardener Denver Thomas GmbH, The Lee Company, Dolomite Microfluidics, IDEX Corporation, Cole-Parmer Instrument Company, Sensile Medical AG, and TTP Ventus Limited.