Report : South and Central America Micropump Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product Type (Mechanical Micropump, Syringe Pump, Piezoelectric Micropump, Peristaltic Pump, and Non-Mechanical Micropump), Material (Silicon, Polymer, and Glass), Application (Medical Equipment & Devices, Clinical & Analytical Lab, Pharmaceuticals, Biotechnology, and Others), and End User (Hospitals & Diagnostic Centers, Biotechnology & Pharmaceutical Companies, and Academic & Research Institutes)
The non-mechanical micropump segment by product type is estimated to lead the market growth during the forecast period.
According to a new market research study of “South and Central America Micropump Market Forecast to 2028 - COVID-19 Impact and Regional Analysis by Product Type, Material, Application, End User and Country.” The South and Central America micropump market is expected to reach US$ 354.34 million by 2028 from as estimated value of US$ 96.32 million in 2021; it is likely to grow at a CAGR of 17.8% from 2021 to 2028. The report highlights trends prevailing in the South and Central America micropump market and the factors driving market along with those that act as hindrances.
In recent years, controlled release of drugs faced challenges such as the release of a suitable quantity of drugs at the right time with the least invasiveness and raised demand for advanced drug delivery devices. The emergence of micro-electro-mechanical systems (MEMS) that combine mechanical and electrical components provides a solution to overcome these challenges. The rising adoption of miniaturized medical devices has helped reshape the medical device industry. Owing to the rising healthcare costs and the shift to home-based outpatient care, the demand for smaller, lighter, and portable products has increased tremendously. The miniaturization of a medical device can be achieved in various ways—one of the most important is through micropumps. Micropumps are associated with lower production costs, fewer leaks, decreased power consumption, and increased accuracy owing to the controlled flow of fluids and delivery of drug dosage into the body. They can handle extremely small volumes of liquid efficiently. Micropumps are being developed for a variety of medical applications including transdermal insulin delivery, blood transportation through artificial hearts, injection of glucose and drugs, hormone treatment, and pain and wound-care management. Additionally, manufacturers are releasing a wide range of micropumps to cater to the rising demand of the medical device industry.
The production facilities of major manufacturers such as Xavitech are closed due to the COVID-19 pandemic. The major players are trying to supply their products to the customers through various channels in Latin America, but they are facing obstacles due to limited manufacturing and disturbance in the supply chain caused by the pandemic. The medical devices industry in developing countries such as Brazil is highly dependent on the import of raw materials and electronic components and are facing a shortage of raw materials. Hence, the micropumps industry in South and Central America is expected to face significant losses due to the disruptions caused by COVID-19 outbreak.
The South and Central America micropump market, by product type is segmented into mechanical micropump, syringe pump, piezoelectric micropump, peristaltic pump, and non-mechanical micropump. The South and Central America micropump market based on material is segmented into silicon, polymer, and glass. The South and Central America micropump market by application, is segmented into medical equipment & devices, clinical & analytical lab, pharmaceuticals, biotechnology, and others. The South and Central America micropump market by end user, is segmented into hospitals & diagnostic centers, biotechnology & pharmaceutical companies, and academic & research institutes. Geographically, the South and Central America micropump market can be sub-segmented into Brazil, Argentina and Rest of South and Central America.
Advanced Microfluidics, Microfluidica, LLC, Alldoo Micropump Co.,Ltd, Servoflo Corporation, TOPS INDUSTRY AND TECHNOLOGY CO. LTD, World Precision Instruments, Xavitech, Calon Cardio-Technology Ltd, Takasago Electric, Inc. and Medtronic are among the leading companies operating in the South and Central America micropump market.
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