GLOBAL MICRO-PUMPS MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Global Micro-pumps Market Size and Trends

The global micro-pumps market is projected to exhibit substantial growth, increasing from US$ 2.21 Bn in 2023 to an estimated US$ 7.99 Bn by 2031 this growth is anticipated to be driven by a notable CAGR of 17.4% during the period of 2024–2031.

Global Micro-pumps Market - Trends

• Development of piezoelectric micro-pumps: The development of piezoelectric micro-pumps is having a significant influence on the micro-pumps market. Piezoelectric micro-pumps use piezoelectric crystals that change shape when voltage is applied to power fluid movement. This allows them to achieve small, precise pumping volumes and flow rates as low as nano- to picoliters per minute. As such, they are particularly suitable for applications requiring high precision, such as medical diagnostics and drug delivery. More medical device manufacturers are now integrating piezoelectric micro-pumps into their products as their benefits become more widely recognized. For example, global hearing aid manufacturer WIDEX announced in 2022 that it had developed a new family of rechargeable hearing aids using an advanced piezoelectric pump from Danish microfluidic company Pumponator. This allows the hearing aids to be made much smaller while greatly extending battery life. The integration of piezoelectric pumping technology into hearing aids is enabling WIDEX and other manufacturers to reach new segments of the hearing aid market with minimally invasive, discreet devices.
• Growing demand for battery-powered micro-pumps: The growing demand for battery-powered micro-pumps is having a significant influence on the overall micro-pumps market. With technological advancements, battery-powered micro-pumps are becoming more efficient and compact in size. They can now operate for longer durations compared to a few years ago. This increases their utility for uses such as personal healthcare, miniature cooling systems, laboratory equipment, and military applications, among others. The improved performance of modern battery-powered micro-pumps is driving their adoption in portable medical devices. According to the U.S. Food and Drug Administration, the approval of new portable home healthcare devices incorporating micro-pumps has increased by over 25% since 2020. This includes devices for insulin delivery, pain relief administration and minor medical procedures. Their rechargeable nature and ability to work for extended periods without an external power supply make them very suitable for portable medical applications.