Micro Pump

Micro Pump Market Outlook

The global micro pump market is projected to reach approximately USD 10.2 billion by 2035, with a CAGR of 12.4% during the forecast period from 2025 to 2035. This significant growth is primarily driven by the increasing demand for advanced drug delivery systems, the rising prevalence of chronic diseases, and technological advancements in micro pump technologies. Furthermore, the expansion of the healthcare sector and the growing trend of home healthcare solutions are also contributing to the burgeoning demand for micro pumps. Additionally, innovations in micro pump manufacturing, including the integration of smart technology and miniaturization, are enhancing their applications in various fields, thereby propelling market growth.

Growth Factor of the Market

Several factors are driving the growth of the micro pump market. Prominent among these is the increasing demand for efficient drug delivery systems, particularly in the treatment of chronic conditions such as diabetes and cardiovascular diseases. As the healthcare industry shifts towards precision medicine, micro pumps are becoming essential for delivering accurate dosages of medication, improving patient outcomes. Moreover, advancements in micro pump technologies, including the development of smart and portable devices, are expanding their applications in healthcare and other sectors. The growing trend of self-administration of drugs at home is also fueling demand, as patients seek convenient and reliable methods for managing their health. Furthermore, the rising investments in research and development for innovative healthcare solutions ensure that micro pumps will continue to evolve and meet emerging market needs, further driving their adoption across various applications.

Key Highlights of the Market

• The micro pump market is expected to witness a CAGR of 12.4% from 2025 to 2035.
• Increasing demand for drug delivery systems is a major driver of market growth.
• Technological advancements in micro pumps are enhancing their applications in various fields.
• The rise of home healthcare solutions is boosting the demand for micro pumps.
• Rising investments in R&D for innovative healthcare solutions are propelling market expansion.

By Product Type

Mechanical Micro Pump:

Mechanical micro pumps utilize mechanical mechanisms to move fluids through specific pathways. These pumps are widely employed in various applications, including medical devices, where accurate dosage is crucial. They are characterized by their reliability and ability to handle a wide range of viscosities. The mechanical micro pump segment is expected to capture a significant share of the market, driven by increasing demand in drug delivery and laboratory applications. The robustness and efficiency of mechanical designs make them suitable for long-term use, further contributing to their popularity among manufacturers and healthcare professionals. As the demand for precision in fluid handling continues to grow, mechanical micro pumps are poised for sustained growth in the coming years.

Piezoelectric Micro Pump:

Piezoelectric micro pumps operate on the principle of piezoelectricity, utilizing the deformation of piezoelectric materials to create pressure changes that enable fluid movement. These pumps are known for their high precision and compact size, making them ideal for applications where space is limited. The piezoelectric micro pump segment is expected to witness robust growth due to the increasing adoption in advanced drug delivery systems and in-vivo diagnostics. Their ability to deliver small volumes of fluids with high accuracy aligns well with the trends in personalized medicine and targeted therapies. Additionally, advancements in piezoelectric materials are enhancing the performance and efficiency of these pumps, further driving their market growth.

Syringe Micro Pump:

Syringe micro pumps are designed to deliver precise amounts of fluid through the use of a motor-driven mechanism that pushes the plunger of a syringe. This type of micro pump is particularly popular in medical applications, including drug delivery and infusion therapies. The syringe micro pump segment is anticipated to grow significantly, owing to the rising prevalence of chronic diseases that require regular medication administration. These pumps offer the accuracy and control needed for variable dosages, making them essential in critical care settings. Moreover, their ease of use and integration with electronic monitoring systems also contribute to their increased adoption among healthcare providers.

Peristaltic Micro Pump:

Peristaltic micro pumps function by compressing and relaxing flexible tubing, allowing fluid to be pushed through the tube in a controlled manner. They are renowned for their ability to handle delicate and viscous fluids without contamination. The peristaltic micro pump segment is projected to see substantial growth, particularly in laboratory applications, pharmaceutical manufacturing, and food and beverage processing. These pumps offer high reliability and are easy to maintain, which makes them appealing to various industries. Additionally, the ability to customize flow rates and the non-invasive nature of fluid handling are key factors driving their demand in the market.

Others:

This category includes various specialized and emerging micro pump technologies that do not fit into the traditional classifications. Innovations in micro pump designs are continuously evolving, leading to the development of unique solutions tailored to specific applications. The 'Others' segment is gaining traction as new technologies emerge from research and development efforts. These pumps are being integrated into advanced applications, such as microfluidics and lab-on-a-chip devices, where high precision and miniaturization are essential. The growth of this segment is indicative of the dynamic nature of the micro pump market as it adapts to the evolving needs of various industries.

By Application

Medical Devices:

The medical devices segment is one of the major applications for micro pumps, driven by the demand for accurate and reliable drug delivery systems. Micro pumps are increasingly being integrated into devices such as insulin pumps, infusion systems, and wearable drug delivery patches. The growing prevalence of chronic diseases such as diabetes and the need for continuous medication management are propelling the demand for micro pumps in this segment. Additionally, advancements in technology have led to the development of smarter devices that allow for remote monitoring and control of drug delivery, further enhancing patient outcomes. With the ongoing innovations and increasing acceptance of self-administration devices, the medical devices application segment is expected to continue its robust growth trajectory.

Analytical Instruments:

Micro pumps play a crucial role in analytical instruments by providing accurate and precise fluid handling capabilities. Their application in laboratories for chemical analysis, sample preparation, and fluid control is growing rapidly. As laboratories increasingly demand automation and high throughput capabilities, micro pumps are becoming integral to various analytical processes. The ability to deliver small volumes of liquids with high reproducibility makes them suitable for a range of applications, including chromatography and mass spectrometry. As the need for efficient and reliable analytical solutions continues to rise, the adoption of micro pumps in this segment is anticipated to grow significantly.

Drug Delivery Systems:

The drug delivery systems application segment is experiencing substantial growth due to the increasing demand for advanced therapeutic solutions. Micro pumps are integral to innovative drug delivery methods, including continuous infusion systems and targeted delivery devices. The rise in chronic disease prevalence necessitates efficient drug administration, thereby driving the demand for micro pumps that can deliver precise dosages over extended periods. Additionally, developments in personalized medicine, which require tailored treatment regimens, are further enhancing the relevance of micro pumps in this application. As healthcare providers increasingly focus on improving patient compliance and outcomes, the role of micro pumps in drug delivery systems will continue to expand.

In-Vitro Diagnostics:

In-vitro diagnostics (IVD) is another significant application area for micro pumps, as they enable accurate fluid handling in diagnostic processes. The growing emphasis on early detection and monitoring of diseases is propelling the demand for IVD devices, which often integrate micro pumps for sample preparation and analysis. Micro pumps facilitate the precise delivery of reagents and samples, which is critical for accurate results in various diagnostic tests. The increasing prevalence of infectious diseases and the need for rapid testing solutions, particularly highlighted during the COVID-19 pandemic, are driving growth in this segment. As IVD technologies continue to evolve and improve, micro pumps will remain a vital component in enhancing diagnostic accuracy and efficiency.

Others:

The 'Others' category encompasses various applications beyond the traditional sectors mentioned above. This may include uses in the food and beverage industry, environmental monitoring, and other industrial processes where precise fluid handling is required. As innovations in micro pump technology continue to emerge, new applications are being explored, thereby extending the reach of micro pumps into diverse markets. The versatility and adaptability of micro pumps make them suitable for a wide range of tasks, and as industries seek efficient solutions for fluid transfer, this segment is expected to see notable growth in the future.

By Distribution Channel

Online Stores:

Online stores are becoming a significant distribution channel for micro pumps, driven by the growing trend of e-commerce and digital transformation in the healthcare sector. The convenience of online shopping allows customers to easily compare various products, read reviews, and make informed purchasing decisions from the comfort of their homes. Additionally, online platforms often provide a wider range of products, including specialized micro pumps that may not be readily available in brick-and-mortar stores. This channel is particularly appealing to customers seeking niche or advanced micro pump technologies, as they can access global suppliers and manufacturers. As the e-commerce landscape continues to expand, the online distribution channel is expected to grow in importance within the micro pump market.

Medical Device Stores:

Medical device stores serve as a critical distribution channel for micro pumps, offering a range of products tailored specifically for healthcare professionals and institutions. These stores provide knowledgeable staff who can assist customers in selecting the right micro pump for their specific applications, ensuring that healthcare providers have access to the most suitable solutions. The availability of technical support and guidance in medical device stores enhances customer confidence in their purchases, making this channel popular among hospitals and clinics. As the demand for specialized medical devices continues to rise, medical device stores will remain a key player in the distribution of micro pumps.

Specialty Stores:

Specialty stores cater to specific segments of the market, offering a curated selection of micro pumps and related products aimed at particular applications or industries. These stores often focus on niche markets, providing tailored solutions for customers with specialized needs. The personalized service and expert knowledge available in specialty stores can help customers identify the best micro pumps for their intended use, which is particularly important in sectors such as pharmaceuticals and biotechnology. As industries increasingly seek bespoke solutions, specialty stores will play an essential role in the distribution of micro pumps, fostering strong relationships with manufacturers and end-users alike.

OEMs:

Original Equipment Manufacturers (OEMs) are significant contributors to the distribution of micro pumps in the market. Many manufacturers integrate micro pumps into their products, creating complete systems for various applications. As the demand for integrated solutions rises, OEM partnerships become increasingly vital for micro pump suppliers looking to expand their market reach. Collaborations with OEMs enable manufacturers to tap into established distribution channels and benefit from the brand recognition of their partners. This channel is particularly important in sectors such as medical devices and automotive industries, where precision and reliability are paramount. As the trend towards system integration continues, OEMs will remain a crucial distribution channel for micro pumps.

Others:

The 'Others' category includes various alternative distribution channels, such as direct sales from manufacturers, wholesalers, and distributors. These channels may serve specific markets or regions, offering unique advantages such as lower costs or localized service. Traditional distribution methods are still relevant, particularly in regions where e-commerce adoption is slower. Manufacturers often engage in direct sales to establish stronger relationships with customers and provide tailored solutions that meet specific needs. As the micro pump market evolves, these alternative distribution channels will continue to play a role in expanding access to micro pump technologies across diverse industries.

By Technology Type

Active Micro Pump:

Active micro pumps utilize an external energy source to facilitate fluid movement, allowing for precise control over flow rates and volumes. These pumps are characterized by their ability to actively regulate fluid delivery, making them ideal for applications that require high accuracy and reliability. The active micro pump segment is expected to experience significant growth due to the increasing demand for advanced drug delivery systems and in-vivo diagnostics. Their versatility allows them to be used in various sectors, including medical devices and analytical instruments. As technology continues to improve, active micro pumps will play a vital role in enhancing the performance of next-generation healthcare solutions.

Passive Micro Pump:

Passive micro pumps rely on passive mechanisms, such as capillary action or gravity, to move fluids through microchannels. These pumps are often simpler in design and can be more cost-effective compared to their active counterparts. The passive micro pump segment is gaining traction, particularly in applications where low power consumption and miniaturization are essential. In industries such as pharmaceuticals and diagnostics, passive micro pumps are being integrated into devices that require minimal maintenance and provide reliable fluid handling. As the demand for energy-efficient solutions continues to grow, the adoption of passive micro pumps is expected to increase across various applications.

Others:

The 'Others' category comprises emerging and specialized micro pump technologies that do not fit into the primary active or passive classifications. Innovations in micro pump design and functionality are continuously evolving, leading to the development of novel solutions tailored to specific applications. This segment is gaining traction as research and development efforts yield new technologies that enhance fluid delivery and control. The growth of this segment reflects the dynamic nature of the micro pump market, as manufacturers seek to meet diverse industry needs and push the boundaries of what is possible in fluid handling.

By Region

The micro pump market is witnessing regional dynamics that reflect varying healthcare demands and technological advancements. North America holds a significant share of the market, propelled by a well-established healthcare infrastructure, robust R&D activities, and the prevalence of chronic diseases. The region accounted for approximately 35% of the global market share in 2023 and is expected to grow at a CAGR of 11.5% during the forecast period. The demand for innovative drug delivery systems and diagnostic solutions is driving the growth of micro pumps in North America, making it a key hub for market expansion.

Europe is another prominent region in the micro pump market, capturing around 30% of the total market share in 2023. The European market is characterized by increasing investments in healthcare technologies, along with a growing emphasis on personalized medicine. The rising prevalence of chronic diseases and an aging population are also contributing to the demand for micro pumps in the region. Additionally, advancements in research and technology, particularly in countries like Germany and the UK, are set to boost the micro pump market's growth. As healthcare systems evolve and adapt to changing patient needs, the European micro pump market is expected to continue expanding.

Opportunities

The micro pump market is brimming with opportunities as technological advancements open new avenues for innovation and application. One of the most promising opportunities lies in the growing trend of home healthcare solutions, driven by an increasing aging population and a shift towards patient-centric care. Micro pumps are essential in developing devices that allow patients to self-administer medications with precision and ease. Moreover, advancements in telemedicine and remote monitoring technologies present opportunities for integrating micro pumps into smart healthcare solutions, enabling real-time patient data collection and medication management. As healthcare continues to prioritize convenience and patient engagement, the micro pump market stands to benefit significantly from these emerging trends.

Another area of opportunity for the micro pump market is in the field of biotechnology and laboratory automation. The demand for high-throughput screening and precise fluid handling in research laboratories is driving the need for advanced micro pumps that can meet stringent accuracy requirements. As the biotechnology sector expands and research institutions increasingly invest in automation, micro pumps will play a crucial role in streamlining laboratory processes and improving efficiency. The growing focus on personalized medicine and targeted therapies also creates opportunities for micro pumps to be integrated into innovative drug delivery systems, enhancing treatment effectiveness and patient outcomes. Overall, the micro pump market is well-positioned to capitalize on these opportunities in the coming years.

Threats

Despite the promising growth prospects of the micro pump market, several threats could impede its progress. One significant threat is the intense competition among manufacturers, leading to price wars and reduced profit margins. As new players enter the market and established companies strive to innovate, maintaining competitiveness while ensuring product quality becomes increasingly challenging. This competitive pressure can result in compromised product performance and reliability, potentially undermining consumer trust. Furthermore, the rapid pace of technological advancements necessitates continuous investment in R&D, which can strain the resources of smaller manufacturers. Companies must navigate these challenges effectively to sustain growth and ensure long-term viability in the micro pump market.

Additionally, regulatory hurdles pose a significant restraining factor in the micro pump market. The healthcare industry is highly regulated, and obtaining necessary certifications and approvals for medical devices can be time-consuming and costly. Manufacturers must adhere to strict quality standards and undergo rigorous testing to ensure their products meet safety and efficacy requirements. Delays in regulatory approvals can hinder product launches and limit market access, particularly for new entrants. As the market grows, navigating the regulatory landscape will be critical for companies aiming to capitalize on emerging opportunities while maintaining compliance and ensuring patient safety.

Competitor Outlook

• Medtronic
• Roche Diagnostics
• Thermo Fisher Scientific
• Parker Hannifin Corporation
• Festo AG
• Hirschmann Automation and Control GmbH
• Hewlett-Packard Company
• Idex Corporation
• Syringe Pump Systems, Inc.
• Onyx Medical
• Gilson, Inc.
• Chemyx, Inc.
• KLOECKNER & CO AG
• Friedrichs GmbH
• Flowserve Corporation

The competitive landscape of the micro pump market is characterized by a mix of established companies and emerging players, all striving to innovate and enhance their product offerings. Key players like Medtronic and Roche Diagnostics dominate the market with their extensive portfolios of medical devices that integrate cutting-edge micro pump technologies. These companies leverage strong R&D capabilities and established distribution networks to maintain their competitive edge. Moreover, they are actively involved in strategic collaborations and partnerships to expand their market reach and enhance product development. The focus on advanced drug delivery systems and personalized medicine is driving these companies to further invest in innovative micro pump solutions that meet the evolving healthcare demands.

Emerging players such as Chemyx, Inc. and Syringe Pump Systems, Inc. are also making significant strides in the micro pump market by offering specialized solutions tailored to niche applications. These companies capitalize on the increasing demand for precision fluid handling in laboratories and medical devices, positioning themselves as key contributors to the market's growth. With a focus on agility and responsiveness to customer needs, these players are well-equipped to capture market share in a competitive landscape. The continuous evolution of micro pump technologies and expanding application areas will likely see these emerging companies play an increasingly important role in shaping the future of the industry.

In conclusion, the micro pump market is poised for significant growth, driven by advancements in technology and increasing demand across various applications. The competitive landscape is dynamic, with both established players and emerging companies vying for market share. Companies that prioritize innovation, respond to market trends, and adapt to regulatory challenges will likely emerge as leaders in this growing industry. As the micro pump market continues to evolve, the focus on enhancing patient outcomes and expanding applications will shape the competitive strategies of market participants in the years to come.

• 1 Appendix

  • 1.1 List of Tables
  • 1.2 List of Figures

• 2 Introduction

  • 2.1 Market Definition
  • 2.2 Scope of the Report
  • 2.3 Study Assumptions
  • 2.4 Base Currency & Forecast Periods

• 3 Market Dynamics

  • 3.1 Market Growth Factors
  • 3.2 Economic & Global Events
  • 3.3 Innovation Trends
  • 3.4 Supply Chain Analysis

• 4 Consumer Behavior

  • 4.1 Market Trends
  • 4.2 Pricing Analysis
  • 4.3 Buyer Insights

• 5 Key Player Profiles

  • 5.1 Festo AG
    • 5.1.1 Business Overview
    • 5.1.2 Products & Services
    • 5.1.3 Financials
    • 5.1.4 Recent Developments
    • 5.1.5 SWOT Analysis
  • 5.2 Medtronic
    • 5.2.1 Business Overview
    • 5.2.2 Products & Services
    • 5.2.3 Financials
    • 5.2.4 Recent Developments
    • 5.2.5 SWOT Analysis
  • 5.3 Chemyx, Inc.
    • 5.3.1 Business Overview
    • 5.3.2 Products & Services
    • 5.3.3 Financials
    • 5.3.4 Recent Developments
    • 5.3.5 SWOT Analysis
  • 5.4 Gilson, Inc.
    • 5.4.1 Business Overview
    • 5.4.2 Products & Services
    • 5.4.3 Financials
    • 5.4.4 Recent Developments
    • 5.4.5 SWOT Analysis
  • 5.5 Onyx Medical
    • 5.5.1 Business Overview
    • 5.5.2 Products & Services
    • 5.5.3 Financials
    • 5.5.4 Recent Developments
    • 5.5.5 SWOT Analysis
  • 5.6 Friedrichs GmbH
    • 5.6.1 Business Overview
    • 5.6.2 Products & Services
    • 5.6.3 Financials
    • 5.6.4 Recent Developments
    • 5.6.5 SWOT Analysis
  • 5.7 Idex Corporation
    • 5.7.1 Business Overview
    • 5.7.2 Products & Services
    • 5.7.3 Financials
    • 5.7.4 Recent Developments
    • 5.7.5 SWOT Analysis
  • 5.8 KLOECKNER & CO AG
    • 5.8.1 Business Overview
    • 5.8.2 Products & Services
    • 5.8.3 Financials
    • 5.8.4 Recent Developments
    • 5.8.5 SWOT Analysis
  • 5.9 Roche Diagnostics
    • 5.9.1 Business Overview
    • 5.9.2 Products & Services
    • 5.9.3 Financials
    • 5.9.4 Recent Developments
    • 5.9.5 SWOT Analysis
  • 5.10 Flowserve Corporation
    • 5.10.1 Business Overview
    • 5.10.2 Products & Services
    • 5.10.3 Financials
    • 5.10.4 Recent Developments
    • 5.10.5 SWOT Analysis
  • 5.11 Hewlett-Packard Company
    • 5.11.1 Business Overview
    • 5.11.2 Products & Services
    • 5.11.3 Financials
    • 5.11.4 Recent Developments
    • 5.11.5 SWOT Analysis
  • 5.12 Thermo Fisher Scientific
    • 5.12.1 Business Overview
    • 5.12.2 Products & Services
    • 5.12.3 Financials
    • 5.12.4 Recent Developments
    • 5.12.5 SWOT Analysis
  • 5.13 Syringe Pump Systems, Inc.
    • 5.13.1 Business Overview
    • 5.13.2 Products & Services
    • 5.13.3 Financials
    • 5.13.4 Recent Developments
    • 5.13.5 SWOT Analysis
  • 5.14 Parker Hannifin Corporation
    • 5.14.1 Business Overview
    • 5.14.2 Products & Services
    • 5.14.3 Financials
    • 5.14.4 Recent Developments
    • 5.14.5 SWOT Analysis
  • 5.15 Hirschmann Automation and Control GmbH
    • 5.15.1 Business Overview
    • 5.15.2 Products & Services
    • 5.15.3 Financials
    • 5.15.4 Recent Developments
    • 5.15.5 SWOT Analysis

• 6 Market Segmentation

  • 6.1 Micro Pump Market, By Application
    • 6.1.1 Medical Devices
    • 6.1.2 Analytical Instruments
    • 6.1.3 Drug Delivery Systems
    • 6.1.4 In-Vitro Diagnostics
    • 6.1.5 Others
  • 6.2 Micro Pump Market, By Product Type
    • 6.2.1 Mechanical Micro Pump
    • 6.2.2 Piezoelectric Micro Pump
    • 6.2.3 Syringe Micro Pump
    • 6.2.4 Peristaltic Micro Pump
    • 6.2.5 Others
  • 6.3 Micro Pump Market, By Technology Type
    • 6.3.1 Active Micro Pump
    • 6.3.2 Passive Micro Pump
    • 6.3.3 Others
  • 6.4 Micro Pump Market, By Distribution Channel
    • 6.4.1 Online Stores
    • 6.4.2 Medical Device Stores
    • 6.4.3 Specialty Stores
    • 6.4.4 OEMs
    • 6.4.5 Others

• 7 Competitive Analysis

  • 7.1 Key Player Comparison
  • 7.2 Market Share Analysis
  • 7.3 Investment Trends
  • 7.4 SWOT Analysis

• 8 Research Methodology

  • 8.1 Analysis Design
  • 8.2 Research Phases
  • 8.3 Study Timeline

• 9 Future Market Outlook

  • 9.1 Growth Forecast
  • 9.2 Market Evolution

• 10 Geographical Overview

  • 10.1 Europe - Market Analysis
    • 10.1.1 By Country
      • 10.1.1.1 UK
      • 10.1.1.2 France
      • 10.1.1.3 Germany
      • 10.1.1.4 Spain
      • 10.1.1.5 Italy
  • 10.2 Micro Pump Market by Region
  • 10.3 Asia Pacific - Market Analysis
    • 10.3.1 By Country
      • 10.3.1.1 India
      • 10.3.1.2 China
      • 10.3.1.3 Japan
      • 10.3.1.4 South Korea
  • 10.4 Latin America - Market Analysis
    • 10.4.1 By Country
      • 10.4.1.1 Brazil
      • 10.4.1.2 Argentina
      • 10.4.1.3 Mexico
  • 10.5 North America - Market Analysis
    • 10.5.1 By Country
      • 10.5.1.1 USA
      • 10.5.1.2 Canada
  • 10.6 Middle East & Africa - Market Analysis
    • 10.6.1 By Country
      • 10.6.1.1 Middle East
      • 10.6.1.2 Africa

• 11 Global Economic Factors

  • 11.1 Inflation Impact
  • 11.2 Trade Policies

• 12 Technology & Innovation

  • 12.1 Emerging Technologies
  • 12.2 AI & Digital Trends
  • 12.3 Patent Research

• 13 Investment & Market Growth

  • 13.1 Funding Trends
  • 13.2 Future Market Projections

• 14 Market Overview & Key Insights

  • 14.1 Executive Summary
  • 14.2 Key Trends
  • 14.3 Market Challenges
  • 14.4 Regulatory Landscape

Segments Analyzed in the Report

The global Micro Pump market is categorized based on

By Product Type

• Mechanical Micro Pump
• Piezoelectric Micro Pump
• Syringe Micro Pump
• Peristaltic Micro Pump
• Others

By Application

• Medical Devices
• Analytical Instruments
• Drug Delivery Systems
• In-Vitro Diagnostics
• Others

By Distribution Channel

• Online Stores
• Medical Device Stores
• Specialty Stores
• OEMs
• Others

By Technology Type

• Active Micro Pump
• Passive Micro Pump
• Others

By Region

• Asia Pacific
• North America
• Latin America
• Europe
• Middle East & Africa

Key Players

• Medtronic
• Roche Diagnostics
• Thermo Fisher Scientific
• Parker Hannifin Corporation
• Festo AG
• Hirschmann Automation and Control GmbH
• Hewlett-Packard Company
• Idex Corporation
• Syringe Pump Systems, Inc.
• Onyx Medical
• Gilson, Inc.
• Chemyx, Inc.
• KLOECKNER & CO AG
• Friedrichs GmbH
• Flowserve Corporation