Micro-powder injection moulding (μPIM) is a fast-developing micro-manufacturing technique for the production of metal and ceramic components. Shape complexity, dimensional accuracy, replication fidelity, material variety combined with high-volume capabilities are some of the key advantages of the technology. This paper assesses the capabilities and limitations of μPIM as a micromanufacturing technique by reviewing the latest developments in the area and by considering potential improvements. The basic elements of the process chain, variant processes and simulation attempts are discussed and evaluated. Challenges and research gaps are highlighted, and potential areas for improvement are presented.