Breast Pump Market outlook: Electric breast pumps to exhibit a heavy growth potential over 2016-2024
The global breast pump market is expected to achieve high growth as companies are actively investing in various strategies to create discrete valuable schemes and proposals for varied consumer segments offering innovative and cost-effective treatment for breastfeeding. Today, most of the women have balanced work & life priorities and this will produce a favorable impact on the breast pump industry dynamics. Moreover, exponentially increasing birth rates coupled with rising awareness regarding breast feeding will further propel the breast pump demand, thereby driving the industry trends. According to Global Market Insights, Inc., “Breast pump market size is anticipated to grow at a CAGR of 7.7% over the period of 2016-2024.”
U.S. Breast Pumps Market Size, by Technology, 2012- 2024 (USD Mn)
Rapid economic development along with the rising working female population will generate lucrative avenues for the breast pump business over the coming years. The global breast pump industry is analyzed with different perspectives comprising of product type, technology used, major application base, and geography.
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Based on mode of operation and technology the breast pump industry is segmented into four main types namely manual, battery powered, and electric. The battery powered breast pump market is estimated to surpass USD 816 million by 2024. Moreover, electric breast pump market is another lucrative industry to attain a CAGR of 10.6% over the period of 2016-2024. Electric pumps have an advantage of higher efficiency and user friendly technology which generates a greater demand for this technology. Cost efficiency is another major factor behind the growth in this segment.
Breast pumps witness a wide set of applications in the personal use and hospital grade sector. In this bifurcation, the hospital grade electric pumps are poised to witness favorable industry expansion, owing to its features such as strength, durability, and multiple user ability. The hospital grade pumps are set to witness heavy gains with target market size slated to surpass USD 520 million by 2024.
Geographically, North America breast pump market is projected to exhibit healthy growth over the coming seven years. U.S. breast pump industry, worth USD 405 million in 2015, is projected to grow at an annual rate of 4.9% over the period of 2016-2024. Highly available healthcare amenities along with growing healthcare expenditure is likely to be major factors booming the regional landscape over the coming years.
Asia pacific breast pump industry is anticipated to witness escalating gains over the coming years. The growth is attributed to rising women employment rate, increasing awareness levels, increasing birth rates, and increasing disposable income. Japan, China, and India are expected to be the major regional revenue pockets.
Europe breast pump market, is foreseen to grow significantly, driven by increasing cognizance towards breastfeeding. UK and Germany are expected to drive the regional growth.
LATAM breast pump market is projected to cross USD 14 million by 2024, driven by better healthcare services and introduction of new breast pumps. It is expected that Brazil will contribute considerably towards the regional share.
Breast pump industry is highly concentrated and is dominated by few notable players including Philips, Hygeia Medical Group, Whittlestone, Ameda Breastfeeding Solutions, Medela, Bailey Medical, and Energizer Personal Care.
Author Name : Ojaswita Kutepatil