Press release
Breast Pump Market Share Worldwide Industry Growth, Size, Statistics, Opportunities & Forecasts up to 2024
Breast Pump
Breast Pump Market Research Report for the period of 2018-2024 that shows the growth of the market is rising at a 7.5% CAGR to 2024.
Breast Pump Market will reach USD 1.6 billion by 2024; as per a new research report. Improving healthcare infrastructure and escalating rate of women employment are factors driving breast pump market growth. Favorable reimbursement policies along with several initiatives undertaken by government to offer breast pumps to mothers is projected to fuel business growth. In addition to, many companies offer customer service as well as support mothers with Affordable Care Act (ACA) that require health plans to cover breastfeeding supplies and provide support. Availability of insurance covered pumps by various companies is estimated to fuel breast pump market growth.
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Escalating adoption of breast pumps and increasing population further propels market growth. Associated advantages with breast pumps encourages customer buying behavior. This is attributable to benefits offered such as proper milk management, filtration, milk storage, and high efficiency. Aforementioned factors are attributed to fuel market growth.
Excessive cost associated with breast pump hinders market growth. The double pumps can cost in range of around USD 60 to USD 3500 and there is additional cost of breast pump related products. These include storage containers, storage bags, products used for sterilization of bottles, nipples, and breast shields. Above-mentioned products are necessary for collecting milk and thus cost exceeds that hampers market growth.
Rising demand for closed system breast pump and related advantages is estimated to boost business growth. Benefits provided by closed system include efficient filtration thus, eliminating the necessity of cleaning.
Additionally, this also reduces possibility of infectious particles growth or even mold growth. Aforementioned factors are anticipated to boost business growth and closed system segment accounted for 845 USD million in 2017.
Electric breast pump segment held 30.9% of market share in 2017. The growth is attributable to rising demand coupled with associated advantages in electric pumps such as multiple settings that needs less effort as compared to manual pump.
Advent in technology such as enhanced suction providing high amount of breast milk collection coupled with filtration avoiding contamination of milk are factors driving hospital grade segment growth. Hospital grade segment accounted for 866.2 USD million in 2017.
U.S. breast pump market is projected to grow at a CAGR of 5.1% during 2018 to 2024. Increasing adoption of breast pump and favorable reimbursement coupled with surging demand from working women are factors contributing to U.S. breast pump business growth.
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Germany accounted for 22.6% market share in 2017. Launch of advanced breast pump along with rising employment rate of women are factors boosting market growth in Germany. According to the Center for Economic & Policy Research (CEPR), German women have detected the biggest progresses in their employment rate, that increased by nearly 17 percentage points.
Key business players are Acewin, Albert, Ameda, Ardo, Babybelle, Bailey Medical, Beldico, Buettner-Frank, Hygeia Health, Lansinoh Laboratories, Linco Baby Merchandise Work's, Medela, NUK, Philips, Pigeon, and Spectra Baby Products.
Prominent industry competitors are emphasizing on launch of technologically advanced breast pump with efficient low noise pumping feature. Industry players are also concentrating more on strategic acquisitions and product promotion to sustain their position in the market and generate more revenue. For instance, in August 2017, Albert presented its product range at the MEDICA, thus enhancing the brand image of the its products.
Table of Content:
Chapter 1. Methodology
Chapter 2. Executive Summary
Chapter 3. Breast Pump Industry Insights
Chapter 4. Breast Pump Market, By Product
Chapter 5. Breast Pump Market, By Technology
Chapter 6. Breast Pump Market, By Application
Chapter 7. Breast Pump Market, By Region
Chapter 8. Company Profiles
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Related Report:
United States Breast Pump Market Report 2017
In this report, the United States Breast Pump market is valued at USD XX million in 2016 and is expected to reach USD XX million by the end of 2022, growing at a CAGR of XX% between 2016 and 2022.
https://www.marketstudyreport.com/reports/united-states-breast-pump-market-report-2017/?utm_source=RR-PSR
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