Breast Pump Market Growth Drivers | Key Players: Beldico Belgium, Lansinoh Laboratories Inc. ,Ardo medical AG, Albert, Ameda, Inc.,Philips, Pigeon, Spectra Baby USA
Electric breast pump segment is anticipated to grow at a CAGR of 10.6% from 2018 to 2024, due to rising demand for electric breast pump and advances in technology. These technological advances include multiple settings such as adjustable suction levels, and custom-made suction to imitate baby's sucking patterns. Furthermore, electric pump requires less effort as compared to manual pump thereby, boosts business growth.
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Surging demand for closed system is attributable to associated advantages provided by closed system and increasing adoption of closed system for pumping. Benefits with closed system pump include proper filtration, thus reducing growth of mold or other infectious particles & hygiene is maintained. The closed system segment dominated and accounted for 85.9% market share in 2017.
Open system segment is estimated to grow at a CAGR of 2.8% over the forecast timeline. The growth is attributed to factors such as open system requires less maintenance as well as are less expensive as that of closed system. However, there is a possibility of cross infection in open system thus they are less preferred than closed systems.
Increasing demand for breastfeeding and surging adoption of breast pump are aspects driving breast pump market growth. Rising women employment rate coupled with increasing population are factors anticipated to boost business growth. According to the Center for Economic & Policy Research (CEPR), in 2016, in Canada, Germany, Japan, UK and France, the employment rate for women has been growing thus such factor is boosting industry growth. Additionally, favourable reimbursement policies and improving healthcare infrastructure is projected to impact positively on breast pumps market growth.
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Supporting initiatives undertaken by government to ensure that women receive benefits of breastfeeding and provisions regarding reasonable break time for breastfeeding mothers further drives business growth. Breast pump offer immense advantages to the working women that include timing feasibility, the milk can be stored, and filtered.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
Spectra Baby USA
Lansinoh Laboratories Inc. ,
Ardo medical AG
Albert, Ameda, Inc.
High cost associated with breast pump hampers market growth as many mothers need affordable pump with high efficiency of pumping and precise filtration. Another factor responsible for hindering market growth is risk of milk contamination that mostly happens in open type of system.
Escalating demand for hospital grade breast pump is due to rising adoption of hospital grade pump coupled with advent in technology that include enhancing suction of high amount of breast milk collection. Hospital grade is estimated to progress at a CAGR of 7.1% from 2018 to 2024. Moreover, hospital grade pump provides easy and fast use along with hygiene that encourages customer buying behaviour thus, rendering positive impact on the market.
Personal use segment accounted for 11.9% market share in 2017 and is anticipated to grow lucratively during the forecast timeframe. The growth is attributable to factors such as, benefits offered in customization, reduction of cross-contamination as well as prolonged usage.
U.S. market held over 80% of industry revenue share in 2017. Favourable reimbursement scenario coupled with surging adoption of breast pump are aspects determining domination of U.S. market share in North America. Other aspects that are responsible for such high market share are availability of enhanced breast pump and rising demand from working women that require to manage work and baby’s feeding.
Germany market is estimated to witness 9.6% CAGR over forecast time due to surging demand for breast pump and increasing employment rate of women in Germany. Launch of advanced breast pumps is projected to render positive impact in coming years.
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Indian market is projected to witness around 16% growth over the coming years owing to the rapid population growth and improving healthcare infrastructure. Additionally, many developments and initiatives to improve the healthcare access will fuel the forecast business growth.
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