Breast Pumps Market is Anticipated To Hit $829 Million by 2022 from $540 Million in 2015, at a CAGR Of 6.6%
The major factors boosting the growth of breast pumps market are increasing working women population, rise in disposable income and growing awareness about importance of breastfeeding. In terms of revenue, closed system breast pumps segment accounted for major share in the world breast pumps market in 2015, and is projected to maintain this trend throughout the forecast period, growing at a faster CAGR of over 6%.
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The companies mostly adopted product development as their key strategy to keep pace with the changing demands of consumers and strengthen their market position. The key players for this market include Medela AG, Ameda, Inc., Koninklijke Philips N.V. (Philips AVENT), Hygeia Health, Bailey Medical Engineering, Linco Baby Merchandise Works Co. Ltd., Whittlestone Inc., Energizer Holdings Inc., Pigeon Corporation and Albert Manufacturing USA.
Personal use breast pumps is the leading application segment in terms of volume, at a CAGR greater than 6% during the forecast period. The growing demand for personal grade breast pump is due to factors such as portability, effective pumping techniques and contamination free feeding. The market for battery-powered breast pumps is expected to grow at a significant rate owing to the increasing preference for faster, efficient portable pumping systems with an easy cleaning option.
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Breast Pumps Market Key Findings:
• Closed system breast pumps is projected to be the fastest growing segment in terms of both value and volume, growing at a CAGR of over 6.5% and 7% respectively during the analysis period.
• Asia-Pacific is estimated to be the fastest growing regional market in breast pumps market, growing at a CAGR of 9.7%, in terms of value, from 2016 to 2022.
• In 2015, North America accounted for around three-fifths share of the world breast pumps market in terms of value.
• Hospital grade breast pumps would be the highest revenue generating segment followed by personal use breast pump during 2016-2022.
• In 2015, battery powered breast pumps was the leading segment and is projected to grow faster than global breast pump market at CAGR of over 6.4%, in terms of value.
• Mexico is projected to be the fastest growing market in the North American region,
• China and Japan are the leading country markets for breast pumps in the Asia-Pacific region.
Geographically, North America is the major regional market in 2015, owing to the widespread adoption of breast pump techniques. However, Asia-Pacific is expected to grow rapidly, owing to highly unmet medical needs, increasing disposable income of the population and increasing awareness about breastfeeding. In terms of value, Europe accounted for approximately one-fifth share of the overall market in 2015; mainly attributed to large number of women using breast pumps and is expected to grow at a CAGR of 5%.
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Allied Market Research, a market research and advisory company of Allied Analytics LLP, provides business insights and market research reports to large as well as small & medium enterprises. The company assists its clients to strategize business policies and achieve sustainable growth in their respective market domain.
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