Breast Pumps Market Is Expected to Continue This Trend During the Forecast Period, Rising at A Closer CAGR Of Over 6%
Breast Pumps Market is Projected to reach $829 million by 2022 from $540 million in 2015, growing at a CAGR of 6.6% during 2016-2022. In terms of value, the battery powered breast pumps segment accounted for over two-thirds share globally, in 2015 and is expected to maintain its dominance during the forecast period. In terms of volume, manual breast pumps segment accounted for one-fourth share in 2015.
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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.
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.
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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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