Breast Pump Market size to exceed $1.6bn by 2024
Increasing global population, growing women employment rates and rising consumer awareness regarding importance of breast feeding will drive global breast pumps market growth. Favorable reimbursement policies and adoption of technologically advanced products such as hand free breast pumps should fuel breast pumps market growth. Furthermore, increasing patient disposable income and changes in lifestyle should propel business growth.
Growing penetration of electric breast pumps and rapid substitution of closed breast pumps by open system pumps owing to the advantages offered by technologically advanced products will stimulate global breast pumps market size. Closed system pumps were over USD 720 million, attributing for over 85% of industry revenue in 2015. The segment is expected to capture greater market share over the coming years owing to hygienic breast milk collection mechanism.
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Favorable initiatives taken by insurance companies to cover breast pumps related expenses such as visits to lactation consultants, should spur breast pumps market share. Moreover, introduction of rental facilities on electric breast pumps for consumers who cannot afford to purchase should widen overall consumer base. Presence of large untapped opportunities across India, China and Brazil is expected to fuel breast pumps market growth. Economic development, growing patient disposable income with increasing women employment rates, and rising awareness levels should present manufacturers with lucrative business opportunities.
High prices associated with breast pumps should discourage consumers from purchasing, thus hindering global breast pumps market expansion. The higher prices of devices have a significant impact in developing economies where overall purchasing power is relatively low. However, manufacturers are adopting penetration pricing strategies to capture maximum breast pumps market share.
Browse key industry insights spread across 84 pages with 48 market data tables & 11 figures & charts from the report, “Breast Pump Market Size By Product (Open, Closed), By Technology (Manual, Battery Powered, Electric), By Application (Personal Use, Hospital Grade), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, Japan, China, Brazil, Mexico, South Africa), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024” in detail along with the table of contents:
Key insights from the report include:
• Global breast pumps market is slated to grow from close to USD 850 million in 2015, at more than 7% CAGR.
• Battery powered segment was over USD 460 million in 2015 and is anticipated to be worth over USD 816 million by 2024, owing to its ease of use and portability.
• Electric breast pumps market size will manifest robust growth of above 10% from 2016 to 2024.
• Germany and UK collectively accounted for over 50% of Europe breast pumps market share in 2015. Increasing female employment rate, improving awareness levels and rising disposable income should drive regional breast pumps market growth.
• Japan breast pumps market size was valued at over USD 40 million in 2015, with rapidly growing population, rising women employment rate and demographics being demand stimulants.
• Brazil breast pump market share was over 47% of the LATAM revenue in 2015, with expectations to surpass USD 14 million by 2024. Improving healthcare infrastructure, favorable economic environment and adoption of technologically advanced breast pumps should spur breast pumps market growth.
• The threat of new entrants in the breast pumps market is likely to be higher during forecast period due to presence of relatively less stringent regulatory and product approval environment.
• The key industry players include Ameda Breastfeeding Solutions, Philips, Medela, Bailey Medical, Hygeia Medical Group, Energizer Personal Care, and Whittlestone.
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