Global Breast Pumps Market To Reach US$ 0.9 Billion By 2024, Says Report

The Global Breast Pumps Market was valued at US$ 606.6 million in 2015 and is projected to expand at a CAGR of 4.8% during 2016–2024, according to a new report published by Coherent Market Insights. Rapidly growing population and improving insurance scenario is propelling demand for breast pumps worldwide.

Demand for electronic breast pumps is gaining high traction in terms mainly due to adjustable suction level aiding ease of use. A more recent trend is the growing rental market for these pumps, as it is a cost-effective option for working women in most developing countries. A battery-powered pump further increases the convenience for women on-the-go who cannot find an electrical source for operating the electric pump. However, most women, especially in emerging economies such as India do not have insurance and thus, prefer the more feasible option of manual pumps. This scenario is changing rapidly, with higher disposable income in these regions inclining women towards more effective electric breast pumps.

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Closed breast pump systems are more secure and offer a higher safety element, which in turn increases its demand in the market. Moreover, closed breast pumps can be used multiple times and for longer period as compared to open breast pumps, resulting in higher cost saving. To enhance the comfort and convenience in expressing milk, Naya Health, Inc. introduced a smart breast pump in December 2016. This smart breast pump, based on water pumping technology, connects the pump to the Naya Health Tracker app, which helps the mother control the machine and track the amount of milk expressed and consumed by the baby, thus effectively managing nursing sessions. The first smart breast pump launched by Medela AG in November 2016 is aimed at providing nursing mothers access to expert tips and clinically proven support.

According to the U.S. Department of Labor (DOL), around 57% of women were part of the active workforce in the U.S. in 2015. The DOL projects that by 2024, women in the age group of 25 to 34 years would constitute major share of employed women in the U.S. These factors are projected to collectively spurt growth of breast pumps market in the U.S. over the following decade.

As per the Australian Bureau of Statistics, women constitute 46.2% of total workforce in Australia as of August 2016. According to the 2015 report from International Monetary Fund, gender gap in workforce is the highest (51 percentage points) in the Middle East and North Africa. Societal factors in certain emerging economies such as India, Pakistan, and Nepal play a major role in the lower percentage of women in the workforce in these countries. Moreover, awareness levels regarding breast pumps in these regions is relatively low. These are the major restraining factors for growth of the breast pumps market in Asia and Africa.

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Key takeaways of the market:

The global breast pumps market is expected to expand at a CAGR of 4.8% during the forecast period (2016 – 2024). Factors attributable to market growth include increasing number of women in the workforce, growing disposable income, and favorable reimbursement policies.

Demand for closed-system is significantly high owing to low risk of infection and possibility of repeated use with longer life-span as compared to the open-system

The total market for manual pumps was valued at US$ 340.6 mn in 2015. Demand for manual breast pumps is high among low income groups, mainly due to low insurance coverage.

Single-electric breast pumps segment is projected to witness growth higher than that of the overall market, at a CAGR of 5.9% during the forecast period. Factors attributable to the positive growth of this segment includes ease and convenience in expressing breast milk and reimbursement by insurance companies, especially in the U.S.

Medela AG and Naya Health Inc. are among the leading players in the global breast pumps market. Major players constantly work towards introducing innovate products and focus on geographical diversification in order to further strengthen their position in the market.

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About Coherent Market Insights:

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This release was published on openPR.