Breast Pumps Market Expected to Reach $829 Million, Globally, by 2022 - Allied Market Research
PORTLAND, Oregon and PUNE, India, April 26, 2017 /PRNewswire/ --
Breast Pumps Market report, published by Allied Market Research, forecasts that the global 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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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%.
Personal use breast pumps are 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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The rise in closed breast pumps market can be attributed to lower risk of contamination, and ease in cleaning process‐. ‐Market players have successfully developed breast pumps with different functionalities such as pumping and bluetooth facilities, thus making it proficient for the lactating mothers. Furthermore, closed breast pumps can be reused, without being harmful, thus increasing the convenience and safety offered by these pumps, which is anticipated to create huge opportunities for their growth.
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.
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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%.
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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We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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