VALLEY COTTAGE, New York, May 11, 2016 /PRNewswire/ --
"Breast Pumps Market: Global Industry Analysis and Opportunity Assessment, 2016-2026", a new report by research and consulting firm, Future Market Insights (FMI) forecasts the global breast pumps market to increase at 5% CAGR through 2026 and surpass US$ 2 Bn in revenues. The report offers 10-year forecast and analysis on the basis of product, technology, application, and region. Key companies profiled in the report include Koninklijke Philips N.V, Pigeon Corporation, Jarden Corporation, Goodbaby International Holdings Ltd., Medela Inc., Ameda Inc., Hygeia Medical Group II, Bailey Medical, Handi-Craft Company, Mayborn Group Limited, and Linco Baby Merchandise Works Co., Ltd.
Breast pumps haven't undergone the same level of innovation as other medical devices, prompting the 'Make the Breast Pump Not Suck' hackathon at MIT Media Lab in 2014. The hackathon received massive media coverage, bringing daunting challenges associated with breast pumps to the limelight. While breast pumps have enabled women to maintain their milk production and provide nutritious feed to their babies in their absence, using the pumps has been a complicated affair. High cost, deafening loud motors, and difficulty in cleaning numerous parts has forced many women to wean.
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The winners of M.I.T's hackathon presented interesting, futuristic ideas that could change the breast pumps landscape for the better. Hands-free, discrete, and easy to clean - the winning products incorporated features that women have been yearning for a long time. Manufacturers looking to gain a competitive edge need to work on including these features in their offerings.
Global Breast Pumps Market: Challenges and Opportunities
Global demand for breast pumps will continue to grow, as the percentage of working moms increases, especially in developing countries. Breast pumps' use as a life-saving device for infants who cannot feed directly from the breast is also expected to contribute to global demand.
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According to FMI's report, double electric breast pumps are witnessing higher demand than single electric- and manual- breast pumps. Ease of use and faster expression of milk are the key factors driving demand for double electric breast pumps. Overall, demand for breast pumps is higher from individual consumer (s) vis-à-vis hospitals.
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High Demand Expected in Emerging Economies
North America and Western Europe are the two largest markets for breast pumps globally, with the former accounting for nearly 35% revenue share of the market in 2015. Developing economies promise myriad growth opportunities to manufactures, as the breast pumps market in these region is still in its infancy. According to FMI's report, the Asia Pacific excluding Japan (APEJ) breast pumps market is anticipated to witness a CAGR of 7.1% CAGR, whereas the Eastern Europe breast pumps market is expected to increase at 4.5% CAGR. Russia is the most lucrative market for breast pumps in Eastern Europe, and is projected to increase at 4.6% CAGR during the forecast period.
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Future Market Insights (FMI) is a leading market intelligence and consulting firm. We deliver syndicated research reports, custom research reports and consulting services which are personalized in nature. FMI delivers a complete packaged solution, which combines current market intelligence, statistical anecdotes, technology inputs, valuable growth insights and an aerial view of the competitive framework and future market trends.
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SOURCE Future Market Insights