Breast Pumps Market to surpass US$ 0.9 Billion by 2024

Published On : Jan 05, 2017

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.

To know the latest trends and insights prevalent in this market, click the link below:

https://www.coherentmarketinsights.com/market-insight/breast-pumps-market-81

Closed breast pump systems offer higher safety over open pumps, due to which the demand for these pumps is rapidly increasing. Closed breast pumps enable multiple usage for a prolonged period of time as compared to open breast pumps, which eliminates the need for purchasing new pumps, thus resulting in high cost savings. Increasing number of women in the workforce in turn, is increasing the demand for breast pumps, and thus boosting growth of the breast pumps market. For instance, 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 percent of which is expected to rise with women aged 25-34 years constituting for a major share of employed women in the U.S., by 2024.  As per the Australian Bureau of Statistics, women constitute 46.2% of the total workforce in Australia as of August 2016.

However, according to the 2015 report from International Monetary Fund, gender gap in workforce is the highest (51 percentage) in the Middle East and North Africa. This, coupled with the lack of awareness regarding breast pumps in these regions is expected to pose as a major factor restraining growth of the breast pumps market. These are the major restraining factors for growth of the breast pumps market.

The first smart breast pump was launched in November 2016 by Medela AG, to provide nursing mothers access to expert tips and clinically proven support. Various players in the market are introducing innovative products with enhanced comfort and convenience while extracting milk. For instance, in December 2016, Naya Health, Inc. introduced a smart breast pump, which is based on water pumping technology, and enables easy communication of information about the pump through the Naya Health Tracker app. This app helps mothers control the machine and track the amount of milk extracted and consumed by the baby, thus effectively managing nursing sessions.

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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