U.S. breast pump market to record massive gains over 2016-2024, Battery powered pumps to drive the product landscape
Publisher : Fractovia | Published Date : 2017-07-28Request Sample
Breast pump market is one of the renowned business fraternities demonstrating a rather high growth pace in the healthcare and medical devices sector. A plethora of factors and trends have been favoring the growing demand of breast pump over the recent years. The increasing birth rate, developing healthcare infrastructure, new awareness programmes launched by the government bodies, and the growing women employment ratio are few of such factors propelling the breast pump industry trends. As per the statistics, women employment rate in China and Germany was recorded to be 63.8% and 54.1% respectively in 2012. The demand from this demography is poised to increase substantially over the years as working women have less time to breastfeed their offspring thus forming a higher consumer base for this industry. Another trend prominently shaping up breast pump market is the high product demand observed in countries of Asia and Latin America, primarily driven by the enhanced healthcare infrastructure facility across these regions. According to Global Market Insights, Inc., “Breast pump market, which collected a revenue of nearly USD 849.2 million in 2015, is projected to surpass USD 1.6 billion by 2024.”
Speaking of the growth trends, breast pump market is generating a substantial momentum on a global scale. Japan breast pump industry size, which was measured at more than USD 40 million in 2015, is projected to expand swiftly over the years ahead with increase in the rate of working females. Germany breast pump market, which contributed more than 28% of Europe breast pump industry revenue in 2015, is foreseen to record a CAGR of 9.6% over the coming timeframe. Rising consciousness about the importance of breast feeding along with a great surge in the dual income families will spur the regional growth.
U.S. Breast Pumps Market Size, by Technology, 2012- 2024 (USD Mn)
Brazil which accounted for more than 47% of Latin America breast pump market share in 2015, is set to cross USD 14 million by 2024. Introduction of new breast pumps along with improvement in the healthcare activities is anticipated to boost the industry revenue across the region. Breast pump market in China, which is slated to hit USD 94.8 million by 2024, will grow at a rate of 15.5% during the period from 2016 to 2024. Decline in infant mortality rate along with rapid economic development will contribute substantially towards the regional revenue.
U.S. breast pump industry value, worth USD 405 million in 2015, is set to grow at a rate of 4.9% over the coming seven years. Hectic work schedule along with advanced medical sector are the factors expected to drive the regional demand.
Electric, manual, foot-powered, and battery powered are some of the major types of breast pumps. Battery powered breast pump industry, which accounted for more than 50% of the global industry revenue in 2015, is projected to surpass USD 816 million by 2024. The growth can be credited to its movability and handling ease. Electric breast pump market is set to record a CAGR of over 10% during the duration from 2016 to 2024. High comfort and introduction of user friendly technology in the products is expected to boost the product demand. Electric breast pumps are classified into hospital grade electric pumps and electric pumps for personal use. Hospital grade electric pumps, which contributed more than USD 220 million towards breast pump industry size in 2015, is forecast to exceed USD 520 million by 2024. Beneficial product characteristics such as robustness and longevity is expected to influence the product popularity.
Breast pumps make use of closed and open collection systems to collect milk from lactating women breasts. Closed system pumps, which contributed revenue of more than USD 720 million in 2015, is foreseen to hit USD 1506 million by 2024. The expansion of the industry can be ascribed to sanitary breast milk collecting mechanism of these closed milk collecting systems.
However, higher costs of breast pumps across various regions will restrict consumers from purchasing these products, thereby obstructing the expansion of breast pump industry. To overcome the cost issues, industry participants are implementing effective competitive pricing strategies to proliferate their business. Introduction of rental facilities on electric pumps along with favorable steps taken by insurance firms to cover costs pertaining to breast pumps will enhance the demand for the products.
Global breast pump industry displayed an oligopolistic nature with only few of the players sharing the business space in 2015. Some of the prominent names in the industry include Lansinoh Laboratories Incorporation, Buettner-Frank GmbH, Hygeia Medical Company Limited, Ameda Incorporation, Medela, Whittlestone Incorporation, Energizer Holdings Incorporation, and Linco Baby Merchandise Works Company Limited. As per reliable statistics, Philips, Medela, and Ameda Breastfeeding Solutions collectively shared 75% of overall revenue in 2015.
