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| Breast Pumps Market |
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.
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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.
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.
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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.
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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