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.
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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.
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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