Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Breast Pumps Market (By Product: Closed System, Open System; By Technology: Manual, Electric, Battery Powered; By Application: Personal Use, Hospital Grade) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026”.
LOS ANGELES, April 25, 2019 (GLOBE NEWSWIRE) -- The global Breast Pumps market is estimated to grow at CAGR above 7.5 % over the forecast time frame 2019-2026 and reach the market value around USD 3 billion by 2026.
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The main factors driving growth in emerging economies are increasing female employment, various government actions aimed at increasing consumer awareness and improving health infrastructure. An increasing number of women's jobs is expected to be a driving force on the market. Working women are expected to have a comparatively higher disposable income and a shorter breastfeeding time to feed babies. For example, the employment rate for women has increased from 65% in 2016 to 66% in 2017, according to Euro stat. Working women find it difficult to provide their babies with a proper diet, leading to an increase in neonatal death. Breast pumps in such cases enable mothers to provide their babies with proper nutrition without impeding their working lives.
In addition, the product demand may be raised by favourable health insurance plans. The majority of health plans require consumers to buy specific brand breast pumps. Manufacturers therefore cooperate with insurance companies to increase the market presence and market shares of these companies and thus stimulate growth in the market for breast pumps.
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Growth Factors
A rising worldwide demand for breast pumps would lead to high demand for sheep pumps as a result of the increasing population of working women. Many factors, such as the cost of breast pumps and the risk of contamination, however, are likely to curb market development. In addition, the increased effect of drivers and limitations by key players producing breast pumps is likely to reveal new market opportunities. Introduced in the USA in 2012, the Affordable Care Act includes a provision requiring insurers from across the country to cover breast feeding equipment and services, i.e. breast pumps and lactation counselling, at no cost. As a result, there has been a significant increase in demand for breast pumps in the United States, the world's largest breast pump market.
Market Snapshots
Due to increased product adoption the closed product segment will grow in terms of revenues at the most rapid CAGR during the forecast period.
Due to the increase in the propensity to technologically advanced products, the segment of electric pumps is expected to see significant growth during the forecast period.
The application segment for hospitals led to the market in 2018 because of the increase in women's employment rate, as well as the increased awareness of the benefit of breastfeeding.
The highest growth is estimated at Asia Pacific, because healthcare infrastructure and client awareness of the benefits and application are continually improving. Asia Pacific.
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Key Players & Strategies
The Breast Pumps market is consolidated with large number of manufacturers. The company profiling of key players in the market includes major business strategies, company overview and revenues. The key players of the market are Ameda AG; Bailey Medical ; Energizer Merchandise Work's Co., Ltd. ; Buettner - Frank GmbH ; Lansinoh Laboratories. AG ; Linco Baby MerchandiseWork's Co., Ltd. ; Medela AG ; Hygeia Medical Group ; Koninklijke Philips N. V., among others.
In addition to improving their profitability and gaining a competitive edge on other players, the key players on the breast pumps market employ new ideas and concepts, improve production processes and improve the existing set of products. The key players therefore have taken product development as their key development strategy to be consistent with end users ' demands.
To maintain their position on the market, key players took strategic initiatives including merger and acquisition, partnership and product launch. In October 2017, for example, Philips introduced a baby application, uGrow, to help parents monitor the baby's development. The company's product portfolio is expected to be increased.
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