Breast Pump Market will Register a CAGR of over 4.6% by 2027 | Latest FMI Report
According to the latest market report published by Future Market Insights titled ‘Breast Pump Market: Global Industry Analysis (2012-2016) and Opportunity Assessment (2017-2027)’, the global breast pumps market is expected to expand at a CAGR of 4.6% during the forecast period 2017–2027. Future Market Insights delivers key insights and presents a revised forecast of the global breast pump market for a 10 year period from 2017 to 2027. The revision in the market size and forecasts have been carried out taking into account the impact of various macroeconomic indicators and other industry-based demand-driving factors, as well as the recent developments of key market participants. The increasing women workforce, along with raising awareness about human milk banks and temporary breastfeeding difficulties such as engorgement, poor attachment, breast refusal, nipple soreness etc. are the main factors which are also expected to bolster the growth of the global breast pump market.
Global Breast Pump Market: Forecast Highlights
The global breast pump is expected to increase at a CAGR of over 4.6% and reach US$ 2,153.4 Mn in revenues in 2027 from a market valuation of around US$ 1370 Mn in 2017.
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Global Breast Pump Market: Segmental Outlook
Latin America and APEJ regions has collectively accounted for nearly 26.8% revenue share of the Breast Pump in 2016. The demand for breast pumps will continue to grow, as the percentage of working mother increases, especially in developing countries. Breast pumps used as a life-saving device for infants who cannot feed directly from the breast, is also expected to contribute to global demand. Due to the dominant features and advantages, breast pumps are preferred by homecare settings, followed by healthcare facilities.
Asia Pacific and MEA regions are the highest population regions. The rapidly developing health care infrastructure and increasing medical tourism in these regions is expected to play an important role in driving growth of global breast pump market.
Increasing demand for high end, breast pump from end users, such as homecare settings and healthcare facilities for better throughput and performance will generate opportunities for launching of novel breast pump systems in the market over the long run and drive the growth of the global breast pump market.
Electric breast pump in the technology category is the largest segment with a high valuation. The manual breast pump segment is poised to grow at a low rate to reach US$ 622.7 Mn by the end of the year of assessment.
In the product type category, open system breast pump segment will remain the largest segment by the product type, accounted for over 59.1% revenue share of the market in 2016. The other segment, Open system breast pump is also anticipated to register a significant growth over the forecast period.
Homecare settings segment will contribute the largest segment by the end user, accounted for over 61.8% revenue share of the market in 2016 to reach 63.1% revenue in 2027. The increasing demand of breast pump at end users such as homecare settings & healthcare facilities is anticipated to register a significant growth over the forecast period.
Global Breast Pump Market: Dynamics
The developing medical industry in respect to advanced infrastructure and increasing medical tourism in the developing countries from the APEJ such as China, India will continue to have a positive impact on breast pump market in APEJ. The increasing adoption of breast pump in life science R&D. An ease-of-use and economic convenience in the North America and Western Europe is anticipated to boost the growth of the breast pump market over a forecast period. The rise in discretionary funding for the research and development activities for the advanced and cost effective medical devices and integration services will also drive the market in the North America and Western Europe. The MEA is at a nascent stage to the global breast pump market and expected to show a moderate growth over a forecast period.
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Global Breast Pump Market: Competitive Landscape
Koninklijke Philips N.V., Pigeon Corporation, Newell Brands, Goodbaby International Holdings Ltd., Medela Inc., Ameda Inc., Hygeia II Medical Group Inc., Bailey Medical, Mayborn Group Ltd. and Linco Baby Merchandise Works Co., Ltd. are some of the key players in the global breast pump market.
Companies in the global breast pump market are focusing on strategic alliances such as strategic agreements, collaborations, rising research and development activities, new product launches, joint ventures, partnerships, and mergers & acquisitions to sustain in the overall competition in the breast pump market.