Report ID: 10060091 |
Published Date: 21 Oct 2022 |
Report Format: |
Delivery Timeline: 48-72 Business Hours
In 2022, the global breast pump market is expected to cross USD 3 billion, and it is expected to grow at a compound annual growth rate (CAGR) of ~12% from 2022 to 2030. Insurance companies underwrite breastfeeding promotion equipment and services, namely breast pumps and breastfeeding consultations, patients do not have to pay any fees, and the countrys demand for products has increased. Due to strong consumer demand, manufacturers and retailers in the country are struggling to maintain inventory. Although the benefits provided by health plans may vary due to the lack of specificity of the law, it is expected that end users will receive high profits. Some plans that do not cover certain breast pumps include providing reimbursement if the doctor does this. It is prescribed for medical needs. Most health plans require consumers to purchase a specific brand of pump. Manufacturers can take advantage of this by working with insurance companies to strengthen their market share and increase market share. With the general increase in global literacy rates, people are now interested in adopting advanced medical technology in their daily lives.
Due to the increasing demand and presence of major market participants in these regions, the markets of advanced economies (such as the United States, Germany, France, and Australia) have become saturated. Emerging economies in Asia and Latin America currently have moderate adoption rates; however, economic development, coupled with increased patient disposable income, is expected to drive market growth in these regions. If pricing and distribution activities are carried out effectively, manufacturers investing in these fast-growing markets are expected to achieve rapid growth. Raising awareness of the benefits and importance of breastfeeding will also support market growth. In addition, the easy availability of the latest equipment and technologies and the strong presence of key companies in developing regions will promote market growth.
TECHNICAL INSIGHT:
The electric pump sector has the largest market share in 2020, exceeding 50%, and is expected to grow further at the fastest compound annual growth rate during the forecast period. These products are driven by a motor and provide greater suction, which makes the pumping speed significantly faster. Compared with ordinary pumps, the dual pump model reduces the time required. Electric breast pumps are usually heavy and noisy, but manufacturers continue to use advanced technology to make lighter and quieter products. Some of the major brands in this area include Ameda AGs Purely Yours Ultra breast pump and Philips AVENTs Isis iQ Duo breast pump. With the introduction of portable devices such as Amedas Platinum electric breast pump and Medelas swing electric breast pump, technological advancements are expected to drive the growth of this segment in the coming years.
APPLICATION INSIGHT:
In 2020, hospital-level applications will have the largest revenue share, exceeding 55%. This field is expected to grow at the fastest compound annual growth rate during the forecast period. On the basis of applications, the global market has diverged into personal use and hospital-level. The increase in the use of hospital-grade breast pumps is the main factor driving the growth of this segment. Some factors, such as favorable government initiatives and increased female employment rates, are also contributing to the growth of this market segment. According to Eurostat data, from 1993 to 2016, the number of women employed in most European countries increased; for example, in Ireland, the proportion increased from about 40% in 1993 to about 65% in 2016.
PRODUCT INSIGHT:
The closed system product segment has the highest revenue share in 2020, exceeding 60%, and is expected to witness the fastest growth rate during the forecast period. This growth can be attributed to the higher usage of these systems because they are more hygienic and free from pollution. Due to strong demand, the closed system product segment is expected to witness significant growth during the forecast period.
The closed system product contains a lid or cover that acts as a barrier between the collection kit and the pump unit or motor to prevent the collected milk from being contaminated. The protective layer can also prevent milk particles from entering the pump tube or motor. These devices provide greater safety, ensure maximum removal of impurities, and are easy to clean. The introduction of portable instruments, such as Ameda HygieniKit, is expected to drive the growth of this segment in the next few years.
REGIONAL INFORMATION:
North America will dominate the global breast pump market in 2022, with a revenue share of over 50%, and is expected to maintain its leading position throughout the forecast period. This increase is attributed to the increase in product penetration in the regional market due to increased patient awareness, increased medical expenditures and the existence of advanced medical infrastructure. The Asia-Pacific region is expected to become the fastest-growing regional market during the forecast period.
This growth is attributed to factors such as high unmet consumer demand, continuous improvement of medical infrastructure, and increased customer awareness and disposable income levels. Due to consumers high level of awareness of the product and its benefits, as well as a complete healthcare infrastructure, Europe is expected to become the second largest share of revenue by 2028.
MAJOR COMPANIES AND MARKET SHARE INFORMATION:
Major players focus on strategies such as mergers and acquisitions, partnerships and new product launches to strengthen their influence in the global market. For example, in May 2017, Medela announced that it would conduct internal clinical trials to improve the accuracy of the feedback the company receives about its equipment. This is expected to increase patient compliance with the device.
Many companies are also investing heavily in research and development to improve their product portfolios. For example, in October 2017, Philips launched the baby app uGrow, which can help parents monitor the development of their babies. Some of the major players in the global breast pump market include: Ameda AG Bailey Medical Medela AG Philips Hygeia Health Lansinoh LaboratoriesBuettner Frank GmbH Linco Baby Merchandise Works Co., Ltd. Whittlestone, Inc.
MARKET SEGMENT COVERED BY THE REPORT :
This report forecasts global, regional and national revenue growth, and analyzes the latest industry trends in each market segment from 2021 to 2030. For the purpose of this research, Kenneth Research has segmented the global breast pump market report based on product, technology, application and region: product outlook (revenue, millions of dollars, 2021 to 2030) open system, closed system, Industry Outlook Technology (Revenue, Million Dollars, 2021 to 2030) Manual, Battery Powered, Electrical Application Outlook (Revenue, Million Dollars, 2021 to 2030) Personal Use Hospital Grade.
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Report ID: 10060091 |
Published Date: 21 Oct 2022 |
Report Format: |
Delivery Timeline: 48-72 Business Hours
