Breast Pumps Market: Growing Awareness Regarding the Benefits of Breast Milk to Drive the Market
Wilmington, Delaware, United States, Transparency Market Research Inc.: The availability of supporting government measures in the US, such as a clause requiring insurance companies to reimburse breastfeeding-related equipment and services, such as lactation counseling and breast pumps, at little or no cost to the patient. This has increased demand for the product in the country. Due to strong customer demand, manufacturers and merchants in the nation are having difficulty keeping up with their inventories. Due to the lack of definition in this regulation, the advantages supplied by each health plan may differ, although it is intended to be very cost-effective for end-users. These factors are likely to bolster growth of the global breast pumps market in the near future.
Some insurance companies that do not cover some breast pumps but it offer payment if a doctor recommends it as medical necessity. The majority of health plans mandate consumers to purchase specified brands of pumps. Manufacturers may take advantage of this by forming partnerships with insurance firms to expand their market presence and gain market share.
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Growing popularity of Electric Breast Pumps to Augur Well for the Market
People are more interested in incorporating innovative medical technology into their daily lives as global literacy rates rise. Because of rising demand and the existence of important market competitors in developed countries such as Australia, France, Germany, and the US, the market is saturated. The rate of adoption of breast pumps in developing Asian as well as Latin American nations is currently sluggish; nevertheless, market growth in these regions is expected to be fueled by economic development along with increased disposable income of patients.
The electric pumps category accounted for the biggest market share and is predicted to expand at a high growth rate in the forthcoming years. These items have a motor and produce a lot higher suction, allowing for much quicker pumping. When compared to a standard pump, the double pumping device takes less time. Electric pumps may be fairly heavy and noisy, but manufacturers are continuing to apply new technologies to make lighter, quieter devices.
Companies that invest in these quickly growing regions can expect to see significant growth if their pricing as well as distribution strategies are effective. Breastfeeding's relevance and advantages are becoming more widely recognized, which will help the industry develop. Furthermore, convenient access to the most up-to-date equipment and technology, as well as a strong presence of significant corporations in emerging markets, is likely to boost growth of the global breast pumps market in the near future.
According to Transparency Market Research’s latest report on the global breast pumps market for the historical period 2017–2018 and forecast period 2019–2027, wider acceptance of breast pumps majorly among working women across the globe and technological advancements are projected to drive the global breast pumps market during the forecast period
According to the report, the global breast pumps market was valued at US$ 2.3 Bn in 2018 and is anticipated to expand at a CAGR of 10.4% from 2019 to 2027
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Growing Awareness regarding the Benefits of Breast Milk and Increasing Employment Rate among women: Key Drivers
Several difficulties faced by women in milk production owing to deteriorating condition of health together with importance of natural lactation for babies is forecasted to fuel the growth of the global breast pumps market.
Growing rate of employment among female population in recent years and increasing incidences of lactation failure among mothers are also some of the major factors responsible for the growth of global breast pumps market
For instance, as per one study, around 92% of the new mothers said they were having problems breast-feeding three days after giving birth to child and 40% said they felt that they weren't producing enough milk
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Supportive Initiatives undertaken by Organizations and Governments Boost Market Growth
Several government initiatives targeted at improving consumer awareness levels for breastfeeding is likely to increase demand for breast pumps across the globe
Technological innovations in recent years in breast pumps and improving healthcare infrastructure across the world are also some of the key drivers for the growth of global breast pumps market
Higher Cost of Hospital Grade Breast Pumps to Hamper Market
Pricing of breast pumps are not easily affordable to the low middle-income group that might restrain the market growth during the forecast period.
Higher cost of hospital grade as well as advanced technology breast pumps lead to restriction on their usage in poor countries. This can hamper the market growth of breast pumps during the forecast period
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Global Breast Pumps Market: Competitive Landscape
- This report profiles major players in the global breast Pumps market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments
- The global breast pumps market is highly fragmented, with the presence of a number of international as well as regional players
Leading players operating in the global breast pumps market are
- Pigeon Group (Pigeon Corporation),
- Medela AG
- Koninklijke Philips N.V.
- Ameda, Inc.
- Ardo Medical Ag
- Evenflo Feeding, Inc.
- Mayborn Group Limited
- Spectra Baby USA
- Albert Manufacturing USA (Albert Group)
- Hygeia Health, among others
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