Why the global breast pump market is growing
Markets typically tell the story of boom and bust. But a new report from Allied Market Research is changing this narrative (in a roundabout way). Research has shown that the demand for breast pumps around the world is proving to be a boom for busts.
The innocuously named Breast Pumps Market report forecasts that the global market is projected to swell to $829 million by 2022, up from $540 million in 2015, growing at a CAGR of 6.6 percent during 2016-2022.
In terms of valuating this global pump phenomenon, the battery powered breast pumps segment accounted for over two-thirds share across the world in 2015 and is expected to maintain dominance. In terms of volume, manual breast pumps segment accounted for one-fourth share in 2015.
Factors boosting the surge in the breast pumps market include an increasing working female population, a rise in disposable income, and growing awareness of the benefits of breastfeeding.
Closed system breast pumps segment accounted for major share in the world breast pumps market revenues in 2015. This is projected to maintain the trend throughout the forecast period, growing at a CAGR of over 6 percent.
Personal use breast pumps are the leading application segment in terms of volume, at a CAGR greater than 6 percent during the forecast period. The market for battery-powered breast pumps is expected to grow at a significant rate owing to the increasing preference for faster, efficient portable pumping systems with an easy cleaning option.
Breast pumps have come a long way in recent years. Pump makers have developed a range of different functionalities which include bluetooth facilities. Furthermore, closed breast pumps can be reused, without being harmful, thus increasing convenience and safety.
Key findings in the breast pump market include:
- Closed system breast pumps is projected to be the fastest growing segment in terms of both value and volume, growing at a CAGR of over 6.5 percent and 7 percent respectively during the analysis period
- Asia-Pacific is estimated to be the fastest growing regional market in breast pumps market, growing at a CAGR of 9.7 percent, in terms of value, from 2016 to 2022
- In 2015, North America accounted for around three-fifths share of the world breast pumps market in terms of value
- Hospital grade breast pumps would be the highest revenue generating segment followed by personal use breast pump during 2016-2022
- In 2015, battery powered breast pumps was the leading segment and is projected to grow faster than global breast pump market at CAGR of over 6.4 percent, in terms of value