Global Breast Pumps Market Research Report Available Now at Grand View Research, Inc
The global market for breast pumps (http://www.grandviewresearch.com/industry-analysis/breast-pumps-market) is expected to reach USD 1,197.7 million by 2020, growing at an estimated CAGR of 7.6% from 2014 to 2020, according to a new study by Grand View Research, Inc. Introduction of innovative technologies including hand free breast pumps, growing women employment rates coupled with growing awareness levels pertaining to the advantages of breast milk are expected to drive breast pump demand over the next six years. In addition, presence of untapped growth opportunities in emerging markets such as India, Brazil and China and the introduction of government initiatives such as declaring breast pumps tax deductible are expected to serve this market as future growth opportunities.
Closed breast pump systems dominated the overall market in terms of revenue share at 83.4% in 2013. These systems are relatively more hygienic and free from microorganisms as the milk does not come in contact with air at all and therefore, hold higher usage rates.
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Further key findings from the study suggest:
- Battery-powered pumps dominated the pumping system type market in terms of share at over 55.7% in 2013 due to increasing number of women who are in need of extracting milk several times a day and looking to store it for a longer duration.
- North America was the largest regional market in 2013, accounting for over 61.4% of global revenue due to the presence of high women employment rate, patient awareness levels, healthcare expenditure and sophisticated healthcare infrastructure.
- Asia Pacific is expected to be the fastest growing regional market, at an estimated CAGR of 17.0% from 2014 to 2020. High prevalence of unmet medical needs coupled with constantly improving healthcare infrastructure coupled with growing populationin emerging markets of India and China are some of the factors accounting for its rapid growth.
- Personal use breast pumps are expected to experience significant market gains. Growing customer awareness levels coupled with increasing disposable incomes is one of the major factors accounting for its fast growth.
- Key industry participants of this market include Medela Inc., Philips AVENT, Ameda Breastfeeding Solutions, Hygeia Medical Group, Whittlestone Inc., Lansinoh Laboratories Inc., Bailey Medical, Energizer Personal Care, and LLC (Playtex Baby).
The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.