SAN FRANCISCO, April 7, 2021 /PRNewswire/ -- The global breast pump market size is expected to reach USD 5.53 billion by 2028 registering a CAGR of 10.5% over the forecast period, according to a new report by Grand View Research, Inc. Improving healthcare infrastructure in emerging economies, increasing global women employment rates, and presence of favorable demographics are the key factors driving the market.
The market in the developed economies, such as the U.S., Germany, France, and Australia, is saturated, owing to the increasing demand and presence of key players in these regions. The emerging Asian and Latin American economies currently have a moderate adoption rate due to lower patient awareness levels. Economic development in these regions coupled with rising disposable income is anticipated to help the market ensure future sustainability.
Key suggestions from the report:
In terms of revenue, the electric pumps segment held the largest share in 2020 on account of the high demand for these products across the globe
The closed system product segment held the largest revenue share of the global market in 2020
The segment is also expected to witness the fastest CAGR over the forecast period on account of several benefits offered by closed system products over their counterparts
The hospital-grade application segment accounted for the maximum revenue share of the overall market in 2020
The application segment will expand further at the fastest CAGR from 2021 to 2028 on account of a rising number of hospitals across the globe
Asia Pacific is expected to be the fastest-growing regional market over the forecast period. This growth can be attributed to the growing disposable income levels and awareness about the product & its benefits
Manufacturers investing in these rapidly-developing markets are expected to record high growth, provided pricing and distribution activities are undertaken effectively. Moreover, rising awareness about the benefits and importance of breastfeeding, rising disposable incomes, availability of the latest devices, and the presence of key companies are boosting the product demand in emerging markets. The rapid economic growth in these markets indicates higher product adoption.
Moreover, supportive initiatives being undertaken by the governments around the world are anticipated to propel the demand for the product. For instance, insurance companies in the U.S. have to cover the cost of equipment and services, such as breast pumps & accessories and lactation counseling. As a result, the purchase of the product has become easier for the end users, thereby supporting the growth of the market.
Most of the companies in the market have undertaken several business strategies, such as mergers & acquisitions, partnerships, and new product launches, to strengthen their foothold in the global market. For instance, in May 2017, Medela announced that it would conduct in-house clinical trials to increase the accuracy of the feedback received by the company regarding its device. This is anticipated to increase patient compliance with the device. Some companies are also investing heavily in the research & development activities for product portfolio expansion.
Grand View Research has segmented the global breast pump market on the basis of product, technology, application, and region:
Breast Pump Product Outlook (Revenue, USD Million, 2016 - 2028)
Breast Pump Technology Outlook (Revenue, USD Million, 2016 - 2028)
Breast Pump Application Outlook (Revenue, USD Million, 2016 - 2028)
Breast Pump Regional Outlook (Revenue, USD Million, 2016 - 2028)
BRIC Breast Pump Market– The BRIC breast pump market size was estimated at USD 124.6 million in 2017, exhibiting a 10.8% CAGR during the forecast period.
Breast Imaging Market– The global breast imaging market size was estimated at USD 2.9 billion in 2016. Increasing incidence of breast cancer is expected to drive the market.
Breast Biopsy Device Market– The Breast Biopsy Device Market size was estimated to be USD 372.9 million in 2015. It is a diagnostic procedure that involves the removal of tissue or fluid from a suspicious area.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.