The breast pump market is anticipated to reflect a moderate 4% CAGR between the years 2020 and 2030. According to FMI, the coronavirus pandemic will create supply chain disruptions for manufacturers in the short term, as component production has been suspended in multiple countries. Breast pumps with automation technologies will gain substantial traction among new mothers for the foreseeable future.
"Favorable reimbursement and insurance facilities for breast pumps by many manufacturers is projected to boost demand. Further, manufacturers are also focusing on improving customer service and health plans for the child and mother, which will positively influence the breast pump market in the long term," says the FMI study.
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Breast Pump Market - Important Takeaways
Electric breast pumps are witnessing higher demand, aided by superior customization features, and reduced risk of contamination.
Hospital grade breast pumps are witnessing increased sales, owing to the higher number of births in hospitals, as compared to home settings.
North America is a major breast pump market owing to superior healthcare infrastructure and recent developments in favorable reimbursement policies in the U.S. and Canada.
Breast Pump Market - Driving Factors
The massive rise in the number of working women around the globe is a key factor aiding the adoption of breast pumps.
Sustained increases in healthcare spending in developed economies, bolsters the sales of breast pump apparatuses.
Breast Pump Market - Leading Constraints
High costs of purchasing breast pumps limits adoption rates, particularly among low-income groups.
Many breast pump models are conspicuous, which coupled with social taboos on public breastfeeding hinder market growth.
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Expected Impact on Market by Coronavirus Outbreak
The coronavirus pandemic will hinder operations in breast pump production. In addition, as working women are increasingly operating from home, the demand for breast pumps during the crisis period is likely to go down. On the other hand, researchers are recommending the use of breast pumps for mothers who are coronavirus patients to minimize the risk of skin to skin transmission between mother and child from breastfeeding, which could provide lucrative opportunities to market players.
Some of the top players operating in the breast pump market are Medela LLC, Koninklijke Philips N.V., Newell Brands, and Pigeon Corporation among others.
Market players are emphasizing on new product launches, primarily focusing on the development of battery-powered, portable variants of breast pumps for both hospital and home settings.
For instance, Ameda has released its Mya Joy range of compact, hospital strength, portable breast pumps with the added functionality of integrated battery backup. Motif Medical has unveiled a duo double electric breast pump, aimed towards silent, inconspicuous application. Similarly, Willow has announced the release of a next gen, Bluetooth connected, automated breast pumps, for on-the-go use.
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More on the Report
FMI provides in-depth insights on the breast pump market. The market is segmented in terms of product type (closed system breast pump, and open system breast pump), technology (electric and manual), and end user (home care and healthcare) across seven key regions (North America, Latin America, Europe, South Asia, East Asia, Oceania, and Middle East and Africa).
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Name: Abhishek Budholiya
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Organization: Future Market Insights
Release ID: 89006547