Transparency Market Research has announced the addition of the “Breast Pumps Market (Manual, Single, Double Electric and Hospital Grade Breast Pumps) - Global Industry Analysis, Size, Volume, Share, Growth, Trends and Forecast 2014 - 2022" report to their offering.
Albany, NY -- (SBWIRE) -- 10/06/2017 -- The global market for breast pumps features a highly consolidated vendor landscape, with the top three companies cumulatively holding a more than 75% of the market in 2013. The market is witnessing the entry of several new vendors and a number of medical devices companies. As a result, the market is expected to become more competitive in the next few years.
To strengthen their hold on the market or to make their mark, companies need to focus more on product differentiation and improvement, increased investments across high growth potential emerging economies, and extensive marketing initiatives. Strategic collaborations with hospitals, insurance companies and retailers and mergers and acquisitions in order to strengthen hold on the market could also help companies to get better returns in the global breast pumps market. Some of the market's leading vendors presently are Philips AVENT, Medela, AG, Lansinoh Laboratories, Inc., and Ameda Breastfeeding Solutions.
Transparency Market Research estimates that the global breast pumps market will exhibit a promising 8.8% CAGR over the period between 2014 and 2022 and reach a valuation of US$2.6 bn in 2022 from US$1.1 bn in 2013.
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North America to Continue to Hold Dominant Share in Global Revenue
Of the key varieties of breast pumps examined in the report, the segment of single electric breast pumps held the dominant share in the overall revenue of the global market in 2013. Reasonable pricing structure and numerous benefits over manual breast pump varieties are among the key factors to have helped the segment amass mass popularity and sales in the past years. In terms of volume, however, the segment of manual breast pumps dominated owing to easy availability and low cost.
In terms of geography, North America accounted for a dominant share in the global market in terms of both revenue and volume share in 2013. The trend is expected to continue over the forecast period as well, with the rising awareness regarding the benefits of breast milk expected to be the key driving force of the market.
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Increased Awareness and Easy Availability of Advanced Products Improve Market Growth Prospects
The vast rise in the global demand for a variety of breast pumps can be chiefly attributed to factors such as the mounting global population, rising disposable incomes of the rapidly expanding middle class demographic, and rising awareness about the vast benefits of breastfeeding to the child. The market is also significantly benefitting from favorable reimbursement scenario concerning medical devices in several developed economies. In developing and less-developed economies across regions such as Asia Pacific and Africa, the market for breast pumps is benefitting from the rising demand from the busy urban population and the increasing availability of innovative devices with advanced technology features.
High Cost to Deter Potential Buyers in Cost-sensitive Economies
Of the various challenges faced by the market on a global front, factors such as the high cost of advanced devices and potential risk of contamination, especially concerned with used pumps, are the ones expected to notably hold back the market. The cost factor is especially a significant barrier for developing or less-developed economies and could hinder the growth prospects of the market to a notable extent in the next few years. Nevertheless, the vast untapped opportunities in emerging economies such as India, China and Russia could present promising growth avenues to players offering products targeted at the specific needs of the potential consumers, such as economically-priced products.
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