Albany, NY -- (SBWIRE) -- 01/12/2017 -- Transparency Market Research (TMR) has recently published a research report on the global breast pumps market, estimating the market to expand at a CAGR of 8.80% during the period from 2014 to 2020 and reach a value of US$2.6 bn by the end of the forecast period.The research report, titled "Breast Pumps Market - Global Industry Analysis, Size, Volume, Share, Growth, Trends and Forecast 2014 - 2022," states that the market stood at US$1.1 bn in 2013.
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According to the research report, the increasing preference for breastfeeding, coupled with the increasing availability of highly advanced medical and healthcare facilities, has propelled the global breast pump market significantly in the recent times. In addition to this, analysts at TMR project the favorable reimbursement scenario to boost the demand for breast pumps in the coming years.
The report analyzes the worldwide breast pumps market on the basis of product and the regional spread of this market. By product, the market has been segmented into manual pumps, hospital-grade pumps, single electric pumps, and double electric pumps.
The single electric breast pumps segment led the global market in 2013. The cost efficiency of single electric breast pumps is considered as the major factor behind the growth of this segment. However, the double electric breast pumps segment is expected to post the fastest growth during the forecast period. Apart from this, the demand for manual breast pumps is also projected to register remarkable growth in the coming years driven by their easy handling, states the research study.
Regionally, the report segments the global breast pumps market into North America, Asia Pacific, Europe, and the Rest of the World. North America dominated the worldwide market in terms of both volume and revenue in 2013. The rising preference for breastfeeding among people in this region has propelled the North America breast pumps market substantially over the past few years. Analysts at TMR expect this trend to continue in the coming years, owing to which North America is expected to maintain its leading position during the forecast period, notes the study.
The breast pumps market in Asia Pacific, Europe, and the Rest of the World has also been anticipated to exhibit healthy growth in the near future, owing to the growing awareness pertaining to the benefits of breastfeeding, states the report.
The report also evaluates the competitive landscape of the global breast pumps market by analyzing the company profiles of major market participants. According to the report, the worldwide market for breast pumps is oligopolistic in nature, with the top three players collectively occupying more than 75% of the overall market.
Read the Current Market Analysis of Breast Pumps at: http://www.transparencymarketresearch.com/breast-pumps-market.html
NUK USA LLC, Hygeia Medical Group II, Ameda AG, Mayborn Group Ltd., ARDO Medical AG, Pigeon Corp., Lansinoh Laboratories Inc., Whittlestone Inc., Medela AG, Bailey Medical Engineering, and Royal Philips Electronics NV are some of the key breast pump manufacturers mention in this report.
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