Pune, India, May 11, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, the global breast pump market size was valued at USD 1.48 billion in 2021 and is projected to grow from USD 1.68 billion in 2022 to USD 2.92 billion by 2029, exhibiting a CAGR of 8.2% during the forecast period. The portability features of wearable pumps introduced by market players have led to an increase in the adoption of these devices among working women, as they can multitask while using them. Fortune Business Insights presents this information in its report titled "breast pump market Forecast, 2022-2029”.
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Key Industry Development:
Elvie Stride was introduced by Chiaro Technology Limited (Elvie). It is the brand-new intelligent, incredibly silent, hands-free pump and the first Elvie product to have extensive insurance coverage in the U.S.
Key Takeaways:
- In the market, there exist two types of breast pumps: open-system breast pumps and closed-system breast pumps.
- The market is categorized into two segments based on technology: manual and automatic (electric/battery-powered).
- The increasing adoption of portable pumps is expected to drive the consumer-grade segment to hold a major share of the market.
- In 2021, the value of North America in the market was USD 0.64 billion.
Discover the Leading Players Featured in the Report:
Companies leading the global breast pump market are Magento, Inc. (Ameda) (U.S.), Medela AG (Switzerland), Chiaro Technology Limited (Elvie) (U.K.), Willow Innovations, Inc. (U.S.), Ardo medical AG (Switzerland), Freemie (U.S.), Evenflo Feeding, Inc. (U.S.), Tommee Tippee (Mayborn Group Limited) (U.K.), Canpol babies (Poland), Koninklijke Philips N.V. (Netherlands), Chicco (Artsana S.p.A) (Italy)
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 8.2% |
| 2029 Value Projection | USD 2.92 billion |
| Base Year | 2021 |
| Market Size in 2022 | USD 1.68 billion |
| Historical Data | 2018-2020 |
| No. of Pages | 148 |
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Driving factor:
Increasing Number of Working Women Will Result in Surged Breast Pump Usage
The percentage of working women has significantly increased, which resulted in a rise in demand for these devices.
In the near future, it is anticipated that the popularity of these devices will rise due to a number of advantages including accessibility, portability, and the convenience of carrying pumped milk in a bottle beforehand for comfortable feeding. Additionally, nursing newborns after breast surgery is beneficial for mothers as well.
Due to the mobility aspects of wearable pumps, which enable women to multitask, market participants' introduction of the devices has enhanced their popularity among working women.
Segmentation:
Automatic (Electric/Battery-powered) Segment to Hold a Major Share due to the Rapid Introduction of Wearable Breast Pumps
Based on technology, the market is segmented into manual and automatic (electric/battery-powered). In 2021, the automatic (electric/battery-powered) segment held the highest breast pump market share and is anticipated to expand at the highest CAGR during the forecast period, 2022-2029.
Consumer Grade to Hold a Major Share Due to Increasing Adoption of Portable Pumps
Based on application, the market is segmented into hospital-grade and consumer-grade. The hospital grade segment is anticipated to expand at a substantial CAGR during the forecast period, 2022-2029.
Geographically, the market is segregated into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Regional insights:
North America to Hold Lion’s Share Due to Rising Usage of Electric Pumps for Breast
North America's market value was USD 0.64 billion in 2021, and it is anticipated that during the forecast period, it would grow at a moderate CAGR. The rise is a result of the quick adoption of wearable pumps, the rising use of electric pumps, the developed healthcare infrastructure, and the release of cutting-edge goods by major manufacturers.
During the projection period, Europe is expected to grow at a significant CAGR. The rise in the number of working women and the rising demand for cutting-edge items are the main causes of the expansion.
The market in the Asia Pacific region is anticipated to experience the greatest CAGR over the forecast period. Growing consumer awareness of and acceptance of women's health technology are credited with driving market expansion throughout the region.
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Competitive Landscape
Key Players Announce Innovative Product Launches to Support Market Growth
The major firms use a variety of tactics to strengthen their position as the industry's top businesses. One such crucial tactic is the acquisition of businesses to increase brand value among customers. Periodically releasing novel products after conducting a thorough analysis of the market and its target audience is another crucial strategy.
FAQs
How big is the breast pump market?
During the forecast period, the market is expected to demonstrate a Compound Annual Growth Rate (CAGR) of 8.2%, resulting in an increase from USD 1.68 billion in 2022 to USD 2.92 billion by 2029.
Which company is best for breast pumps?
Medela AG's hospital-grade product has been in the market for several years and has remained to perform well
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Related Links:
Electric Breast Pumps Market Size, Share, Growth Industry Report
Women’s Health Devices Market Share, Size, Demand, and Forecast
Nurse Call Systems Market Size, Share, Growth Industry Report
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