Portland, OR, May 28, 2019 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global Breast Pumps Market garnered $620 million in 2017 and is expected to reach $829 million by 2022, registering a CAGR of 6.2% through 2022. The report offers an in-depth analysis of the market, covering aspects such as key investment pockets, drivers, restraints, & opportunities, major market segments, strategic developments, and competitive landscape.
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Growing population and disposable income of consumers, favorable reimbursement scenario, and rising awareness and availability of advanced medical technology drive the growth of the global breast pumps market. However, high cost of devices and risk of contamination in open system breast pumps and, low awareness, particularly in under-developed countries such as Afghanistan, Bhutan and Nigeria restrain the market growth.
Among products, the closed systems segment captured the highest market share of 89% in 2017 and would dominate the market during the study period. It is also likely to witness the fastest CAGR of 6.5% from 2016 to 2022.
Based on applications, the hospital grade segment was the largest in 2017, contributing to nearly three-fourth of the total market share and would dominate through 2022. The same segment would grow at the fastest CAGR of 6.3% during the study period.
Based on technology, the battery-powered breast pump segment accounted for 85.8% of the market share in 2017 and would maintain its revenue lead through 2023. The same would register the fastest CAGR of 6.4% from 2016 to 2022. Other technologies studied in the report include manual breast pump and electrical breast pump.
The market in North America held nearly three-fifth of the market share in 2017 and would maintain its dominance through the study period. However, the Asia-Pacific market would grow at the fastest CAGR of 9.7% during the forecast period. The other regions that the study covers include Europe and LAMEA (Latin America, Middle East, and Africa).
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The key players analyzed in the global breast pumps market report are Medela AG, Ameda, Inc., Koninklijke Philips N.V. (Philips AVENT), Hygeia Health, Bailey Medical Engineering, Linco Baby Merchandise Works Co. Ltd., Whittlestone Inc., Energizer Holdings Inc., Pigeon Corporation and Albert Manufacturing USA. These players have adopted various market strategies such as partnerships, collaboration, mergers & acquisitions, new product launch to strengthen their foothold in the industry.
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