Dublin, April 01, 2024 (GLOBE NEWSWIRE) -- The "Global Breast Pump Market Size, Share & Trends Analysis Report by Product (Open System, Closed System), Technology (Manual Pumps, Electric Pumps), Application, Region, and Segment Forecasts, 2024-2030" report has been added to ResearchAndMarkets.com's offering.
Market Dynamics and Growth Drivers
The global breast pump market is experiencing robust growth and is forecasted to continue its upward trend, reaching an estimated USD 5.20 billion by 2030—a remarkable expansion at a CAGR of 8.6% throughout the forecast period. Fueling this growth is a combination of factors including evolving healthcare infrastructures within emerging economies, increased employment rates among women worldwide, and the availability of supportive demographics.
Recent technological advancements and an increase in product launches by industry leaders have played a substantial role in this growth, while intensified R&D activities are also contributing to the escalating market traction. One such innovation is from Lansinoh who released the Lansinoh Wearable Pump in August 2023. This advancement is set to revolutionize support for new mothers by expediting the onset of milk flow, thereby enhancing milk expression efficiency. Furthermore, in January 2023, Medela unveiled its Freestyle Hands-free Breast Pump. This product combines innovation with ergonomic design to offer a seamless and discreet hands-free pumping experience, potentially transforming the day-to-day lives of many mothers.
Regulatory Impacts and Consumer Awareness
Government actions and policies are instrumental in shaping industry landscapes. In the United States, for instance, insurance providers are mandated to cover costs for breastfeeding support, which includes necessary equipment such as breast pumps and accessories, as well as lactation consulting services. Such initiatives are likely to further endorse product use and buoy the breast pump market. Consumer education and awareness are also paramount in guiding market trends. Informed consumers make empowered decisions which lead to increased demand for breastfeeding accessories globally, aiding the market's momentum.
Market Segmentation Insights
The closed system segment maintained its lead in market share as of 2023. This dominance is expected to persist during the forecast period because of its array of benefits and preferential adoption rates over open systems. Electric pumps, identified for their flexibility and user-friendliness, have captured the largest share in the technology segment. When looking at the application of breast pumps, the hospital-grade segment stands as the chief market shareholder due to an increase in hospital numbers and healthcare spending.
Regional Market Overview
Regionally, North America is anticipated to lead global market growth, with significant contributing factors being the increasing working women population and the prominent presence of market-decisive companies. Overall, the market outlook for breast pumps appears positive with multiple sectors within the industry poised for expansion. Investment in healthcare infrastructure, female employment, and consumer awareness surge in tandem with product innovations and governmental support to steer the breast pump market toward its projected valuation by 2030.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 140 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value (USD) in 2023 | $2.94 Billion |
| Forecasted Market Value (USD) by 2030 | $5.2 Billion |
| Compound Annual Growth Rate | 8.6% |
| Regions Covered | Global |
Companies Featured
- Ameda (Magento, Inc.)
- Hygeia Health
- Medela AG
- Koninklijke Philips N.V.
- Lansinoh Laboratories, Inc.
- Pigeon Corporation
- Motif Medical
- Chiaro Technology Limited (Elvie)
- Willow Innovations, Inc.
- Spectra Baby Usa
For more information about this report visit https://www.researchandmarkets.com/r/6tlcu6
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