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Breast Pump Market Size, Share & Trends Analysis Report By Product, By Technology, By Application, By Region And Segment Forecasts, 2021 - 2028

ReportLinker
·3-min read

Breast Pump Market Size, Share & Trends Analysis Report By Product (Open, Closed Systems), By Technology (Manual, Electric), By Application (Hospital-grade, Personal Use), By Region, And Segment Forecasts, 2021 - 2028

New York, March 23, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Breast Pump Market Size, Share & Trends Analysis Report By Product, By Technology, By Application, By Region And Segment Forecasts, 2021 - 2028" - https://www.reportlinker.com/p05867079/?utm_source=GNW

Breast Pump Market Growth & Trends

The global breast pump market size is expected to reach USD 5.53 billion by 2028 registering a CAGR of 10.5% over the forecast period. Improving healthcare infrastructure in emerging economies, increasing global women employment rates, and presence of favorable demographics are the key factors driving the market.

The market in the developed economies, such as the U.S., Germany, France, and Australia, is saturated, owing to the increasing demand and presence of key players in these regions. The emerging Asian and Latin American economies currently have a moderate adoption rate due to lower patient awareness levels. Economic development in these regions coupled with rising disposable income is anticipated to help the market ensure future sustainability.

Manufacturers investing in these rapidly-developing markets are expected to record high growth, provided pricing and distribution activities are undertaken effectively.Moreover, rising awareness about the benefits and importance of breastfeeding, rising disposable incomes, availability of the latest devices, and the presence of key companies are boosting the product demand in emerging markets.

The rapid economic growth in these markets indicates higher product adoption.

Moreover, supportive initiatives being undertaken by the governments around the world are anticipated to propel the demand for the product. For instance, insurance companies in the U.S. have to cover the cost of equipment and services, such as breast pumps & accessories and lactation counseling. As a result, the purchase of the product has become easier for the end users, thereby supporting the growth of the market.

Most of the companies in the market have undertaken several business strategies, such as mergers & acquisitions, partnerships, and new product launches, to strengthen their foothold in the global market.For instance, in May 2017, Medela announced that it would conduct in-house clinical trials to increase the accuracy of the feedback received by the company regarding its device.

This is anticipated to increase patient compliance with the device. Some companies are also investing heavily in the research & development activities for product portfolio expansion.

Breast Pump Market Report Highlights
• In terms of revenue, the electric pumps segment held the largest share in 2020 on account of the high demand for these products across the globe
• The closed system product segment held the largest revenue share of the global market in 2020
• The segment is also expected to witness the fastest CAGR over the forecast period on account of several benefits offered by closed system products over their counterparts
• The hospital-grade application segment accounted for the maximum revenue share of the overall market in 2020
• The application segment will expand further at the fastest CAGR from 2021 to 2028 on account of a rising number of hospitals across the globe
• Asia Pacific is expected to be the fastest-growing regional market over the forecast period. This growth can be attributed to the growing disposable income levels and awareness about the product & its benefits
Read the full report: https://www.reportlinker.com/p05867079/?utm_source=GNW

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