December 14, 2022 03:05 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, Dec. 14, 2022 (GLOBE NEWSWIRE) -- The global breast pump market size was valued at USD 1.48 billion in 2021. The market 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. Electric Baby Hair Clippers
This information is presented by Fortune Business Insights, in its report titled, “Breast Pump Market, 2022-2029.”
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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.
COVID-19 Pandemic Hindered Market Growth Due to Closure of Manufacturing Facilities
Breast pumps were not in high demand in 2020 as a result of COVID-19. This is explained by the decreasing prevalence of direct breastfeeding, which caused a drop in the use of these devices during the pandemic. The production of these devices has been significantly hampered by COVID-19's widespread disruption. The supply chain for the devices has been stopped, which decreased sales due to the imposition of lockdown in potentially affected areas.
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The report offers a detailed study of the market and a keen examination of the major segments of the market. It provides an in-depth analysis of key players and their insightful strategies to spur the breast pump market growth for monetary gains. It also shares tangible insights which guide business owners with their investment perspective. The regional dynamics and how they shape the market in an upward curve are presented in the following report. Moreover, COVID-19 impacts have been added for additional information and how it is expected to affect the product demand in the near future.
Automatic (Electric/Battery-powered) Segment to Hold a Major Share due to 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.
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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.
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.
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List of Key Players Mentioned in the Report:
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