Breast Pumps Market Expected to Reach $890.73 Million by 2030—Allied Market Research

According to a new report published by Allied Market Research, titled, “Breast Pumps Market," The breast pumps market was valued at $461.10 million in 2020, and is estimated to reach $890.73 million by 2030, growing at a CAGR of 6.8% from 2021 to 2030.

Breast pump is a  medical device used for extracting milk from the breast of lactating mother. These devices are used mainly by working women to continue breastfeeding while they are at work. In some cases, physicians recommend breast pumps to stimulate milk supply when the baby is unable to latch-on and suckle. Breast pumps might be either manual devices powered by hand motions or automated devices driven by electricity. They can also be used to keep or increase a  milk produced by women.

Growth of the breast pumps market is majorly driven by rapid increase in working women population . Breast pumps market trends include increase in birth rates, especially in developing countries, indicate surge in number of lactating mothers that form the potential consumer base for the breast pump industry. Rise in disposable income, due to increase in number of dual income households positively affect the purchasing power of mothers, which, in turn, increases the  demand for breast pumps. Moreover, wearable breast pumps are available that cater the needs of nursing mothers, enabling a greater choice to purchase the product economically, thus propelling the breast pumps market growth.
In addition, inadequate maternity leave period and growth in awareness about benefits and importance of breastfeeding drive the growth of breast pumps market. Other factors, including favorable reimbursement scenario, increase in healthcare expenditure by the government, and technological developments in electric breast pumps drive the growth of the breast pump market size.

Moreover, breast pumps market size in developing countries of Asia and Latin America currently have a moderate adoption rate on account of low patient awareness levels. Economic development in these regions coupled with rise in disposable income of patients will help the market ensure future sustainability. Conversely, high market potential in untapped developing countries, rise in various developmental strategies among the key players, and development of pipeline products are expected to provide many opportunities for breast pumps market industry during the forecast period.

Depending on product type, the market is divided into closed system breast pump and open system breast pump. The open system breast pump segment generated maximum revenue in 2020, accounting $237.78 million and is expected to witness highest CAGR of 6.9% during the forecast period.
As per the technology, the market is segmented into manual breast pumps, and electric breast pumps. The electric breast pumps segment generated maximum revenue in 2020, accounting $260.61 million and is expected to witness highest CAGR of 7% during the forecast period.
As per application, the market is bifurcated into personal use and hospital grade use. The market share analysis of personal use segment generated maximum revenue in 2020, accounting $ 247.52 million and is expected to witness highest CAGR of 7.6% during the forecast period.

North America dominated the market in 2020, and is anticipated to remain dominant during the forecast period. This is attributed to rise in healthcare infrastructure & facilities, surge in adoption of technologically advanced medical products, and presence of key players. However, Asia-Pacific is anticipated to witness notable growth in breast pumps market share, owing to increase in disposable income, surge in healthcare expenditure, and rise in  baby boomer population.

KEY FINDINGS OF THE STUDY 
•    Depending on product type, the open system breast pump segment was the highest contributor to the market in 2020.
•    According to technology, the electric breast pumps segment was the highest contributor to the market in 2020.
•    As per application, the personal use segment was the highest contributor to the market in 2020.
•    Region-wise, North America garnered the largest revenue share in 2020, whereas Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.