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Albany, NY, Aug. 23, 2018 (GLOBE NEWSWIRE) -- The vendor landscape of the global breast pumps market is of oligopolistic nature and features the dominance of a handful of players, according to a recent market research report by Transparency Market Research. Owing to the intense competition, leading manufacturers and companies aspiring for a larger share in the market are building partnerships with healthcare providers in the industry, especially in developed countries, so as to promote their brands. Businesses are also increasingly focusing on product improvement and innovation for ensuring high level of comfort, efficient milk expression, and ease of handling. Some of the top vendors in the global breast pumps market are Koninklijke Philips N.V., Medela, Pigeon Corporation, Ameda Breastfeeding, Ardo Medical Ag, Albert Manufacturing USA, Hygeia Health, Evenflo Feeding, Inc., and Spectra Baby USA.
According to the report, the global breast pumps market is likely to register a CAGR of 8.9% from 2017 and 2025, rising from US$1,971.8 mn in 2016 to a revenue opportunity of US$4,164.6 mn by 2025.
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Double Electric Breast Pumps to Remain Most In-demand Product Variety
Of the various types of breast pumps studied in the report, the segment of double electric breast pumps is dominated in 2016, accounting for over 41% of the overall market, thanks to the economic nature and efficient pumping capacity of the pumps. The segment is also expected to record growth at the highest pace over the report’s forecast period. Geographically, the market in North America is likely to continue to retain its dominant stance over the forecast period. Emerging economies in Asia Pacific are also expected to provide promising growth avenues to the market owing to the rising population of women in workforces.
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Rising Awareness and Availability of New Product Varieties to Drive Market
Some of the key actors expected to positively drive the global breast pumps market are improved awareness regarding the importance of breastmilk for the proper development of infants, rising global population, rising disposable incomes, and the vast rise in the population of affluent middle class in emerging economies. The rising rate of breastfeeding across the globe has also emerged as a very important trend that has led to the increased acceptance of breast pumps on a global level. As per the data published by the Centers of Disease Control and Prevention, there has been a massive rise in breastfeeding rate in the U.S. and Canada in the past few years and the trend continues to remain strong.
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Additionally, favorable reimbursement scenario and easy availability of technologically advanced devices in developed countries are further propelling the global breast pump market. Moreover, the easy availability of a variety of new product types, increased focus of manufacturers on continuous product modifications to ensure high comfort level, ease of handling and efficient milk expression, and rising awareness regarding the available products in the market are also expected to drive the market in the next few years. However, high prices of breast pumps and the risk of contamination will hold back the global breast pumps market to certain extent.
This analysis of the global breast pumps market is based on a recent market research report by Transparency Market Research, titled “Breast Pumps Market (Product - Single Electric Breast Pumps Double Electric Breast Pumps, and Manual Breast Pumps; Applications - Hospital Grade and Personal Use) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2025.”
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