Global $2,729+ Mn Breast Pump Market is Expected to Grow at a CAGR of over 7.9% During 2022-2028 | Vantage Market Research
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WASHINGTON, June 09, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Breast Pump Market finds that improved healthcare infrastructure, government support to provide advanced facilities for working mothers and increasing women's employment rates are some major parameters considered in the growth of the Breast Pump Market in recent years.
The Global Market revenue stood at a value USD 1,729.5 Million in the year 2021.
The Global Breast Pump Market size is forecasted to reach USD 2,729.2 Million by the year 2028 and is expected to grow exhibiting a Compound Annual Growth Rate (CAGR) of 7.9% during the forecast period; states Vantage Market Research, in a report, titled “Breast Pump Market Size, Share & Trends Analysis Report by Product (Open System, Closed System), by Technology (Manual Pumps, Battery Powered Pumps, Electric Pumps), by Application (Personal Use, Hospital Grade), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Market Dynamics:
Driver:
Authorities and Worldwide Companies initiative to Assist Working Mothers Drives the Market
Increasing consumer awareness and government support for working mothers are expected to drive global demand for the Breast Pump Market. For example, the New-born-Friendly Hospitals Initiative (BFHI), which promotes evidence-based practices for successful breastfeeding, was established by the United Nations Children's Fund (UNICEF) and the World Health Organization (WHO) to improve breastfeeding rates and help families achieve their breastfeeding goals. Likewise, most insurance plans are now required to cover specified breastfeeding supplies and aids, such as breast pumps, under the Affordable Care Act. So, such initiatives will increase the use of these products. As a result, purchasing these products becomes easier for the end user, leading to an increasing demand for the Breast Pump Market. Governments encourage mothers to breastfeed their babies until they are 6 months old. In addition, many international agencies organize breastfeeding awareness campaigns. Various market players, such as Medela LLC, Laura & Co., Newell Brands and Ameda, as well as universities, including the University of Washington and Fudan University, are educating women about Breastfeeding and its benefits by organizing campaigns and providing informative magazines, which is also expected to drive the growth of Breast Pump Market.
Ascending Women’s Employment Rate Drives the Market
The growth of the breast pump market is driven primarily by the increasing number of women working around the world. Working women primarily use these devices to continue breastfeeding during work. Many women find it convenient to store their milk after returning to work, traveling, or leaving the baby. Some breast pumps are designed to resemble feeding an infant. Breast pumps have become a viable option for working women, and portable breast pumps are also conveniently designed. In addition, according to the World Employment Department, the participation rate of women in the world in 2018 was about 48.5%, which is 26.5% lower than the participation rate of men. The unemployment rate in the world for women is 0.8% higher than that for men. In addition, many working mothers use milking pumps to squeeze milk and feed their babies while they are absent from work. Therefore, rising female employment rates are significantly driving the growth of the milking machine market.
Key Insights & Findings from the Report:
According to our primary respondents’ research, the Breast Pump market is predicted to grow at a CAGR of roughly 7.9% during the forecast period.
The Breast Pump market was estimated to be worth roughly USD 1,729.5 Million in 2021 and is expected to reach USD 2,729.2 Million by 2028; based on primary research.
On the basis of region, Asia Pacific is projected to dominate the worldwide Breast Pump market.
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the electronics industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
Impact Assessment of COVID-19 Pandemic
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
Key Strategies Undertaken by Companies to Tackle COVID-19
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Regional Analysis:
North America Holds Largest Market Share
North America accounted to have largest growth for Breast Pump Market in 2021. This growth is accounted for owing to increasing awareness of breast-feeding, advanced healthcare infrastructure and better access to these devices in this region. In addition, increased market penetration of breast pumps in the region, high female employment rates, medical costs, advanced medical infrastructure, and patient awareness are some other reasons for the Breast Pump Market growth in this region. Also, key players in this sector are developing technologically enhanced products that are set to boost the entire market over the forecast period.
List of Prominent Players in the Breast Pump Market:
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.
Browse market data Tables and Figures spread through 145 Pages and in-depth TOC on "Breast Pump Market Size, Share & Trends Analysis Report by Product (Open System, Closed System), by Technology (Manual Pumps, Battery Powered Pumps, Electric Pumps), by Application (Personal Use, Hospital Grade), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here - https://www.vantagemarketresearch.com/press-release/breast-pump-market-377186
Recent Developments:
May 2019: Spectra Baby USA has launched the first multi-user, hospital-grade breast pump for use in hospitals, obstetric centres and home care facilities.
October 2017: Olle Larsson Holding, the parent company of Medela, acquired Moxxly to redesign and improve the breast pump designs and add novel breast pump devices in Medela AG`s product portfolio.
April 2021: Airbus will replace the mechanical rudder controls on A320neo-family aircraft, switching to a full electric rudder system by early 2024. The modification will coincide with the entry into service of the long-range A321XLR developed with the ‘E-rudder’ architecture in mind.
Key questions answered in the report:
Which regional market will show the highest and rapid growth?
Which are the top five players of the Breast Pump Market?
How will the Breast Pump Market change in the upcoming six years?
Which application and product will take a lion’s share of the Breast Pump Market?
What is the Breast Pump market drivers and restrictions?
What will be the CAGR and size of the Breast Pump Market throughout the forecast period?
This market titled “Breast Pump Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
• Region • North America • Europe • Asia Pacific • Latin America • Middle East & Africa
Region & Counties Covered
• North America • U.S. • Canada • Mexico
• Europe • U.K • France • Germany • Italy • Spain • Rest Of Europe
• Asia Pacific • China • Japan • India • South Korea • South East Asia • Rest Of Asia Pacific
• Latin America • Brazil • Argentina • Rest Of Latin America
• Middle East & Africa • GCC Countries • South Africa • Rest Of Middle East & Africa
Companies Covered
• 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
Report Coverage
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis
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