With a few larger companies holding the largest stake, the global breast pumps market exhibits an oligopolistic vendor landscape. Among the most prominent players, companies such as Philips, Medela, and Ameda Breastfeeding Solutions are currently enjoying a stronghold, finds Transparency Market Research (TMR) in a new study. Because of its medical importance, a majority of consumers prefer investing in products by prominent brands. However, there is a considerable number of local players supplying breast pumps via indigenous network of distributors. Hence, they are able to make very little contribution toward the global breast pumps market. According to TMR, Medela LLC emerged dominant in the overall market in 2016. Besides this, some of the other notable market players include Pigeon Group (Pigeon Corporation), Evenflo Feeding, Inc., Spectra Baby USA, Mayborn Group Limited, and Hygeia Health.
According to TMR, the global breast pumps market is expected to reach US$4,164.6 mn by the end of 2025, from US$1,971.8 mn in 2016. Considering these market figures hold true, the global breast pumps market will report a positive 8.9% CAGR between 2017 and 2025. Regionally, North America held the leading market share in 2016. However, over the course of the report’s forecast period, the Asia Pacific market is likely to exhibit a higher CAGR of 9.4%.
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Rising Women Employment Positively Impacts Global Breast Pumps Market
Various factors are supporting the expansion of the global breast pumps market. For instance, the rising rate of women employment, coupled with supportive government initiatives, has proved a boon for the market. These initiatives not only helped improving the overall healthcare infrastructure but also got robust schemes for spreading awareness on track. The cumulative effect of these factors are reflected positively on the global breast pumps market, augmenting overall sales witnessed over the last few years.
Besides these, factors such as the escalating birth rate, especially among emerging nations provide lucrative opportunities to the market. The United Nations has estimated by the end of 2050 the likelihood of the global population to reach 9.7 billion. Having said that, the growth in population is also indicative of attractive prospects awaiting the market players in the near future. Alongside rising women employment worldwide, the rising disposable income of consumers will have a positive impact on the market as well. To capitalize on prevailing opportunities across emerging nations, several companies are looking to invest therein. This will definitely give the breast pumps market in emerging nations a significant impetus.
High Cost of Hospital Grade Breast Pumps Emerges as Restraining Factor
In the last few years, both public and private sector players have conducted various campaigns to spread awareness regarding the benefits of breastfeeding, in turn creating a sizeable consumer base for breast pumps in developing nations. In addition, the recent technological advancements have further helped the market gain pace. On the downside, side effects related to using breast pumps and the high price at which hospital grade breast pumps are available are restraining the market to an extent. Nonetheless, the increasing demand from emerging nations such as China will enable the market sustain its positive growth trend through the forecast period.