Breast Pumps Market Is Expected to Reach USD 1.03 Billion Globally in 2018 : Transparency Market Research
Albany, New York (PRWEB) July 16, 2013 -- According to a new market report published by Transparency Market Research "Breast Pumps Market (Manual, Battery-powered and Electric Pumps) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2012 - 2018," in 2011, the global breast pumps market was valued at USD 0.62 billion and is expected to grow at a CAGR of 7.5% from 2012 to 2018, to reach an estimated value of USD 1.03 billion in 2018.
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The growth of this market is driven by the rising birth rates globally and the rapidly growing world population. With changing lifestyles and an increase in the number of working women, the consumer base for breast pumps is expanding and so is the demand for these devices. Restructuring of the reimbursement policies, which requires insurance companies to cover the cost of breastfeeding devices and lactation counseling, will also help improve the uptake of breast pumps. Increasing disposable incomes are strengthening the purchasing power of consumers and rising awareness about the benefits of breastfeeding will further help fuel market growth during the forecast period 2012 to 2018.
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Electric pumps market is the fastest growing market segment with a CAGR of 11.9%. The preference for personal use electric pumps is expected to be the highest. In addition, the battery-powered pumps segment was the largest market segment in 2011 and will continue to be the leading segment till 2018, in terms of revenue.
Geographically, the North American region accounted for the largest market share in 2011. This is mainly due to the large consumer population, availability of advanced medical technologies, strong presence of leading market players and high purchasing power of consumers. However, with a high double digit CAGR of 17.1%, Asia will emerge as the fastest growing market due to the rapidly growing population, increasing awareness, rising disposable incomes and growing economies.
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The global breast pumps market is highly consolidated and dominated by players such as Medela, Inc., Philips AVENT and Ameda Breastfeeding Solutions. Of these, Medela, Inc. accounted for the largest market share in 2011. Other small players in this market include Bailey Medical, Energizer Personal Care, LLC (Playtex Baby), Hygeia Medical Group, Lansinoh Laboratories, Inc. and Whittlestone, Inc.
The global breast pumps market is segmented as follows:
Breast Pumps Market, by Pumping System Type
Manual
Battery-powered
Electric
Personal Use
Hospital Grade
Breast Pumps Market, by Product Design
Open System Pumps
Closed System Pumps
Biopsy Devices Market, by Geography
North America
Europe
Asia
Rest of the World (RoW)
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Sheela AK, Transparency Market Research, http://www.transparencymarketresearch.com, +1-518-618-1030, [email protected]
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