Breast Pump Market: Current Analysis and Forecast (2021-2027)

Report Description

Breast Pump Market was valued at more than US$ 1,500 million in 2020 and is expected to grow at a CAGR of 10% over the forecast period (2021-2027).Breast -pumps are used by lactating mothers for extracting milk and to store it for future use. These devices are mostly adopted by working women so their babies can have mother’s milk while they are still at work. In some cases where the babies are weak, doctors recommend using breast pumps to stimulate the milk supply. Rapid technological advancements, such as double breast pumps help to eliminate fat content from milk.

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Breast milk contains 86-88% of water, 0.5-2% of prebiotics, 0.2% of vitamins & minerals (vitamin A, C, D, E, riboflavin, Niacin; etc.), 1% proteins, 7% of carbohydrates, and 4% fats. These components are very essential for the healthy growth and development of the baby. Breast milk protects against allergies, sickness, diseases, infections, and obesity. Owing to the varied importance of breast milk doctors recommend mothers feed their babies in the early months.

Over the last 20 years, society has witnessed significant progress for women in the world of work and gender equality. With the increase in women’s labor force participation rate, women are seen higher posts along with the men. For instance, women held 20.6% of board director seats worldwide in 2020, a small increase from 20% in 2019. France, Germany, India, Italy, the Netherlands, Norway, and South Korea are among the countries that have implemented quotas for women on boards of public companies.

According to The World Bank Data, the female force accounted for 39% of the population worldwide. This value is expected to increase in the coming years. The increase in the number of working women is expected to increase the demand for breast pumps over the forecast period.

Women at Leadership Positions, 2020 (%)

Philips, Medela, Inc., Ameda, Pigeon Corporation, Hygeia Medical Group, Linco Baby Merchandise Work Co., Ltd., Whittlestone Inc., Mayborn Group, Babybelle, and Lansinoh Laboratories are some of the prominent players operating in the global Breast Pump market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products.

Insights Presented in the Report

“Amongst product type, closed system segment holds the major share”

Based on the product type, the market is fragmented into open systems and closed systems. The closed system segment dominated the market with a share of XX% in 2020 and is expected to maintain its dominance during the forecast period owing to closed system pumps provide more hygienic milk collection and prevents contamination.

“Amongst technology, battery-powered is anticipated to grow at the highest CAGR during the analyzed period”

Based on technology, the market is fragmented into manual, battery-powered, and electric. In 2020, battery-powered accounted for a maximum market revenue share of XX% and is expected to remain dominant during the analyzed period owing to its lightweight, portability, and no requirement of charging points.

Amongst application, personal use segment holds the major share”

Based on the end-user type, the market is fragmented into personal use and hospital use. Personal use dominated the market in 2020 with revenue of USD XX million and is anticipated to maintain its dominance during the analyzed period as the personal device reduces the chances of cross-contamination and women preferred use of personal pump comfort of their home. Furthermore, the segment is also expected to grow at the highest CAGR during the period.

“North America signifies one of the largest markets of Breast Pump Market”

For a better understanding of the market dynamics of the Breast Pump Market, a detailed analysis was conducted for different regions across the globe including North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of APAC), and Rest of World. North America constitutes a major market for the breast pump industry and generated revenue of USD XX million in 2020 owing to increasing disposable income, working female population base, and favorable reimbursement policies, among others, are the major driving factors for breast pumps. However, the Asia Pacific region would grow at the highest CAGR during the forecast period owing to the rising knowledge regarding technologically advanced products.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive regional level analysis of the industry

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Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future market of the Global Breast Pump Market were the three major steps undertaken to create and analyze the adoption of Breast Pump across major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the Breast Pump sector. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detailed secondary study was conducted to obtain the historical market size of the Breast Pump through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Breast Pump market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments for major regions. Major segments included in the report are product type, technology, and application. Further country-level analyses were conducted to evaluate the overall adoption of Breast Pumps in every region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of Breast Pump. Further, we conducted factor analysis using dependent and independent variables such as increasing diseases among newborns. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the Breast Pump sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Breast Pump market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach was applied to arrive at the market forecast about 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (USD) and the adoption rate of Breast Pump across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the Breast Pump market in terms of services offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the Breast Pump market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of product type, technology, and application of the Breast Pump market.

Main Objective of the Breast Pump Market Study

The current & future market trends of Breast Pump were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of Breast Pump in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of product type, technology, and application
• Define and analysis of the regulatory framework for the Breast Pump industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the Breast Pump market for the major region
• Major regions studied in the report include North America (the United States and Canada), Europe (Germany, France, Italy, Spain, and United Kingdom), Asia-Pacific (China, Japan, India, and Australia), and the Rest of World
• Company profiles of the Breast Pump market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry