Breast Pump Market size to exceed $1.6bn by 2024: Global Market Insights Inc. Breast Pump Market size is estimated to exceed USD 1.6 billion by 2024; as per a new research report by Global Market Insights, Inc. Increasing global population, growing women employment rates and rising consumer awareness regarding importance of breast feeding will drive global breast pumps market growth. Favorable reimbursement policies and adoption of technologically advanced products such as hand free breast pumps should fuel breast pumps market growth. Furthermore, increasing patient disposable income and changes in lifestyle should propel business growth. Growing penetration of electric breast pumps and rapid substitution of closed breast pumps by open system pumps owing to the advantages offered by technologically advanced products will stimulate global breast pumps market size. Closed system pumps were over USD 720 million, attributing for over 85% of industry revenue in 2015. The segment is expected to capture greater market share over the coming years owing to hygienic breast milk collection mechanism.
Favorable initiatives taken by insurance companies to cover breast pumps related expenses such as visits to lactation consultants, should spur breast pumps market share. Moreover, introduction of rental facilities on electric breast pumps for consumers who cannot afford to purchase should widen overall consumer base. Presence of large untapped opportunities across India, China and Brazil is expected to fuel breast pumps market growth. Economic development, growing patient disposable income with increasing women employment rates, and rising awareness levels should present manufacturers with lucrative business opportunities. High prices associated with breast pumps should discourage consumers from purchasing, thus hindering global breast pumps market expansion. The higher prices of devices have a significant impact in developing economies where overall purchasing power is relatively low. However, manufacturers are adopting penetration pricing strategies to capture maximum breast pumps market share.
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