Closed system segment of Breast Pump Market to reach $1,506 mn by 2024: Global Market Insights Inc. The industry report “Breast Pump Market Size By Product (Open, Closed), By Technology (Manual, Battery Powered, Electric), By Application (Personal Use, Hospital Grade), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, Japan, China, Brazil, Mexico, South Africa), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024� by Global Market Insights, Inc., Breast pump market size is anticipated to grow at a CAGR of 7.7% over the period of 2016-2024. The global breast pump market is expected to achieve high growth as companies are actively investing in various strategies to create discrete valuable schemes and proposals for varied consumer segments offering innovative and cost-effective treatment for breastfeeding. Today, most of the women have balanced work & life priorities and this will produce a favorable impact on the breast pump industry dynamics. Moreover, exponentially increasing birth rates coupled with rising awareness regarding breast feeding will further propel the breast pump demand, thereby driving the industry trends.
Rapid economic development along with the rising working female population will generate lucrative avenues for the breast pump business over the coming years. The global breast pump industry is analyzed with different perspectives comprising of product type, technology used, major application base, and geography. Based on mode of operation and technology the breast pump industry is segmented into four main types namely manual, battery powered, and electric. The battery powered breast pump market is estimated to surpass USD 816 million by 2024. Moreover, electric breast pump market is another lucrative industry to attain a CAGR of 10.6% over the period of 2016-2024. Electric pumps have an advantage of higher efficiency and user friendly technology which generates a greater demand for this technology. Cost efficiency is another major factor behind the growth in this segment. Breast pumps witness a wide set of applications in the personal use and hospital grade sector. In this bifurcation, the hospital grade electric pumps are poised to witness favorable industry expansion, owing to its features such as strength, durability, and multiple user ability. The hospital grade pumps are set to witness heavy gains with target market size slated to surpass USD 520 million by 2024.
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