The global breast pumps market being highly consolidated, existing players are threatened to lose their market share to new entrants. In 2013, Medela, AG, Royal Philips Electronics N.V., and Ameda AG emerged dominant in the market, cumulatively accounting for a share of 79%, states Transparency Market Research (TMR) in a new study. Besides the established enterprises, many small-scale suppliers of breast pumps operate in the market through a crude network of distribution. Hence a significantly large number of players operate in the market, with only a few accounting for its lion’s share. This is indicative of the high competition prevailing in the market.
According to TMR, the global breast pumps market is forecast to exhibit a CAGR of 8.6% between 2014 and 2022. At this pace, the market is projected to reach US$2.6 bn by the end of 2022, from a valuation of US$1.2 bn in 2013. The TMR report has studied the global breast pumps market from two perspectives, which are product and geography. In terms of products the single electric pump segment held dominance in 2013 with a valuation of US$472.9 mn. Regionally, North America emerged dominant with a share of 60.2% in 2013.
This 104 page report gives readers a comprehensive overview of the breast pumps market. Browse through 16 data tables and 31 figures to unlock the hidden opportunities in this market: http://www.transparencymarketresearch.com/breast-pumps-market.html
Favorable Reimbursement Policies to Encourage Uptake of Breast Pumps
The rising population has a direct impact on the global breast pumps market. The increasing birth-rate often corresponds to the increasing uptake of breast pumps. Because the developing regions demonstrate a higher birth rate, opportunities for the market are considered higher in there. In addition, the rising disposable income of consumers will positively influence the willingness to spend on advanced medical devices thus accentuating the uptake of breast pumps.
The favorable reimbursement policies are further supporting growth of the global breast pumps market. The pace of gains for the market is projected to accelerate as developed nations such as the U.S. introduce more benefits such as the Affordable Care Act of 2010. The provision mandated every insurance company in the country to cover devices and services that support breast feeding. On the downside, the law did not include specific names of brands that could be purchased through insurance. This lack of specificity could end up in variations in benefits offered under any health plan.
Nevertheless, governments are trying to implement more comprehensive laws to promote health and wellness of both mother and child. Besides this, the growing awareness and higher availability of advanced medical devices is likely to augment the market’s growth during the course of the forecast period.
High Price of Breast Pumps Limits their Uptake across Developing Nations
Despite the string of benefits it provides, the pricing of the medical device is a major factor limiting the widespread uptake of breast pumps. This is especially true in case of developing nations where the purchasing power of consumers is comparatively low. The high prices of breast pumps that are not technologically advanced and complex to use mostly leads to hesitance among users to spend on the product. The risk of contamination often associated with used pumps also hampers the growth of the market. Contamination generally occurs when mothers purchase used pumps that might contain infections that could be passed on infants.
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Smaller Players Looking to Capitalize on Unmet Medical Needs across Emerging Nations
As key market players have successfully registered dominance across developed economies, the smaller companies are looking to tap into the unmet medical needs across emerging nations. Developing economies in Asia Pacific and Latin America hold immense opportunities for the growth of these players. Besides this, companies are also focusing on developing innovative breast pumps to gain dominance in the global market.
This review is based on information published by TMR in a report, titled “Breast Pumps Market – Global Industry Analysis, Size, Volume, Share, Growth, Trends and Forecast 2014 – 2022.”
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