The breast pump market is projected to grow at a CAGR of 7.84% to reach US$1,338.012 million by 2025 from US$850.709 million in 2019. The key benefits of breast pumps are storage filtration and breast milk and thereby ensuring the efficient management of feeding the baby, especially when it comes to working women. Due to the user-friendly reimbursement policies in developed economies, the breast pump is poised to witness healthy growth during the forecast period. Further, under the purview of the Affordable Care Act, the environment of switching over to this form of breastfeeding has been made even more possible in the USA. Additionally, the growing rate of women's employment is expected to further throttle the demand for this market during the forecast period. Additionally, the increasing efficient healthcare infrastructure among the emerging economy coupled with the increasing occurrences of lactation failure is further expected to drive the adoption of breast pump around the globe. With respect to the growing capacity of bearing medical expenditures, form the perspective of both individuals and the administration (government) the following development has the potential to partially augment the growth of the breast pump market. Concerning the People Republic of China, the premium of primary insurance received by the insurance companies was to the tune of 4,264.5 billionyuan in 2019, which was an increase in 12.2 % over that of the previous year. Out of this entire sum of the life insurance primary insurance amounted 2,275.4 billion-yuan, health and casualty insurance premium of primary insurance was to the tune of 824.1 billion yuan. Additionally, the insurance companies paid an indemnity worth of 1,289.4 billion yuan, of which, life insurance indemnity was 374.3 billion-yuan, health and casualty insurance indemnity 264.9 billion yuan, among others. Thereby it outlines the fact there has been a room of expenditure pertaining to healthcare in China. Further the per capita disposable income nationwide was 30,733 yuan, an increase of 8.9 % compared to that of the preceding year [Source: National Bureau of Statistics of China]. With regards to Switzerland, the ratio between health expenditure and the gross domestic product (GDP) was to the tune of 12.4% in 2017, which in turn makes Switzerland a part of those European countries with the highest ratio and second after the USA the country that was leading in health expenditure in relation to GDP in 2017. Moreover, in 2017 households financed 65% of health expenditure; mandatory health insurance premiums from households covered 30% of health expenditure. Further, the government’s contribution to health expenditure was 29%, with over 6 in every 10 francs of this public funding correspond to payments from the cantons and communes to hospitals, nursing homes, and home care services. Additionally, the total health expenditure was 82,774 CHF million in 2017 [Source: Health Pocket Statistics 2019 Federal Statistics Office]. All Argentinian citizens and residents, including foreign workers or tourists, can get medical care free of charge in the country. [Source: World Bank. Argentina: facing the challenge of health insurance reform]. Further, with a per capita health expenditure of 1,390 USD, the country is one of the leading spenders on health care in Latin America. [Source: World Health Organization. Global health expenditure database]. In the case of Portugal, compared to 2017’s nominal expenditure of 3.6% the health expenditure of Portugal increased to 5.1% in 2018. Both public and private current expenditure increased by 3.6% in 2017. The relative importance of public current expenditure in financing the Portuguese health system remained at 66.3%. During, 2018 an increase of public spending (5.3%) higher than that of private expenditure (4.6%), was foreseen [Source: Instituto Nacional de Estatística – Portugal (Statistics Portugal)].
The market-friendly environment is also incentivizing the various players in to market to engage in research and innovation and various campaigns to bring about new development in the breast pump arena to expand their market share. In June 2020 Lansinoh, which is famous for its award-winning Lanolin Nipple Cream, Lansinoh® , offers a comprehensive range pumping solution in more than 60 countries announced “Pump It Forward” breast pump donation campaign. As a part of this campaign when someone purchases a Lansinoh Smart pump 2.0 from Lansinoh.com, Target.com, or Walmart.com, a double electric breast pump will be donated to Good+Foundation by the company as a commitment towards ensuring that low-income parents have the tools they need to feed and care for their children. Again, during the same month, the launch of Ameda Mya Joy™ was officially announced by Ameda the latest addition to its family of hospital strength personal breast pumps.The product is made available in the United States through insurance benefits and Ameda.com. The product meets the criteria which most sought after by mothers like a lightweight with palm-size fit and silent operations. It also features HygieniKit™ - the world's only FDA-cleared pump kit that helps protect breastmilk from contaminants. Further, to woo in more consumers there are efforts to add more features to the apparatus that conveniences the new mothers. For example, Elvie, the health and lifestyle brand developing smarter technology for women, announced in January 2020, that it launched its Insights app feature for Elvie Pump. Now, in addition to being the smallest, lightest and quietest wearable breast pump, this feature endows the users with the benefit of observing and understand their pumping data. Further, this feature helps the users track – the aggregated milk volume pumped, the rate of milk expressed for each breast, and the total time spent pumping, empowering mothers to understand their breast milk pumping tendencies. Further in January 2020, Willow, the inventor of world's first all-in-one, in-bra quiet wearable pump which is the only one to offer true spill-proof mobility, announced the Willow Generation 3 will be made available in spring 2020, that extend of the benefit of pumping relatively more milk on average.
Frequently Asked Questions (FAQs)