PUBLISHER: Grand View Research | PRODUCT CODE: 1433638
PUBLISHER: Grand View Research | PRODUCT CODE: 1433638
The global wearable breast pump market size is estimated to reach USD 975.47 million by 2030, growing at a CAGR of 8.55% during the forecast period, according to a new report by Grand View Research, Inc. Favorable reimbursement policies, and increasing patient disposable income are further anticipated to propel the demand for wearable breast pumps.
The decreasing infant mortality rate is supplementing the growth of the market. For instance, according to Knoema, the infant mortality rate in Japan fell from 13.4 deaths per 1,000 births in 1970 to 1.7 deaths in 2021. Similarly, as per Statistics Canada, the infant death rate has fallen from 4.8 per 1,000 in 2018 to 4.7 in 2022 in Canada. Such instances are expected to increase the demand for wearable breast pumps, thereby propelling the market growth over the forecast period.
The presence of various e-commerce sites offering wearable breast pumps will further aid in the sales of the products through these sales channels over the forecast period. Willow, Elvie, Medela, and Amazon, are a few prominent e-commerce sites that offer substantial discounts, and prompt customer service on various wearable breast pumps, owing to which individuals prefer to shop from online sites.
The decline in COVID-19 population is anticipated to boost the market growth. Recently, many companies have called back their employees to work from office. For instance, companies such as Sun Pharmaceuticals, Biocon, and JP Morgan are planning to start work from office. This will surge the need for wearable breast pumps for working women, thereby propelling the market growth in post COVID-19 time. Similarly, to cope with the rising demand many companies are launching new products and expanding their geographic presence. For instance, in February 2023, Madela AG and Sarah Wells partnered to launch the Allie sling bag for breastfeeding parents which was an addition to Madela's Freestyle Hands-free Breast Pump portfolio. This was expected to expand the customer base of the company.