PUBLISHER: Grand View Research | PRODUCT CODE: 1493401
PUBLISHER: Grand View Research | PRODUCT CODE: 1493401
The global electric breast pumps market size is expected to reach USD 2.69 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 9.08% from 2024 to 2030. The main factors influencing the industry are the development of healthcare infrastructure in developing nations, rising employment rates for women worldwide, and the presence of favorable demographics.
The women's employment rate has been increasing globally. For instance, according to European Commission, in 2018, the women's employment rate in Europe was around 67%, which increased by 1% from 2017 to 2018, whereas, the same increased by five percentage-point from 2008 - 2018. The increase in women's employability is expected to increase the use of electric breast pumps, thereby propelling the market growth over the forecast period.
Additionally, a surge in the number of births worldwide is further anticipated to help the electric breast pump market impel. According to reports by CDC, the birth rate rose first time in the past 7 years in 2021. Moreover, the fertility rate was calculated to be 56.6 births per 1,000 women, which was up by around 1% in 2021, from 2020. An increase in fertility rate is expected to increase the number of births, thereby increasing demand for electric breast pumps, in the forthcoming years.
Moreover, the electric breast pumps market has seen significant growth over the last few decades, owing to increasing product launches by key players, and rising R&D activities. For instance, in November 2020, Spectra Baby USA launched a new electric breast pump 'the Synergy Gold dual-powered electric breast pump'. It offers breastfeeding mothers cutting-edge technology that enables personalized pumping sessions. Moms that are used to single-pumping and alternating sides may easily double-pump thanks to the new design, which uses one separate motor for each side and is independently adjustable. Such innovations are expected to increase the use of electric breast pumps over the forecast duration.