Wearable Breast Pumps Market To Show Astonishing CAGR, Based On Growing Consumer Awareness Till 2030

Category: Academics

The global wearable breast pumps market is anticipated to reach USD 975.5 million by 2030, registering a CAGR of 8.21%, 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 1.80 deaths in 2019. Similarly, as per Statistics Canada, the infant death rate has fallen from 4.8 per 1,000 in 2018 to 4.5 in 2020 in Canada. Such instances are expected to increase the demand for wearable breast pumps, thereby, propelling the market growth over the forecast period. Increase in women’s employment rate is expected to be a high impact rendering driver of the market. For instance, as per International Labor Organization, the female working population in Australia has touched 60%. Similarly, as per the similar source, the female employment rate in high income countries is estimated to be 53%, whereas, the same in low income and upper middle-income countries is calculated to be 56% and 55% respectively. Working women have a relatively high disposable income, as a result can help the market impel. The presence of various e-commerce sites offering wearable breast pumps will further aid in the sales of the products through these sales channels in the forecast period. Willow, Elvie, Medela, and Amazon, are few prominent e-commerce sites that offers substantial discounts, and prompt customer service on various wearable breast pumps, owing to which individuals prefer to shop from online sites.