The Global Contraceptives Market is Expected to Grow at a CAGR of 4.3% during the Forecast Period 2017–2023 to Aggregate $38,258.2 million by 2023
Factors, such as an increase in the incidence of unwanted pregnancies, rise in the adoption of oral pills and its advantages over other contraceptives, the unmet need for contraception in developing countries, growing awareness and initiatives taken by governments to prevent unwanted pregnancies, and technologically advanced contraceptives, are driving the market growth. Further, the introduction of cost-effective contraceptives will spur the sales in the market.
Infoholic Research LLP, a global market research and consulting company, has published a study titled “Global Contraceptives Market – Drivers, Restraints, Opportunities, Trends, and Forecasts: 2017–2023” (November 2017).
According to Infoholic Research, the adoption of contraceptives has shown a significant impact on the social and economic benefit of many individuals globally. The rise in awareness about various contraceptive methods and their effectiveness is expected to drive the market. The popularity of modern contraceptives in developing countries is showing substantial potential to control the fertility rate and stop unwanted pregnancies. Most of the developing regions that include Asia, Africa, Latin America, and Caribbean have the highest proportion of young women who need to use modern contraceptive methods, and it is higher in Asia with 69%, Africa holding 68%, and Latin America and Caribbean sharing 36%. There is a large unmet need among adolescent women aged 15 to 19 years in these regions.
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Further, the popularity of modern contraceptives and its ease of use has gained importance in most developed countries. Modern contraceptives, such as IUDs, sub-dermal contraceptive device, patch, and oral pills, have become more popular among career focused individuals. This is due to the changing lifestyle and the increase in disposable income among individuals that has gained importance leading to a drastic reduction in fertility rates in most of the developed and few developing countries. Modern contraceptives have helped to prevent more than 215,000 pregnancy-related death and about 2.7 million infant death globally every year.
Contraceptives have proved their efficacy in reducing unintended pregnancies and allowing women to plan for a family. Many government organizations have taken initiatives to create awareness and stop problems caused due unintended pregnancies that lead to serious issues. The UN committee of Economic, Social and Cultural Rights has made clear about the right to sexual and reproductive health that obligates to have affordable access to contraceptives. The market has significant opportunities to offer contraceptives with the availability of a wide range of contraceptives that are easy to use, affordable, and have 90% compliance among individuals. The placement of modern IUDs and other implants have become easier for physicians to place inside the uterus.
Products, such as Yasmin and Yaz (oral pills), NuvaRing (Vaginal Ring), Milex Wide Seal (Diaphragm), Mirena and ParaGard (IUDs), Ortho Evra (or Evra patch), and Implanon (implant) are branded contraceptives that have shown best results and are in high demand in the market. According to Infoholic Research, the Global Contraceptives market is expected to grow at a CAGR of 4.3% during the forecast period 2017–2023 to touch an aggregate of $38,258.2 million by 2023.
The market is analyzed based on three segments, namely product types, end-users, and regions. The product type covers contraceptive drugs and contraceptives devices. Regions covered in the report are North America, Europe, Asia Pacific, and Rest of the World (ROW). In North America, the US and Canada are set to be the leading countries owing to the highest number of modern contraceptive users in 2016. Europe is set to be the second leading region and held more than 28% of the market share in 2016. The UK, Germany, and France are among the top three leading countries in Europe in terms of revenue due to the advancements in technology and anticipated launch of new products. In Asia Pacific, India and China are the most attractive countries for the players and they hold tremendous business opportunities. ROW is set to be an emerging market in the next 5–6 years.
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“Contraceptives are helping individuals to enable improve access and demand for affordable economic status for all including youth and career focussed individuals. Growing awareness in schools, colleges, mass media campaigns, workshops, and access to screening and treatment, which is stigma-free will have significant impact on sales of contraceptives in both developed and developing countries. Further, the adoption of modern contraceptives such as IUDs, sub-dermal contraceptive implants, combined oral pills, and vaginal rings are going to increase the demand due to advancements in technology. Prolonged regulatory approvals and availability of low-cost generic contraceptives remain the major challenges for the market.” - Mohammed Azhar, Senior Research Analyst (Research – Healthcare) at Infoholic Research
Further, the report aims to cover the below points:
- An in-depth analysis of the key business opportunities in countries and verticals
- Complete details about the various types of contraceptives
- Complete details of trending contraceptive devices
- Complete details about the analysis of top players
- Industry outlook including current and future market trends, drivers, restraints, and emerging technologies