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Contraceptives Market to Expand at a Healthy CAGR of 6.10%; Easy Availability of Contraceptive Devices to Propel Demand - TMR
ALBANY, New York, June 13, 2019 /PRNewswire/ -- The global contraceptives market stood at US$22.05 bn in 2016. Registering CAGR of 6.10% during 2017 - 2025, the revenues are expected to climb to more than US$37.24 bn by this period-end.
Among the various product types, oral contraceptives have earned substantial popularity as birth control pills over the years. The increased preference may be attributed to the marked safety profile of the medications for large section of women who want contraception, and their convenience of use.
Geographically, North America is expected to contribute the leading share in the global contraceptives market during the assessment period. Growth prospects of the regional contraceptives market are fueled increasingly by rising demand for contraceptives among women who are at risk of unplanned pregnancy notably in the U.S. and Canada.
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Growing Awareness about SITs and Unwanted Pregnancy offer Solid Boost to Demand
Worldwide demand for contraceptive methods is driven by the need for intentional prevention of conception among men and women. Demand has also been strengthened by the intensifying need for preventing sexually transmitted diseases (SIT). Particularly in developing countries, this has been bolstered by growing awareness and knowledge about SITs propagated by constant campaigning. The contraceptives market also gained robust momentum from the popularity of oral contraceptive pills in women of reproductive age, where they prefer combined hormonal pills as the main means of preventing pregnancy.
Ease of Availability and Safety of Contraception Methods up Contraceptive Prevalence Rate
Various contraceptive methods are also growing in popularity among men who are increasingly aware about the sexual health of their partners. The contraceptives market has seen solid revenue potential from growing demand in adolescent girls in avoiding unplanned pregnancy. This is notable in developed countries of the world where contraceptive prevalence rate is high. Especially in vulnerable sections of numerous developing countries, contraceptives have begun occupying crucial role in preventing maternal deaths due to unwanted pregnancy.
The ease of availability of various contraceptives, such as of contraceptive pills and condoms, in pharmacies, online platforms, and clinics, has boosted the market. Industry focus on increasing the comfort and privacy with which contraceptive methods can be used by women and men is a trend contributing to high revenue potential of vendors in the contraceptives market. However, the lack of information and misconceptions about different contraceptives especially among adolescent has to some extent hampered the market's potential.
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Nevertheless, growing demand for oral contraception for men in developed nations has opened new avenues in the market. Further, small but steady increase in uptake of contraception methods, such as intra uterine devices (IUDs) and injectables, in developing regions particularly Asia has also invigorated the growth momentum.
The overall competitive dynamic in the global contraceptives market is shaped by shifts in consumer awareness about the effectiveness and availability of contraceptives. Transparency Market Research (TMR) finds that several manufacturers have in recent years expanded the choice of birth control methods exercised by couples. Growing awareness especially about the sexual health of women has offered abundant growth scope for vendors of contraceptive drugs and devices and providers of contraception methods. Informative advertisement of family planning through safe and effective contraception has expanded the prospects for prominent stakeholders in the contraceptives market.
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TMR observes that in coming few years, strategic alliances between players of all sizes will influence the contours of the contraceptives market. Both small and large vendors will prosper synergistically from collaborations. While new entrants are focusing on getting a foothold in key regional markets, large players are coming out with new methods with reduced cost and less side-effects to garner stable consumer base globally. Increasing focus on safety of oral contraceptives is a case in point.
Some of the pharmaceutical companies enjoying sizable stakes in the global contraceptives market are Cipla Inc., HLL Lifecare Limited, Mithra Pharmaceuticals, Janssen Pharmaceutical Company, Allergan Plc, and Mankind Pharma.
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The study presented here is based on a report by Transparency Market Research (TMR) titled "
Contraceptives Market (Product - Contraceptive Drugs (Oral Contraceptives (Combined Contraceptives and Mini-pills), Contraceptive Injectable, and Topical Contraceptive Patch) and Contraceptive Devices (Male Contraceptive Devices and Female Contraceptive Devices (Female Condoms, Contraceptive Diaphragms, Contraceptive Sponges, Contraceptive Vaginal Rings, Intrauterine Devices, Sub-dermal Contraceptive Implants, Non-surgical Permanent Contraception Devices)); Distribution Channel - Hospital Pharmacy (Public and Private), Independent Pharmacy, Online Platform, and Clinics)
- Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017–2025."
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