The rising prevalence of unwanted pregnancies is boosting the global contraceptive drugs market. In a report, titled “Contraceptive Drugs Market Size, Share and Global Trend by Product Type (Oral, Injectable, Patches), Distribution Channel (Hospital Pharmacy, Retail Pharmacy, Clinics, Online Channel, Public Channel & NGOs) and Geography Forecast till 2025” Fortune Business Insights identifies various factors enabling growth in the market.
According to the report, the global contraceptive drugs market is anticipated to rise at 5.8% CAGR and reach a value of US$ 20,200.5 Mn by 2025 from US$ 13,097.7 Mn in 2017. Remarkably improving access to contraceptive pills around the world is a key factor propelling growth in this market.
Top Players Overview:
Some of the leading companies that are operating in the global Contraceptive Drugs Market are
- Bayer AG
- Pfizer Inc.
- Janssen Global Services, LLC
- Teva Pharmaceutical Industries Ltd.
- Merck & Co., Inc.
- Mylan N.V.
- Allergan Plc
- Agile Therapeutics
- Piramal Enterprises Ltd.
Recent discoveries in pharmaceuticals and drug delivery methods have boosted the global Contraceptive Drugs Market. Increasing FDA approvals for a drug used for manufacturing pharmaceuticals are likely to favor the growth of the global Contraceptive Drugs Market. Besides this, advancements in drug delivery system have led to an increase in demand for related pharmaceuticals.
Rising Abortion Rates to Create Demand for Contraceptive Drugs
Under the Affordable Care Act (ACA) in the U.S., oral contraceptive pills are given free of cost to women in the U.S. Such regulations favor the growth of the contraceptive drugs market. Increasing government initiatives to reduce infant mortality due to early pregnancies will increase the demand for oral contraceptives. Contraceptive drugs not only help to control unwanted pregnancies but also reduce the number of abortion and complications associated with the procedure worldwide.
As per the World Health Organization, there are an estimated 40 to 50 million abortions every year, corresponding to an approximate of 125,000 abortions per day. To avoid unwanted and unplanned pregnancies, an increasing number of women are opting for contraceptive drugs. This will, in turn, augment growth in the global market.
Contrary to this, the market for contraceptive drugs may face challenges posed by religious, ethical, and social barriers, especially in more conservative regions. Social taboos often discourage the use of contraceptive drugs among women, subsequently adversely impacting the overall market.
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Nevertheless, evolving lifestyle and raising awareness are enabling women to mitigate the aforementioned concerns, in turn supporting the expansion of the contraceptive drugs market. This, coupled with, government initiatives to create awareness around the world is expected to boost the global market in the coming years.
Government Initiatives to Promote Use of Contraceptive Medicines
Geographically, North America held dominance in the global contraceptive drugs market owing to the presence of leading players in the region. This, accompanied by the easy availability of contraceptive drugs, has catapulted North America to the fore of the global market. However, Asia Pacific is most likely to emerge as the fastest growing region.
This is owing to government initiatives adopted across emerging nations of this region. These initiatives are intended at promoting the use of contraceptive medicines as a convenient way of preventing unwanted pregnancy.
According to Fortune Business Insights, the global contraceptive drugs market has a highly fragmented vendor landscape. This is because of the presence of both regional and international players. Major players are focusing on expanding their footprint across the world to gain a strong foothold in the market.
Manufacturers are also putting efforts to improve their product visibility especially in developing economies with new marketing strategies. This is likely to make the competition fiercer as manufacturers are investing huge sums into research and development.
Some of the players operating in the global contraceptive drugs market are Agile Therapeutics, Teva Pharmaceuticals Industry, Bayer AG, Mylan, Lupin Pharmaceuticals Ltd, Janssen Pharmaceutical Company, and Novartis AG.
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