The Global Contraceptives Market encompasses several regions, among which North America is expected to lead the market. Additionally, the contraceptives market in North America gains impetus from the rising awareness among consumers regarding the use of contraceptives. On the other hand, Asia Pacific is anticipated to offer lucrative growth opportunities primarily backed by government support especially in countries such as India and China. Active government support in the Asia Pacific aimed at curbing the unprecedented rise of the population will help the market grow in the coming years.
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The demand for oral contraceptives is likely to grow considerably in the global contraceptive drug market. This is primarily on account of the rising use of oral birth control pills among women. In terms of revenue, condoms among other contraceptive products are likely to witness increasing demand. Also, intrauterine devices or IUDs may witness high demand facilitated by their increasing availability. IUDs are offered at a large number of hospitals to those wishing to prevent unwanted pregnancies.
Rising awareness regarding the benefits and importance of contraception is the key to growth in the global contraceptives market. Fortune Business Insights has published a report, titled “Contraceptives Market Size, Share and Global Trend by Product Type (Contraceptive Drugs & Contraceptive Devices), Gender (Male & Female), Distribution Channel (Hospital Pharmacy, Retail Pharmacy, Clinics, Online Channel, Public Channel & NGO & Others) and Geography Forecast till 2025,” which provides insights into various factors enabling growth in the global market. As per the report, the contraceptives market was worth US$ 20111.6 Mn in 2017 and is anticipated to reach US$ 31666.9 Mn by 2025. In addition to this, the report has predicted that the global market for contraceptives will expand at a CAGR of 5.6% during the forecast period between 2017 and 2025.
Technological Advancements in Contraceptive Drugs and Devices to Spur Growth
“Advent of advanced technology in contraceptive devices drives the contraceptives market,” said a lead analyst at Fortune Business Insights. “Rising support from governments and initiatives by NGO are likely to encourage the use of contraceptives in the coming years,” he added. The rising prevalence of sexually transmitted diseases (STDs) is fueling the demand for contraceptives such as contraceptive pills.
Some international and national bodies are launching campaigns to increase awareness on STIs. In addition to this, regulatory authorities such as Medicines and Healthcare Regulatory Agency (MHRA) approved injectable contraceptives in the U.K. These approvals on contraceptives for women and men are expected to enable growth in the contraceptives market, especially in developed countries. Another factor boosting the contraceptives market is the rising adoption of novel contraceptive methods in developing nations. People across the world are increasingly paying attention to family planning. This, coupled with easy accessibility of contraceptives, is likely to drive the contraceptives market over the next few years.
Limited Awareness and High-Cost May Hamper the Growth
Despite witnessing strong growth prospects, there are certain factors that may impede the market in the upcoming years. People in low-income countries are still not able to use contraceptive devices owing to their high cost. Also, a large number of the population isn’t aware of the benefits of contraceptives. Nevertheless, companies are introducing programs to raise awareness among the populace. In addition to this, companies are providing free of cost contraceptive drugs to people with low-income scale. Such initiatives are likely to expand the contraceptives market over the forecast years.
Entry of New Vendors to Bring Advanced Contraceptive Methods
Some major players operating in the global contraceptives market include Bayer AG, Janssen Pharmaceutical Company, Merck & Co., Inc., Teva Pharmaceuticals Industry, Allergan plc, Reckitt Benckiser plc, Mylan, Church & Dwight, Co., Inc., Medisafe Distribution Inc., and The Female Health Company. The global contraceptives market is anticipated to offer substantial growth opportunities to new vendors, especially in developing countries. These vendors can create robust awareness and initiatives regarding the use of contraceptives devices. This is further expected to increase the volume of contraceptives sales. Moreover, these new vendors are planning to introduce improved contraceptive devices to strengthen their product portfolio. This will give significant impetus to the global contraceptives market;
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