Contraceptive Drugs Market Trends 2023| Segmentation, Outlook, Industry Report to 2029
The market for contraceptives was valued at USD 22.49 billion in 2019 and is anticipated to grow to USD 30.15 billion by 2027, with a CAGR of 5.5%. The population is extremely concerned about the rising number of unintended pregnancies around the world. According to the Centers for Disease Control and Prevention (CDC), 6.1 million of the country's annual pregnancies—or 45%—are unintended. Therefore, the rise in unintended pregnancies will fuel market expansion over the forecast period.
In 2019, the North American market had a value of $9.71 billion. The rising rate of unintended pregnancies in the region is responsible for the region's dominance in the contraceptive market share. Additionally, the rise in teen pregnancies in the US will support regional growth. For example, according to the Centers for Disease Control and Prevention (CDC), the pregnancy rate among women between the ages of 15 and 19 rose to 18.8% per 1,000 women in 2017. Additionally, the presence of major players operating in the area will increase product sales even more.
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Industry Developments:
The U.S. Food and Drug Administration (FDA) approved a non-hormonal vaginal gel named Phexxi. It was developed by the University of Illinois Chicago. It is a combination of potassium bitartrate, citric acid, and lactic acid.
As per a study by medRvix, female hormones may prevent the transmission of COVID-19. Some birth control pills, such as combination pills and estrogen-only pills can help in reducing the severity and susceptibility of COVID-19. But, researchers don’t recommend self-medication owing to the risk of side effects.
Report Scope & Segmentation
Key Takeaways:
Increasing awareness of several new birth control pills will further boost product demand.
An increasing number of clinical studies on contraceptive methods for better effectiveness will strongly suggest a positive growth trajectory across the analysis period.
The contraceptive market segment is projected to grow at a lucrative rate over the forecast period.
The market size in North America stood at $9.71 billion in 2019.
Drivers & Restraints-
Increasing Government Initiatives to Skyrocket Demand for Contraceptives
As the population is surging worldwide, governments are taking ongoing initiatives to conduct awareness campaigns for lowering the risks of unwanted pregnancies, s-exual disorders, and abortion. The Government of India, for instance, committed to delivering family planning services by the end of 2020 to 48 million new users at the London Summit on Family Planning. Similarly, the U.S. government developed an infant and maternal health initiative to promote the use of contraceptives effectively. However, contraceptives may cause multiple side effects, such as migraine, headaches, and nausea. This factor may hinder the contraceptive market growth.
Segment-
Contraceptive Drugs Segment to Dominate Fueled by Their High Efficiency
Based on product, the contraceptive drugs ices segment is set to grow with highest CAGR in the near future on account of their high demand, as well as their increased efficiency in monitoring women’s health.
Competitive Landscape-
Key Companies Aim to Gain Fast-Track Approvals for Intensifying Competition
The market is fragmented owing to the availability of a large number of contraceptives. Most of companies are frequently conducting elaborate studies to come up with state-of-the-art products to meet the growing demand. Some of the others are trying to bag FDA approvals for their newly discovered products.
Regional Analysis-
Rising Cases of Teenage Pregnancies to Boost Growth in Europe
In 2019, North America generated USD 9.71 billion in terms of revenue and would lead in the forthcoming years. This growth is attributable to the increasing cases of unwanted pregnancies in the region. Europe is set to exhibit considerable growth owing to the rising prevalence of teen pregnancies. On the other hand, Asia Pacific is likely to exhibit a significant CAGR backed by the increasing entrance of new companies in the region.
This Report Answers the Following Questions:
What are the market drivers, hindrances, and opportunities?
Which segment is set to lead the market in the forthcoming years?
Which region is expected to remain in the dominant position in the near future?
How will the key organizations generate more sales amid the COVID-19 pandemic?
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