Press release
Oral Contraceptive Pills Market is Expected to be Worth US$22.9 bn by 2023
As per Transparency Market Research (TMR), Teva Pharmaceutical and Allergan (Actavis) plc. are the two leading companies within this market. Some of the other local players in the market include: Taj Pharma, Alkem, and Zydus Alidec. It has been observed that a majority of the players offer combination oral contraceptive pills owing to their efficiency, low cost, and being most popular among women for birth control.
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According to TMR, the global oral contraceptive pills market is expected to be worth US$22.9 bn by 2023. On the basis of type, the position of combination oral contraceptive pill segment remains undisputed and is estimated to be worth US$18 bn by 2023. The segment is also identified as the fastest growing segment within the market. On the basis of category, the generic oral contraceptive pill segment will lead in the market. The segment will also witness highest growth rate in the forecast period, said a TMR analyst.
On the basis of geography, North America shall continue to have a dominant hold over the market within the period from 2015 to 2023. However, Asia Pacific will expand at the fastest rate and emerge the most promising regional segment within the oral contraceptive pills market. High population and growing awareness among the people about the availability of oral contraceptive pills as an easy method to control birth will be key reasons behind the growth of this market.
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Government Initiatives to Spread Awareness Programs Aids Growth
The growing incidence of unwanted pregnancies is becoming a key factor fueling the demand for oral contraceptive pills. It has been found that the oral contraceptive pills are most consumed by women falling under the age group of 15 and 44. As per the The Centers for Disease Control and Prevention (CDC), the U.S. alone accounted for 37% of the total unwanted pregnancies in North America between 2006 and 2010. “The staggering growth of unintended pregnancies, not just among unmarried women, but also among those married will is fueling the growth of the global oral contraceptive pills market,” said a TMR analyst.
It has been found in one of the studies by The United Nations, that there has been an increase in the number of married women using at least one method of contraception, boosting the growth prospects of this market. Some of the other factors propelling the demand for contraceptives include the growing awareness among women, increasing efforts taken by governments to spread the awareness of contraceptives, NGOs initiating awareness programs across nations, and increasing maternal age. Late pregnancies are also aiding the growth of this market.
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Religious and Ethical Norms to Deter Market from Growing to its Fullest Potential
Across many countries in the Middle East, oral contraceptives are restricted by various ethical, social, and religious barriers. This will act as a impeding factor for the growth of the oral contraceptive pills market. Oral contraceptive pills are perceived as a means of abortion and thus their sales suffer in these areas. Strict legal frameworks and policies towards reproductive rights in many countries will also challenge the growth of this market.
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