Contraceptive Drugs and Devices – Global Insights and Forecast till 2024

Use of contraceptives is low in emerging economies especially in Africa, according to report ‘Trends in Contraceptive Use Worldwide 2015’, of the United Nations in 2015. Moreover, WHO estimates that around 225 million women in as of 2015, emerging economies who would like to delay their pregnancy are not using any contraception method. The impact of this is realized through the number of abortions carried out each year, with around 21.6 million unsafe abortions reported annually. Around 85% of these are reported in emerging economies in Africa and Asia, as per estimates of WHO (2016). Increasing awareness among the population through government initiatives and increasing accessibility to various contraceptive devices and drugs are expected to propel growth of contraceptive drugs and devices market in the near future.

Request a sample copy of this report: https://www.coherentmarketinsights.com/insight/request-sample/365

The demand for advanced contraceptive options such as IUD, injectables, combined oral pills and diaphragms is observed to be high globally. This is owing to growing awareness among the populace, availability of reimbursement and growing demand for long term contraceptive methods.

The global contraceptive drugs and devices market was valued at US$ 18,273.2 million in 2015 and is expected to expand at a CAGR of 7.8% during the forecast period (2016 – 2024).

High unmet need, especially in the African region

According to the United Nations (UN) study in 2015, the number of married and in-union women (15 years–49 years age group) using contraceptives is expected to reach 778 million by 2030, from a reported 758 million in 2015. Moreover, the study reflects a high unmet need at 22% (2015) in the African region, followed by Asia Pacific with 12.5% (2015). Also, there has been increase in usage of contraceptives among the sexually active women population in Nigeria from 23% in 2014 to 30% in 2015, post the Federal Government’s advocacy on usage of contraceptives among its women population, as per the report of the National Bureau of Statistics (NBS) in 2015.

Thus, market players such as Teva Pharmaceutical Industries Ltd., Church & Dwight Co. Inc., Reckitt Benckiser Plc, Pfizer, Inc., Bayer AG, Cooper Surgical, Inc., and Allergan plc. should focus on the African market for potential revenue opportunities in the long run.

Ask for customization: https://www.coherentmarketinsights.com/insight/request-customization/365

High preference for modern contraceptive methods in developed regions

As per results of a detailed study by the United Nation in 2015, 9 out of 10 married or in-union women opt for modern contraceptive methods. Use of IUD in the U.S. women population has resulted in decrease in the rate of unintended pregnancies from 51% (2006–2010) to 45% (2009–2013) as per the CDC’s National Survey of Family Growth. Furthermore, higher success rate and availability of reimbursement is encouraging women to opt for these methods over contraceptive pills. With increasing consumer awareness and rising accessibility to modern contraceptives methods, demand for these products is expected to increase in emerging economies such as India, China, and Brazil during the forecast period. Gynecologists and sexologists are recommending use of long-acting reversible contraceptives for couples who do not intend to have a child in near future, owing to their low side-effects and high effectiveness as compared to conventional contraceptives such as oral hormonal pills.

About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

Contact Us:
Mr. Shah
Coherent Market Insights
1001 4th Ave, #3200
Seattle, WA 98154
Tel: +1-206-701-6702
Email: sales@coherentmarketinsights.com
Visit our news Website: http://www.coherentchronicle.com/

This release was published on openPR.