Press release
Contraceptives Market is Expanding at a 6.1% CAGR between 2017 and 2025
The global contraceptives market is gaining from the increasing number of awareness campaigns that propagate contraceptives to be the effective method to prevent unintended pregnancy. Celebrity endorsements of these campaigns is particularly favoring the use of contraceptives among young adults who have the mindset to imitate famous people.
In urban areas, modern education and career aspirations have been crucial factors for the increasing use of contraceptives. Increasing number of women in the workforce and practices of seeking expert help for delayed pregnancy are driving the adoption of contraceptives.
Proving to challenge the market’s growth are side effects associated with hormonal contraception which is slowing their adoption among wary consumers.
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As per a report by Transparency Market Research, the global contraceptives market is likely to rise at a CAGR of 6.1% between 2017 and 2025, for the market to be evaluated at US$37,242.7 mn by the end of 2025 from its worth of US$22,050.0 mn in 2016.
Contraceptive Devices Preferred due to Attributes of Effective, Long Lasting Contraception
In this report, the global contraceptives market is studied on the basis of product type, distribution channel, and region. On the basis of product type, the segments into which this market is divided are contraceptive drugs and contraceptive devices. The segment of contraceptive drugs is further sub-segmented into oral contraceptive, contraceptive injectable, and topical contraceptive patch. Oral contraceptive is further segmented into combined contraceptives and mini pills.
Contraceptive devices is segmented into male contraceptives and female contraceptives. Female contraceptives is further sub-segmented into female condoms, contraceptive sponges, contraceptive diaphragms, contraceptive vaginal rings, sub-dermal contraceptive plants, intrauterine devices, and non-surgical permanent contraception devices. The segment of contraceptive devices dominate the overall market, with the segment holding the leading 53.2% market share in 2016. This is mainly because of rising demand for intrauterine devices due to their safe, effective, and long lasting contraceptive benefits.
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The segment of oral contraceptives within contraceptive drugs is anticipated to register the leading growth over the forecast period. This is attributed to the ease of availability of oral contraception, increasing awareness of pills among women, and development of low cost generic drugs.
Based on distribution channel, the global contraceptives market is segmented into hospitals pharmacy, independent pharmacy, online platform, clinics, and others. Hospital pharmacy is further segmented into public and private. Among the key distribution channel segments, hospital pharmacy leads the overall contraceptives market. Hospital pharmacy held the leading 34.7% market share in 2016 backed by favorable public and private funding and reimbursement facility for contraception treatment and ease in access of over the counter and prescribed drug at hospital pharmacy.
Asia Pacific to Emerge as Significant Market in Future
The global contraceptives market has been segmented into North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa based on geography. North America leads among other key regional markets with the region holding a share of 35.0% in 2016. The factors contributing to the growth of North America contraceptives market include rising prevalence of unintended pregnancies, rising trend of delayed child bearing, and growing usage of contraceptives among teenagers.
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Europe stood as the second-leading region for contraceptives in 2016. The growth of this market is mainly due to easy availability of modern contraceptives and reimbursement provision for long term reversible contraceptive treatment.
However, Asia Pacific is projected to display the leading growth rate over the forecast period. Government initiatives to raise awareness to prevent unintended pregnancies, extensive population base in China and India creating massive demand for contraceptives, and rapid economic development are factors that will contribute to the growth of Asia Pacific contraceptives market.
Leading players in the global contraceptives market include Cipla Inc., Bayer AG, Merck Co. Inc., Teva Pharmaceutical Industries Ltd., Allergan plc, Pfizer Inc., Reckitt Benckiser plc, Mankind Pharma, Janssen Pharmaceutical Company, HLL Lifecare Limited, and Mithra Pharmaceuticals among others.
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