Contraceptive Pills Market Projection By Top Key Players – Janssen Pharmaceutical Company, Piramal Enterprises, Allergan, plc, Mylan N.V., Pfizer, Inc., Bayer AG Market Research Forecast 2028
The global contraceptive pills market size is projected to reach USD 20.55 billion by 2026, exhibiting a CAGR of 5.8% during the forecast period. High degree of unfulfilled contraceptive needs in rural areas in emerging economies is expected to be one of the key drivers for the growth of this market. Data gathered under the Demographic and Health Surveys (DHS) conducted between 2005 and 2014 in 52 developing countries revealed that around 8% to 38% of married rural women, aged between 15 and 49 years, faced unmet contraceptive needs. The main reason for this gap is the lack of accessibility and local availability of birth-control pills in these areas. To counter this, governments in many developing and underdeveloped countries are taking efforts to make these modern day medications more accessible and affordable to the rural populace. This will effectively accelerate the oral contraceptives market growth during the forecast period.
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Fortune Business Insights™, in its report, titled “Contraceptive Pills Market Size, Share & Industry Analysis, By Type (Combination Pills and Progestin-only Pills), Distribution Channel (Hospital Pharmacy, Retail Pharmacy, Clinics, Online Channel, Public Channel & NGO, and Others) and Regional Forecast, 2019-2026”, states that the value of this market stood at USD 13.11 billion in 2018. In addition to this information, the report shares the following insights:
A microscopic analysis of the major factors and drivers shaping the market;
A meticulous research into the most defining regional and competitive dynamics characterizing this market;
An in-depth profiling of the key players operating in this market; and
A holistic study of the different market segments.
Expeditious Need to Curb Population Growth to Feed Market Development
According to the United Nations’ Department of Economic and Social Affairs, by 2030, world population will reach 8.6 billion and by 2050, it will be 9.8 billion. The prevalent anxiety is that such explosion of numbers will create wide socio-economic imbalances, especially in poor countries. Proactive measures are being taken by governments across the globe about family planning and use of the contraceptives to avoid unnecessary pregnancies. This desperate need to control population growth is expected to be one of the leading contraceptive pills market trends in the immediate future. Furthermore, increasing prevalence of teenage pregnancies, particularly in the U.S. has also emerged as a central factor driving the growth of this market.
Increasing Popularity of Advanced Contraceptives to Propel the Market in North America
North America is slated to dominate the contraceptive pills market share, since the region generated USD 4.09 billion in revenue in 2018. The primary reason for this is the rising uptake of short-acting reversible contraceptives in the U.S. and patient-friendly reimbursement policies for oral birth-control pills. Europe will emerge as the second leading region in this market, led by France which has the highest birth rate in the region. Better reimbursement policies will also bode well for the market in Europe. Asia-Pacific will record the fastest growth owing to rising number of awareness drives conducted by the government and NGOs. In Latin America, the Middle East, and Africa, increasing presence of big pharmaceutical companies and growing literacy rates will drive the market in these regions.
Exciting Opportunities Await Local and Regional Players in the Market
While big companies such as Bayer AG are benefiting owing to their well-established presence, smaller players operating at the local and regional level are also slowly gaining ground in this market. This is a result of launching of innovative products by these players along with certain capacity restrictions hounding the large players.
Key Industry Developments:
December 2019: A team of scientists from the Massachusetts Institute of Technology (MIT) developed a contraceptive pill that needs to be taken only once a month. It is a gelatin capsule that releases synthetic hormones in the stomach, preventing unwanted pregnancy.
August 2017: Lupin Pharmaceuticals voluntarily recalled its contraceptive Mibelas 24 FE from the market in the U.S. as they were purportedly out of sequence.
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Top Players Identified in the Contraceptive Pills Market Report by Fortune Business Insights™:
Janssen Pharmaceutical Company
Teva Pharmaceutical Industries
HLL Lifecare Limited
Merck & Co., Inc.
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