Hormonal Intrauterine Devices (IUDs) Market Outlook 2024 : Expected Market Growth Rate, Major Driver And Segments

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According to The Business Research Company's, The hormonal intrauterine devices (IUDs) market size has grown rapidly in recent years. It will grow from $2.36 billion in 2023 to $2.61 billion in 2024 at a compound annual growth rate (CAGR) of 10.5%. The growth in the historic period can be attributed to the development of safer and more effective hormonal formulations, rising demand for long-term birth control solutions, increasing healthcare provider recommendations, greater public awareness of contraceptive options, and advancements in medical technology and device design.

The hormonal intrauterine devices (IUDs) market size is expected to see rapid growth in the next few years. It will grow to $3.93 billion in 2028 at a compound annual growth rate (CAGR) of 10.8%. The growth in the forecast period can be attributed to rising awareness of contraceptive choices, increasing preference for long-acting reversible contraception, advancements in device safety and efficacy, growing emphasis on personalized healthcare, and broader availability through healthcare providers. Major trends in the forecast period include advancements in device technology, increasing personalization of contraceptive options, growth in patient-centric healthcare approaches, rising demand for sustainable and eco-friendly products, development of new contraceptive products.

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Market Drivers and Trends:

The increase in unwanted pregnancies is expected to propel the growth of the hormonal intrauterine devices market going forward. Unwanted pregnancies refer to pregnancies that are not planned or desired at the time of conception. These pregnancies can occur for various reasons, including contraceptive failure, lack of access to birth control, incorrect use of contraception, or sexual violence. Limited access to effective contraception increases the risk of unwanted pregnancies by reducing individuals' control over their reproductive choices. Hormonal IUDs are highly effective at preventing pregnancy, with a failure rate of less than 1%. They provide long-term protection (3 to 7 years, depending on the type) and are a reliable option for those seeking to avoid unwanted pregnancies. For instance, in August 2023, according to the Office for Health Improvement & Disparities, a UK-based governmental unit within the UK's Department of Health and Social Care, from January to June 2022, residents of England and Wales had 123,219 abortions, marking a 17% increase compared to the same period in 2021. Therefore, the increase in unwanted pregnancies is driving the growth of the hormonal intrauterine devices market.

Major companies operating in the hormonal intrauterine devices market are focused on developing advanced products, such as levonorgestrel-releasing intrauterine systems, to provide more personalized contraceptive solutions for women. Levonorgestrel-releasing intrauterine systems (LNG-IUS) are hormonal intrauterine devices that release a steady dose of levonorgestrel, a synthetic progestin, into the uterus. This hormone thickens cervical mucus and alters the uterine lining to prevent sperm from reaching the egg. For instance, in November 2022, Medicines360, a US-based pharmaceutical organization focused on improving women's access to essential medicines and health products, introduced the U.S. Food and Drug Administration (FDA)-approved LILETTA. LILETTA is one of the longest-lasting hormonal IUDs in the U.S. and is approved for up to 8 years of contraception and up to 5 years for treating heavy menstrual bleeding. It is approximately 99% effective in preventing pregnancy across diverse populations. The device features an ergonomic inserter for easy placement on the same day as a consultation and can be removed at any time by a healthcare provider. It is available by prescription, and LILETTA is offered at a reduced cost through the 340B drug pricing program, supporting Medicines360's mission to improve access to women's healthcare.

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Major Key Players of the Market:

Merck & Co. Inc., AbbVie Inc., Bayer AG, Organon & Companies, Gedeon Richter Plc, Meril Life Science Pvt Ltd., Bharat Serums and Vaccines Limited, Teva UK Limited, EurimPharm Produktions GmbH, HRA Pharma SAS, Medicines360, Hll Lifecare Limited, Pregna International Ltd., Allergan plc, Actavis Inc., DKT WomanCare Global, CrossBay Medical Inc., SMB Corporation of India, Oy Leiras, OCON Healthcare

Hormonal Intrauterine Devices (IUDs) Market 2024 Key Insights:

• The hormonal intrauterine devices (IUDs) market size is expected to see rapid growth in the next few years. It will grow to $3.93 billion in 2028 at a compound annual growth rate (CAGR) of 10.8%.
• Rising Unwanted Pregnancies Fuel Growth In The Hormonal IUD Market
• Advancements In Long-Lasting Hormonal Intrauterine Devices For Enhanced Contraceptive Solutions
• North America was the largest region in the hormonal intrauterine devices (IUDs) market in 2023

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