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Oral Contraceptive Pills Market Competitive And Growth Analysis 2024 - Market Size, Growth Rate, Major Drivers And Key Trends
Oral Contraceptive Pills Global Market Report 2024
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According to The Business Research Company's, The oral contraceptive pills market size has grown rapidly in recent years. It will grow from $23.66 billion in 2023 to $27.12 billion in 2024 at a compound annual growth rate (CAGR) of 14.6%. The growth in the historic period can be attributed to increasing awareness, rising women's health concerns, government initiatives, changing lifestyles, market expansion.
The oral contraceptive pills market size is expected to see rapid growth in the next few years. It will grow to $47.15 billion in 2028 at a compound annual growth rate (CAGR) of 14.8%. The growth in the forecast period can be attributed to growing population, women's empowerment, rising healthcare expenditure, advancements in healthcare infrastructure, expanding product portfolio. Major trends in the forecast period include focus on minimizing side effects and hormonal disruption, emergence of non-hormonal and natural contraceptive alternatives, shift towards continuous and tailored contraceptive regimens, increasing awareness and education initiatives, rise in female empowerment and involvement in contraceptive choices.
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Market Drivers and Trends:
The high incidence of unintended pregnancies is expected to drive the growth of the oral contraceptive pills market over the coming years. An unintended pregnancy is a pregnancy that is always unwanted, such as a pregnancy where no children have been planned. The University of California, San Francisco (UCSF) study shows that the rates of unwanted pregnancy and abortion declined substantially when women received a one-year prescription of oral contraceptives. According to the World Health Organization (WHO), 74 million women living in low-middle-income economies register unplanned pregnancies every year globally. The WHO's research noticed that 4,794 women had unplanned pregnancies after they had discontinued using contraceptives. Therefore, the need to avoid unintended pregnancies drives the growth of the oral contraceptive pills market.
Major institutes and companies operating in the oral contraceptive pill sector are focusing on developing innovative solutions for oral contraceptive pills. For instance, in July 2022, HRA Pharma, a France based innovative healthcare company, developed an over-the-counter birth control pill called Opill. HRA Pharma has applied to the Food and Drug Administration in the United States. Opil is a progestin-based contraceptive that helps people access contraception without facing any difficulty.
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Major Key Players of the Market:
Pfizer Inc., Johnson & Johnson, Merck & Co. Inc., Novartis AG, Abbvie Inc., Bayer AG, Sanofi S.A., GlaxoSmithKline plc, Zydus Lifesciences Ltd., Sun Pharmaceutical Industries Ltd., Teva Pharmaceutical Industries Ltd., Aurobindo Pharma Limited, Cipla Inc., Dr. Reddy's Laboratories Ltd., Ferring B.V, Amneal Pharmaceuticals LLC, Lupin Pharmaceuticals Inc., Vardhaman Lifecare Pvt. Ltd., Glenmark Pharmaceuticals, Piramal Enterprises Ltd., Mankind Pharma Ltd., Sopharma AD, Mayne Pharma, HLL Lifecare Limited, Famy Care Ltd., Syzygy Healthcare, V Care Pharma, Actavis plc, Mylan N.V.
Oral Contraceptive Pills Market 2024 Key Insights:
• The oral contraceptive pills market size is expected to see rapid growth in the next few years. It will grow to $47.15 billion in 2028 at a compound annual growth rate (CAGR) of 14.8%.
• Role Of Oral Contraceptive Pills In Preventing Unintended Pregnancies
• Innovations In Oral Contraceptive Pills For Enhanced Accessibility And Convenience
• North America was the largest region in the oral contraceptive pills market in 2023
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