World Oral Contraceptive Pills Market Share: Generic Oral Contraceptive Pills Enjoy Larger Share in Global Market 2023

The opportunity in the global oral contraceptive pills market was reported to be US$13.1 bn in 2014 and is anticipated to be worth US$22.9 bn by 2023, registering a steady CAGR of 6.6% therein.

Demand for Generic Oral Contraceptive Pills Takes Precedence over Branded Pills

The value of the oral contraceptive pills market is poised to rise from US$13.1 bn in 2014 to US$22.9 bn by 2023. If these values hold true, the market is likely to expand at a steady CAGR of 6.6% during the forecast period. Combination oral contraceptive pills held the leading share in the market in 2014 and the opportunity in this segment is likely to be worth nearly US$18 bn by 2023. Combination oral contraceptive pills are also identified to form the most rapidly growing segment during the forecast period, exhibiting a 6.8% CAGR therein.

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Generic oral contraceptive pills gained a higher share in the overall market in 2014 compared to branded pills and are also projected to record the highest CAGR by 2023. By region, while North America will continue leading the global oral contraceptive pills market, Asia Pacific is forecast to register the fastest growth from 2015 to 2023.

Favorable Reimbursement Policies in U.S. Spur Adoption of Oral Contraceptive Pills in North America

The global contraceptive pills market is geographically segmented into North America, Latin America, Asia Pacific, Europe, and the Middle East and Africa. North America led the global contraceptive pills market in 2014 primarily owing to a greater incidence of unintended pregnancies in the region. The Centers for Disease Control and Prevention (CDC) states in a study that between 2006 and 2010, a 37% of the total pregnancies in the U.S were unintended. A significant proportion of these pregnancies led to abortions, which resulted in a massive yet preventable healthcare expenditure. In a bid to curb this avoidable healthcare expense, the governments of North American countries are encouraging women to opt for modern and more effective contraceptive options. The enforcement of the Affordable Care Act, or Obamacare, in the U.S. and various awareness programs by non-profit organizations have led to the availability of favorable reimbursement policies and the increased sale of emergency oral contraceptive pills in the region.

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Asia Pacific is viewed as one of the most attractive market for oral contraceptive pills in the course of the forecast period thanks to the steady economic development in countries such as Singapore, India, China, Australia, and Philippines. This economic growth has resulted in the increasing disposable income of the people, surging awareness about family planning and contraceptives, and the desire for healthier living. This, in turn, has led to the rising adoption rate of oral contraceptive pills in the region.

The leading players competing in the global oral contraceptive pills market include Bayer AG, Janssen Global Services, LLC, Allergan,plc (Actavis), Teva Pharmaceutical Industries Ltd., Piramal Enterprises Ltd., Pfizer, Inc., Merck & Co., Inc., and Mankind Pharma Ltd.

High Unmet Contraceptive Needs Emerging Owing to Increased Incidence of Unintended Pregnancies

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One of the leading factors driving the oral contraceptive pills market is the high incidence rate of unintended pregnancies among women between the age of 15 and 44. The Centers for Disease Control and Prevention (CDC) states that in the U.S. alone, an estimated 37% of the total pregnancies in the country between 2006 and 2010 were unintended.

“The growing percentage of unintended pregnancies in several parts of the world, including among married women, has also boosted the demand for oral contraceptive pills,” states the author of the TMR report. The United Nations has reported in a study that the percentage of married women using at least one method of contraception has been steadily rising and this is a positive sign for the global contraceptives market as a whole.

The increasing maternal age, late pregnancies, and rising awareness programs by governments and NGOs to promote the usage of contraceptives are also fueling the oral contraceptive pills market.

Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.

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This release was published on openPR.