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Global Contraceptives Market: Development of Innovative Products Key to Success, notes TMR
Some other prominent participants in the global contraceptives market are Cipla Inc., Merck Co. Inc., Mankind Pharma, Teva Pharmaceutical Industries Ltd., Janssen Pharmaceutical Company, Allergan plc, HLL Lifecare Limited, Pfizer Inc., Mithra Pharmaceuticals, and Reckitt Benckiser plc among others.
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As per estimates by Transparency Market Research, the global contraceptives market will reach a valuation of US$37,242.7 mn by the end of 2025 from a valuation of US$22,050.0 mn in 2016 at a CAGR of 6.1% between 2017 and 2025.
Amongst the key product types, contraceptive devices holds dominance with the segment holding 53.2% market share in 2016. Hospital pharmacy leads among the key distribution channels on account of a number of favorable factors. Geography-wise, North America holds lucrative growth prospects among other key markets for contraceptives. However, Asia Pacific is poised to display the leading growth rate over the forecast period.
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Celebrity Endorsement of Awareness Campaigns Uptakes Adoption among Young Adults
Among the key factors driving the global contraceptives market is the increasing number of awareness campaigns that propagate contraceptives to be the effective method to prevent unintended pregnancies, which is leading to their increased adoption among young and adolescent population in both developed and developing countries. The campaigns that are generally undertaken by government agencies and NGOs are endorsed by celebrities, which is favoring the use of contraceptives among young adults who have the mindset to imitate famous people.
Further, the awareness campaigns also offer expert guidance about adoption of most effective method of contraception depending on individual need. Woman’s overall health, age, frequency of sexual activity, desire to have children in future, and family history are some of the factors that gynecologists look into before advising the method of contraception.
In developing regions, especially among the urban population, modern education and career aspirations have been crucial factors for the increasing adoption of contraceptives. Increasing number of women in the workforce and nuclear family setups are leading to increasing use of contraceptives for delayed pregnancies. Couples are increasingly seeking expert help for advice regarding the method of contraception to be adopted and guidance regarding family planning that suit their need.
Apart from this, the rising prevalence of sexually transmitted diseases is also leading to the uptake of contraceptives. This is because contraceptives such as condoms and topical contraceptive patch are effective to prevent sexually transmitted diseases such as AIDS in the event of sexual activity with multiple partners.
Lastly, development of novel contraceptive products by leading key players is also acting in favor of the global contraceptives market.
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Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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