The global hormonal contraceptive market size is expected to reach USD 26.2 billion by 2025
The global hormonal contraceptive market size is expected to reach USD 26.2 billion by 2025
LONDON, May 22, 2018 /PRNewswire/ -- Hormonal Contraceptive Market Size, Share & Trends Analysis Report By Method (Pill, Intrauterine Device (IUD), Patch, Implant, Vaginal Ring, Injectable), By Region, Vendor Landscape, And Segment Forecasts, 2018 - 2025
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The global hormonal contraceptive market size is expected to reach USD 26.2 billion by 2025, according to a new report by Grand View Research, Inc., registering a CAGR of 4.0% during the forecast period. Introduction of innovative products in the market and growing awareness about reproductive and sexual health in emerging regions are likely to drive the market in the coming years.
Pill, Intrauterine Devices (IUD), injectable, vaginal rings, implants, and patches are various methods used for hormonal contraception. Hormonal contraception methods act on the endocrine system to prevent ovulation.
Increasing number of women in developing economies are using contraceptives due to rise in government initiatives and programs, which is anticipated to accelerate market growth. For instance, according to the UN, approximately 64.0% of women between 15 and 49 years of age were using some form of family planning in 2015, be it traditional or modern. This figure stood at 36.0% in 1970.
The number of unintended pregnancies annually is highest in U.S., which is about 3 million. Hence, the Center for Medicaid and CHIP Services (CMCS) established a Maternal and Infant Health Initiative for the Medicaid and Children's Health Insurance Program (CHIP) program to promote use of effective methods of contraception and help women avoid such pregnancies.
Further key findings from the report suggest:
-- Increasing demand for contraceptive methods can be attributed to growing awareness about pills and devices, increasing significance of family planning, and supportive government regulations improving access to these products
-- In 2016, pills accounted for the largest share in the market as they are convenient to use and exhibit more than 99.0% effectivity when accurately consumed. Furthermore, ease of availability, fewer adverse effects, and large number of players operating in the market can be attributed to this share
-- The IUD segment is expected to witness the fastest growth during the forecast period. This can be attributed to entry of new devices in the market over the recent past, availability of long-acting reversible birth control methods, and more than 99.0% effectivity
-- Geographically, North America held the largest share in 2016 and is anticipated to maintain its dominance during the forecast period due to local presence of market players, high per capita income, and supportive government initiatives
-- Asia Pacific is estimated to witness the fastest growth during the forecast period due to high unmet need, expected increase in coverage during the next 15 years, and increasing number of women of reproductive age
-- Some of the key players operating in the market are Teva Pharmaceuticals Industries Ltd.; Bayer AG, Merck & Co. Inc.; Pfizer, Afaxys, Inc.; Agile Therapeutics; Allergan; and Apothecus Pharmaceutical Corporation.
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