Contraceptive Drugs and Devices Market- Growth, Trends, and Forecasts (2020 - 2025)
The contraceptive drugs and devices market is expected to register a CAGR of 7.92% during the forecast period. The major factors propelling the growth of the contraceptive drugs and devices market include the increasing incidence of the STD, an increasing rate of unintended pregnancies, and the rise in government initiatives.
The number of unwanted pregnancies is increasing globally and it is a matter of serious concern all around the world. According to the centers for disease control and prevention, in 2017, it was estimated that about 194,377 babies were born to women, aged 15-19 years, for a birth rate of 18.8 per 1,000 women, in this age group. Hence, with the increasing rate of unintended pregnancies, there will be a rapid increase in the demand for contraceptive devices, which will ultimately drive the market.
Furthermore, there are countries and their respective governments that have identified the need to curb the growth of unwanted pregnancies and have started a great number of initiatives to educate and prevent the spread of unwanted abortions and pregnancies. The usage of contraceptive pills is one among them. The right to obtain and use contraceptives is part of the fundamental right to privacy guaranteed by the United States Constitution. Thus, government initiatives are also promoting the use of contraceptives to avoid the unnecessary births. The health benefits from using the contraceptives have also been significant players in the growth of this market.
In addition, there are a lot of technological advancements in contraceptive drugs, such as the development of emergency oral contraceptive pills that have helped in the growth of the market.
Key Market Trends
Oral Contraceptives is is Expected to Hold a Major Market Share in the Contraceptive Drugs and Devices Market
Oral contraceptive pills are seen as the easiest method of contraception in the industry. They act by prohibiting implantation within the uterus if taken within 2-3 days of having unsafe sexual contact. The simplicity of their usage makes them an ideal contraceptive in the market. These are easily marketed across large regions by global companies and thus easily consumed by a large section of the population, globally. According to the World Bank 2017 survey report, estimated that fertility rate in 2017, worldwide was 2.43 children per woman when compared to the previous year it was 2.45 children per woman. These factors are expected to contribute to the growth of the market over the forecast period. The other forms of contraceptive drugs, such as topical and injectable contraceptives have also witnessed a strong market demand.
North America has been Reported with the Largest Share and Consistent Growth over the Forecast Period.
North America is expected to register high growth, owing to the presence of sophisticated healthcare infrastructure, the high adoption rate of contraceptive drugs, and the rising number of government initiatives that help in increasing the overall market. A large section of the women population represents the reproductive age in the United States as well as Canada. With that, a significant size of the population is at risk of unintended pregnancy, as their partners do not use a contraceptive method, correctly and consistently. The awareness regarding these products is also high with considerable support being provided by several hospitals to control the patients affected by its misuse. Moreover, the distribution channel of several companies is well established across the United States and Canada, which overall drives the market and contributes to the largest share, over the forecast period.
The Contraceptive Drugs and Devices Market is fragmented competitive and consists of several major players. Over the forecast period, most of the domestic and international players are found focusing on the emerging market and these countries are growing rapidly in the contraceptive drugs and devices market. Some of the companies which are currently dominating the market are Bayer AG, Pfizer Inc., Merck & Co. Inc., Teva Pharmaceuticals Ltd, Agile Therapeutics, Allergan PLC, Ani Pharmaceuticals Inc., Church & Dwight Co. Inc., Fuji Latex Co. Ltd and Johnson & Johnson Ltd.
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