Global Contraceptive Devices Market - Segmented by Type, Gender, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The global contraceptive devices market was valued at around USD 20 billion in 2017 and is projected to register a CAGR of approximately 7% during the forecast period 2018–2023. China, the world’s most populated country, with a population of around 1.36 billion, has one of the highest rates of contraceptives usage.
Government Initiatives to Prevent Unwanted Abortions and Pregnancies
Unwanted pregnancies are on the rise, globally. Government bodies of various countries have been taking measures, like promoting the use of contraceptive devices to prevent this unwanted growth. It is estimated that among the number of pregnancies that occur in the United States, nearly 76% of them are unwanted, and are under the age of 30. According to Harvard researchers, it is estimated that single parenthood due to unwanted pregnancies is the reason for holding out on economic mobility, more than other variables like education and race. Given the widespread implications of unwanted pregnancies, the market for contraceptive devices is expected to experience a surge during the forecast period. Also, other factors, like the increasing incidence of STDs and the rapid increase in population, will accelerate the growth of the contraceptive devices market.
Limited Access to Contraception
Access to safe, voluntary family planning is a human right. Family planning is central to gender equality and women’s empowerment and is a key factor in reducing poverty. Millions of women are unable to prevent unwanted pregnancies, which is impacting their lifestyle, as well as that of the child, both economically and socially. This is happening primarily due to the lack of knowledge and limited access to contraception and is more prevalent among low and middle-income nations of the world. An estimated 69 countries face the problem of limited access to contraception. Lack of awareness and limited supply has been one of the major reasons for the contraceptive devices market’s limited growth in the developing nations. Apart from these, the high cost of conventional contraceptive devices, like intra-uterine device (IUD), is also acting as a barrier to the growth of the market.
United States Holds the Largest Market Share
There were approximately 60 million women in the United States in their child-bearing years (age 15 – 44), as of 2017. Around 70% of these women were at risk of unintended pregnancy. More than 99% of women aged between 15 - 44 years have used at least one contraceptive method. This indicates the high awareness and demand for avoiding unintended pregnancies in the United States. The use of contraceptive devices accounts for the second largest expenditure on contraceptive methods in the United States, and globally alike.
Key Developments in the Market