Global Contraceptive Drugs and Devices Market - Segmented by Contraceptive Method, by Mode of Delivery, by Device, by Gender and Geography - Growth, Trends and Forecasts (2018 - 2023)
The Global Contraceptive Drugs and Devices Market was valued at USD 21.1 billion in 2017 and is projected to grow at a CAGR of 7.5% during the forecast period (2018 - 2023). China being the world’s most populated country has around 1.36 billion population and has one of the highest rates of contraceptives use.
Unintended pregnancies growing at a faster pace
Not using of the contraceptives or the incorrect use of the contraceptives may result in unintended pregnancies and the number of unintended pregnancies percentage is higher in the teens younger than 18 years, followed by the age group of 20-24 years. In the United States, the proportion of pregnancies that were unintended increased slightly between 2001 and 2008 (from 48% to 51%), but, by 2011 it decreased to 45%. And in 2014, these contraceptives have helped women to avoid 2 million unintended pregnancies, which would likely have resulted in 900,000 unplanned births and nearly 700,000 abortions. However, over past few years the awareness on contraception has contributed to both decline in unplanned pregnancies and also growth in the usage of the contraceptives market.
There are also other factors which are accelerating the growth of the contraceptives market is the increasing incidence of the STDs and the rapid increase in the population. The government initiatives are also promoting the use of contraceptives to avoid the unnecessary births and the health benefits from using the contraceptives have also been significant players in the growth of this market.
High cost of IUD (Intrauterine devices)
The high costs of the IUD devices have been a barrier for many of the women’s as IUDs are very expensive primarily because of the procedures involved which is known as implanting. The normal cost to insert or remove IUD is around USD 150 to USD 250, depending on the service. The IUD choice of method may not be chosen often because of the cost, which acts as a major restrain to the market growth.
The other major reason for the high cost is the relative length of the efficacy of the IUDs and as they last for a longer duration for years so their cost tends to be higher. There are also other factors such as religious and cultural opposition in certain emerging nations and the fear of certain issues such as infertility resulting from the use of contraceptives have been major setbacks from the market point of view which have been restraining the growth of this market.
North America holds the largest market share for contraceptive drugs and devices
In North America, over 90% of the female population uses the modern contraceptive techniques. The use of contraceptives is the highest in North America, whose share is estimated to be 75.4%. Following North America, Europe is the second largest market globally and the preference of the contraceptives generally varies by region.
According to the study by the United Nations, sterilization is the ideal method of contraception in India, while condoms are in the preferred choice in Japan. For instance, of the overall contraceptives available, the use of oral contraceptive pills is higher in Europe, while the use of IUD was higher in Asia.
Key Developments in the market
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