Global Contraceptive Pills Market - Segmented by Type, Category, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The global contraceptive pills market was valued at around USD 1 billion in 2017 and is projected to witness a CAGR of approximately 9% during the forecast period of 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.
Need to Prevent Unwanted Abortions
Unwanted pregnancies are on the rise, globally. Government bodies of various countries have been taking measures, like promoting the use of contraceptive pills 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 pills is expected to experience a surge during the forecast period. Also, other factors, like the ease of use of contraceptive pills and their low cost will drive the 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 access to contraception. Lack of awareness and limited supply has been one of the major reasons for the contraceptive pills market’s limited growth in the developing nations. Apart from these, issues like cultural and religious opposition prohibit women from consuming certain contraceptive pills, which is also restraining the growth of the global contraceptive pills 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 pills accounts for largest expenditure on contraceptive methods in the United States, followed closely by the use of female sterilization methods, and male condoms.
Major Players: AGILE THERAPEUTICS, BAYER HEALTHCARE, CHURCH & DWIGHT CO., INC., JOHNSON & JOHNSON LTD, LUPIN PHARMACEUTICALS LTD, MERCK & CO., MYLAN LABORATORIES, NOVARTIS, PFIZER AND TEVA PHARMACEUTICALS LTD, among others.
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