Global Contraceptive Drug & Devices Market Insights, Opportunity, Analysis, Market Shares And Forecast 2016 – 2022
The global contraceptive market is mainly driven by various factors such as growing prevalence of sexually transmitted diseases and the growing need to control the rising population. The launch of new products with enhanced efficacy is expected to drive the contraceptive market over the forecast period. The global contraceptive market is estimated to grow with a CAGR of 4.3% during 2016-2022. These drugs or devices interfere with the normal process of ovulation, fertilization and implantation to prevent the pregnancy; and also, inhibits sexually transmitted diseases. There are a number of birth control drugs and devices available in the market that act at different point in the process.
The global contraceptive market is majorly driven by various factors such as growing prevalence of sexually transmitted diseases (STDs), such as HIV and syphilis with a large chunk of population suffering from such diseases around the world, with the number is increasing every day. The initiatives taken by various governments and NGOs across the globe to encourage and promote the usage of contraceptives drugs and devices with the primary focus on reducing the rate of population growth; and also, to control the spread of various STDs is the key factor that has provided impetus to the growth of this market. Moreover, major companies introducing new products with superior effectiveness is also likely to drive the contraceptive market over the forecast period. However, various moral, social and ethical issues are some of the major concerns that are limiting the use contraceptives in some regions like Middle-East. Furthermore, growing ubiquity of infertility among women and rising geriatric population are further expected to restrict the use of contraceptives, thus curbing the market growth.
The global contraceptive market is segmented into two categories namely, drugs and devices. The contraceptive drugs can be further categorized on the basis of its application into three different forms i.e. pills, injectable and patches. Injectable are projected to be segment with the highest growth owing to lesser side effects of injectable over the oral contraceptives and lesser failure rates. Still, the oral drugs or pills are the most conventional and dominated the global contraceptive drugs market share in 2014. On the basis of product type, the market is segmented into contraceptive drugs and contraceptive devices; of which Contraceptive drugs segment dominated the market share, in terms of revenue in 2014. As contraceptive drugs are readily available and easy to use, drugs are more favored over the devices. The contraceptive devices market include both male and female contraceptive devices. In 2015, contraceptive devices accounted for $9,395 million and it is anticipated to witness a CAGR of 5.4% during the forecast period, which is attributed to the rising levels of awareness and the lesser side effects of devices over the contraceptive pills. The Companies are also trying for advancement in contraceptive devices to attract more new customers in the segment.
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