-- Growth in need to prevent unwanted pregnancy, surge in awareness for contraceptives across the world, and rise in usage of oral contraceptives as a preferred method to avoid unplanned pregnancy drive the growth of the global contraceptive drugs market. By region, the market across North America dominated in 2019, and would lead the trail throughout the forecast period.
According to the report, the global contraceptive drugs industry was estimated at $14.32 billion in 2019, and is expected to hit $24.42 billion by 2027, registering a CAGR of 6.9% from 2020 to 2027.
Growth in need to prevent unwanted pregnancy, surge in awareness for contraceptives across the world, and rise in usage of oral contraceptives as a preferred method to avoid unplanned pregnancy drive the growth of the global contraceptive drugs market. In addition, increase in government and NGO initiatives promoting contraceptives and mounting awareness about STDs further fuel the growth of the global market. However, health risks related to the use of contraceptive methods restrain the growth to some extent. Nevertheless, rise in disposable income, growth in demand for healthy life in emerging economies, and presence of large unmet contraceptive needs in emerging Asian and African economies are anticipated to present an array of opportunities in the near future.
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Covid-19 scenario-
During the outbreak of the pandemic the contraceptive drug manufacturers have been through several challenges with unpredictable and distorted supply chain activities and lack of skillful human resources. Also, declined number of hospital visits by women to receive injectable further affected the market.
However, as the restrictions are getting eased off, the global market for contraceptive drugs is expected to recoup soon.
The global market is segmented on the basis of product, age group, end-user, and region. Based on product, the oral contraceptive pills segment held the lion’s share with more than four-fifths of the global contraceptive drugs market share in 2019, and is expected to dominate by the end of 2027. However, the injectable contraceptives segment is expected to manifest the fastest CAGR of 8.0% throughout the forecast period.
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The 15-24 years segment to dominate during the forecast period-
Based on age group, the 15-24 years segment accounted for more than half of the global contraceptive drugs market revenue in 2019, and is expected to lead the trail by 2027, owing to augmented use of contraceptives among teenagers, early maturity among teenage girls, and increase in demand for contraceptives. At the same time, the above 44 years segment would exhibit the fastest CAGR of 9.0% during the forecast period. Women in the age group above 44 years are anticipated to consume oral pills, especially those who still believe they can deliver a child at this age. This factor propels the segment growth.
North America to retain its dominance in terms of revenue-
Based on geography, North America held the major share in 2019, garnering around one-third of the global contraceptive drugs market, owing to rise in awareness regarding contraceptive pills, surge in adoption of modern contraceptive drugs, and alarming rise in prevalence of sexually transmitted diseases such as HIV/AIDS in the province. Simultaneously, the market across Asia-Pacific would showcase the fastest CAGR of 8.4% from 2020 to 2027, due to presence of large population base and proactive initiatives of governmental organizations for birth control and awareness in the region.
Frontrunners in the industry-
Allergan Plc
Bayer AG
Teva Pharmaceutical Industries Ltd.
GlaxoSmithKline Plc
Piramal Healthcare
Mylan N.V.
Pfizer Inc.
Johnson & Johnson
Agile Therapeutics
Novartis AG
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