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Prominent industry players in the U.S. Intrauterine Devices Market are Bayer AG and Teva Pharmaceutical. The industry participants use strategies such as enhancing their manufacturing footprint, merger and acquisition, new product launch and geographical expansion in order to improve their marker position and product portfolio. For instance, Bayer AG launched their new hormonal IUD product Kyleena in the year 2016 in order to expand their product portfolio.The U.S. Intrauterine Device Market will exceed USD 2.0 billion by 2024; according to a new research study published by Global Market Insights, Inc. High number of unintended pregnancies in the country will result in increase in number of intrauterine device adoption among the women in the country. As per research findings, almost 45% of all the annual pregnancies in the Unites States are unintended. But in the recent years the rate of unintended pregnancies has decreased marginally due to the effective use of contraceptives such as intrauterine devices. This rise in product adoption in the country is highly anticipated to continue over the forecast period.
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Increase in number of women in U.S. opting for planned delayed pregnancy will result in high intrauterine device usage, fueling the IUD market growth. According to the Pew Research Center, the mothers in the U.S. are estimated to be older than 35 years of age. Number of women delay marriage and pregnancy to seek higher education and establish their careers. Also, recent technological advancements in fertility technology prompts women to use reversible contraceptive methods such as intrauterine device, impacting the business growth.
Variability in insurance coverage and access will be one of the major market restraining factors. The women with no insurance coverage or with private insurance face high upfront costs that can exceed up to more than thousand dollars. Hence, variability in insurance coverage will decline the number of users impeding the market growth.
Hormonal intrauterine device are estimated to show substantial growth at a CAGR of 8.2% over the forecast timeframe. Hormonal IUDs provide effective protection against unwanted pregnancy and pose very less risk to the user. The increase in inclination of women in the country towards hormonal contraception will boost the U.S. intrauterine device market growth over the future.
Women IUD users in the age group 20 to 24 accounted for USD 209.7 million revenue in the year 2017. High number of teenage pregnancies among the women aged 20 to 24 along with rise in awareness regarding safe and effective contraceptive methods by the medical professionals will increase the product adoption rate thereby, augmenting the intrauterine device market growth in the country.
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Sales of intrauterine device in Pacific Central zone is estimated to grow at a CAGR of 7.6% during the foreseeable future. Honolulu Health Center in Hawaii offers education on birth control and usage of contraceptive methods to the teenage girls in order to prevent teenage pregnancies. The rise in awareness will increase the number of women opting for effective reversible contraceptive such as intrauterine devices.
Contact Info:
Name: Arun Hegde
Email: Send Email
Organization: Global Market Insights, Inc.
Website: https://www.gminsights.com/pressrelease/us-intrauterine-devices-market
Release ID: 461877
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