rise in usage of oral contraceptives as a preferred method to avoid unplanned pregnancy drive the growth of the global contraceptive drugs market.
PORTLAND, OREGON, UNITED STATES, September 14, 2021 /EINPresswire.com/ — According to the research report published by Allied Market Research, the global Contraceptive Drugs Market was pegged at $14.32 billion in 2019, and is anticipated to garner $24.42 billion by 2027, manifesting a CAGR of 6.9% from 2020 to 2027. The report provides detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, competitive scenario, and regional landscape.
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Surge in need for preventing unwanted pregnancy, rise in awareness for contraceptives across the world, increase in usage of oral contraceptives as a preferred method to avoid unplanned pregnancy, upsurge in government and NGO initiatives promoting contraceptives, and mounting awareness about STDs drive the growth of the global contraceptive drugs market. On the other hand, health risks associated with the use of contraceptive methods impede the growth to some extent. However, rise in disposable income, demand for healthy life in emerging economies, and presence of large unmet contraceptive needs in emerging Asian and African economies are expected to create lucrative opportunities for the key players in the industry.
1) The outbreak of the pandemic made contraceptive drug manufacturers face several challenges with unpredictable and distorted supply chain activities and lack of skillful human resources. Also, decrease in the number of hospital visits by women to receive injectables affected the market.
2) However, as the restrictions are gradually being 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.
The growth of the global contraceptive drugs market is driven by alarming increase in the incidence of STDs, rise in unintended pregnancy rate, and need for family planning across the world, owing to rapidly growing population and socioeconomic burden related to teenage pregnancy. The impact of the drivers is expected to surpass that of the restraints.
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-
Teva Pharmaceutical Industries Ltd.
Johnson & Johnson
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Key Findings Of The Study
1) Oral contraceptive drugs or pills was the leading segment in the global contraceptive drugs market in 2019, and is projected to grow at a CAGR of 6.8% during the forecast period.
2) Injectable contraceptives segment is poised to grow at a remarkable CAGR of 8.0% during the analysis period.
3) North America is the major shareholder, accounting for about 33.43% share in the global contraceptive drugs market.
4)Asia-Pacific accounted for around 24.80% of the total contraceptive drugs market in 2019.
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