According to a report published by Grand View Research, Inc.; the hormonal contraceptive market is expected to reach a valuation of around USD 26.2 billion by 2025.
Increasing awareness about contraception methods in developing countries, supportive government efforts, increasing investments by companies can propel the market during the forecast period (2014 to 2025).
Development of innovative products and increasing awareness level regarding reproductive and sexual health is expected to propel the market in the coming years. Growing use of contraceptive among women in developing economies owing to government initiative will drive the product demand in the coming years. For instance, according to the UN, in nearly 64.0% of women between 15 and 49 years of age were using these methods for the purpose of family planning. This figure was recorded as 36.0% in 1970. Furthermore, launch of long-acting reversible devices is also considered as the crucial driving factor for the market. For instance, in 2016, Bayer Inc. introduced Kyleena, a new Intrauterine System (IUS), to avoid pregnancy. Product like this is expected to fulfill the need for long-term contraception in women for up to five years.
Full Research Report On Hormonal Contraceptive Market Analysis: https://www.grandviewresearch.com/industry-analysis/hormonal-contraceptive-market
Worldwide hormonal contraceptive market can be segmented on the basis of method and region. As per method, the market can be categorized into pill, vaginal ring, injectable, implant, intrauterine device (IUD), and patch.
In 2016, pills segment estimated for the largest share due to their convenient usage and effectiveness of 99.0%, if consumed accurately. In addition, easy availability, less side effects, and numerous companies operating in the market for this segment are some driving factors for the segment. The IUD segment is likely to grow swiftly over the projected period. This growth can be associated with its effectiveness of more than 99.0%, and accessibility of long-acting reversible birth control methods.
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Geographically, the market can be divided into North America, Europe, Asia Pacific, Latin America, Middle East and Africa. In 2016, North America conquered the market. The region is likely to dominate the market over the forecast period. Factors such as existence of established companies, high disposable income, high awareness regarding sexual health, and presence of large number of unplanned pregnancies. In the U.S., the number of unplanned pregnancies is quite high, which is nearly 3 million. Thus, the Center for Medicaid and CHIP Services (CMCS) has developed Maternal and Infant Health Initiative for the Medicaid and Children’s Health Insurance Program (CHIP) program for encouraging utilization of effective contraception methods and help women to avoid such pregnancies. Additionally, awareness programs by governments and market participants are also expected to boost the product demand. For instance, in 2015, Teva Pharmaceutical Industries Ltd launched an educational initiative called “Perfectly Imperfect” for increasing awareness about emergency contraception. In addition, Allergan form a partnership with the U.S. Women’s Health Alliance (USWHA), the organization promotes high-quality and cost-effective health care services for women. With this agreement Allergan developed device called LILETTA will be available across USWHA Health Care Groups in the U.S. Asia Pacific is projected to exhibit fastest growth over the forecast period. Factors such as presence of large fertile population, launch of new female contraception devices, growing government investment, and improving economic condition are the major factors supporting the growth in this region.
Middle East and Africa is anticipated to grow on account of new product launches, supportive government efforts, and growing awareness among people. For instance, in 2013, Merck & Co. Inc. and its public sector associates protracted the agreement to expand access to Implanon. With this agreement, the company was to reduce the price of the implant and its next-generation drug Implanon NXT (etonogestrel) by approximately 50% for the next six years in seventy poor countries in this region.
Prominent players operating in the market include Merck & Co. Inc.; Teva Pharmaceuticals Industries Ltd.; Afaxys, Inc.; Apothecus Pharmaceutical Corporation; and Allergan. Participants in the market are mainly focusing on geographical expansion and approval and commercialization of products.
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