Portland, OR, June 27, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global contraceptives market generated $26.32 billion in 2020 and is projected to reach $50.59 billion by 2030, growing at a CAGR of 6.5% from 2020 to 2030. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
Rise in focus towards the need of family planning, increase in use of contraception among younger adults, rise in problems and health issues associated with teenage pregnancies, and rise in higher educational attainment are expected to drive the growth of the global contraceptives market. On the other hand, lack of social acceptance is expected to hinder the growth to some extent. However, rise in participation of reproductive women in labor force and rise in disposable income among people are expected to create ample opportunities for the growth of the industry.
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COVID-19 Scenario
- The outbreak of COVID-19 has had a negative impact on the growth of the global contraceptives market, owing to the presence of lockdowns in various countries across the globe. Lockdowns resulted in the closure of various manufacturing facilities including those of contraceptives, which decreased its demand during the pandemic.
- This was majorly due to the stringent social distancing restrictions imposed by the government to curb the spread of the virus during the pandemic.
- However, the market is expected to recoup soon.
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The report offers a detailed segmentation on the global contraceptives market based on product type, age group, end-user and region.
Based on type, the drugs segment held the largest market share in 2020, garnering more than two-thirds of the global market. The devices segment, on the other hand, is expected to cite the fastest CAGR of 6.8% during the forecast period.
Based on end-user, the households segment held the majority market share in 2020, holding nearly three-fourths of the global market. The hospitals segment, on the other hand, is predicted to cite the fastest CAGR of 7.4% during the forecast period.
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Based on region, the market across North America held the lion’s share in 2020, garnering nearly one-third of the global market. The LAMEA region, on the other hand, is expected to cite the fastest CAGR of 7.0% during the forecast period.
The key players analyzed in the global contraceptives market report include Veru Inc., Teva Pharmaceutical Industries Limited, Abbvie Inc., Bayer AG, Pfizer, Inc., Cooper Companies, Inc., Ansell LTD., Mayer Laboratories, Merck & Co., Inc., and Church & Dwight, Co., Inc.
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“We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market.”
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