Rockville, July 11, 2023 (GLOBE NEWSWIRE) -- As per Fact.MR, a provider of market research and competitive intelligence, the global contraceptives market size is expected to increase from a value of US $ 33 Billion to US $ 62 Billion by the end of 2033. The market is driven by robust government campaigns and programs for women’s and children’s health.
Strong government initiatives and programs for the health of women and children are encouraging the use of contraceptive methods. Copper intrauterine devices are often preferred by women who do not wish to use the hormonal type to avoid potential side effects (IUDs).
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A way of preventing pregnancy known as contraception uses medication or a device. It is sometimes referred to as fertility control or birth control. Pregnancy during intercourse is prevented by the use of contraception. There are various contraceptive methods available; the most effective one depends on one's health and situation. To prevent conception, contraceptive methods or medications disrupt the normal sperm-ovum fertilization process.
Key Driving Forces Accelerating the Market Growth
- Growing awareness about the importance of family planning and contraception methods has led to an increased demand for contraceptives. Educational initiatives and campaigns have played a significant role in promoting contraceptive use and empowering individuals to make informed choices.
- Various geographies have witnessed advances in contraceptive technologies, such as the development of long-acting reversible contraceptives (LARCs) like intrauterine devices (IUDs) and implants. These innovations offer greater convenience, effectiveness, and reduced side effects, attracting more users.
- For instance, North America accounts for a 50% share of the global market due to the growing prevalence of unintended pregnancies, rising demand for reversible contraceptives, and public sector initiatives to provide funding.
- Government programs and policies promoting access to contraceptives have bolstered market growth. Public health initiatives, subsidized contraceptive programs, and increased funding for family planning services have made contraceptives more accessible and affordable, driving demand.
- The increasing number of women in the workforce has resulted in a higher demand for contraceptives. Women who are pursuing their careers may choose contraception to control their reproductive choices and plan for their desired family size.
- Shifting social attitudes towards sexual health and reproductive rights have contributed to the growth of the contraceptive market. With discussions around gender equality, individual autonomy, and women's empowerment gaining prominence, more people are seeking contraceptive options to exercise control over their reproductive health.
Key Companies Profiled in This Report
- Evofem Biosciences
- CooperSurgical, Inc.
- Actavis, Inc.
- Medisafe Distribution Inc.
- Mayer Laboratories, Inc.
- Mylan
- Allergan Plc.
- Veru Inc.
- CooperSurgical, Inc.
- Pfizer Inc.
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Vital indicators shaping the Future of the Industry
Changing demographics, including population growth, aging populations, and shifting ethnic compositions, can impact the demand for contraceptives. Factors such as increased urbanization, delayed marriages, and changing family structures can shape the future contraceptive needs and preferences of different population segments.
Continued advancements in contraceptive technologies and product development can significantly impact the market. This includes the development of more effective, user-friendly, and long-acting contraceptive options, as well as innovations in delivery systems, such as patches, vaginal rings, and injectables.
Government policies and regulations play a crucial role in shaping the contraceptive market. Changes in healthcare policies, insurance coverage, and reimbursement structures can influence the availability, accessibility, and affordability of contraceptives. Regulations around prescription requirements, over-the-counter availability, and age restrictions may also impact the market dynamics.
Challenges hindering the market growth
The cost of contraceptives, especially newer and more effective methods, can be a barrier to access for some individuals. Lack of insurance coverage or limited reimbursement options may make certain contraceptive methods unaffordable for certain populations, leading to lower adoption rates.
Socioeconomic disparities can impact the access and utilization of contraceptives. Individuals with lower incomes or limited resources may face challenges in accessing contraceptive services, including healthcare consultations, prescription-based methods, and follow-up care.
How competition influences the market
Key companies in the market are focusing on R&D initiatives to introduce modern contraceptive devices. Key contraceptive providers are also acquiring and collaborating with other businesses and improving product standards. Competition among contraceptive manufacturers and pharmaceutical companies drives product innovation. Companies strive to develop new and improved contraceptive options that offer greater effectiveness, convenience, safety, and reduced side effects. This competition encourages research and development efforts to bring novel products to the market, expanding the range of choices available to consumers.
- In 2021, Cooper Surgical Inc. acquired Generate Life Sciences and this acquisition has improved Cooper’s reproductive section. Moreover, in the same year, Clue introduced a digital birth control method that provides customers with an ovulation
- Pfizer Inc’s Sayana Press is the first injectable contraceptive for women available in the U.K. The company is also in the process of conducting a study evaluating levonorgestrel and Ethinyl estradiol as potential oral contraceptives.
- Merck & Co, Inc., offers contraceptive care in the form of combined oral pills, vaginal rings, intrauterine devices, and sub-dermal implants. Popular products include Cyclessa, Desogen, NuvaRing, Implanon, and Nexplanon.
- Cipla manufactures oral contraceptives named Crisanta. The medicine contains Drospirenone, which prevents the fertilization of the egg with the sperm. It also induces hormonal changes contributing to the prevention of pregnancy.
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