ALBANY, New York, Oct. 01, 2018 (GLOBE NEWSWIRE) -- Transparency Market Research (TMR) has published a new report titled, “Hormonal Contraceptives Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026”. According to the report, the global hormonal contraceptives market was valued at US$ 19,500 Mn in 2017. It is projected to expand at a CAGR of more than 5% from 2018 to 2026. Rise in awareness about population control, increase in infertility rates, and delayed child bearing are projected to drive the global market during the forecast period. North America and Europe are anticipated to dominate the global hormonal contraceptives market in the next few years owing to the rise in obesity, improvement in technology, and rise in trend of OTC sales. The hormonal contraceptives market in Asia Pacific is expected to expand at a rapid pace from 2018 to 2026. This is attributed to the increase in population, rise in awareness about birth control, and high usage of drugs in developed countries such as Japan and Australia. The market in Asia Pacific is projected to expand at a CAGR between 5% and 6% from 2018 to 2026.
Increase in infertility rate to drive global market
A common treatment for infertility is hormonal pills; therefore, increase in infertility rate across the globe is a major factor that is likely to fuel the global hormonal contraceptives market during the forecast period. Rise in obesity and fertility-related problems, such as PCOS, is expected to propel the global market during the forecast period. Furthermore, delayed child bearing, due to financial instability, technological advancements in hormonal contraceptive devices, and increase in awareness about population control in developing countries are some factors that are projected to propel the market during the forecast period. However, alternate methods for contraception, lack of social acceptance, and lack of awareness are other factors that are likely to restrain the global hormonal contraceptives market during the forecast period.
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Oral contraceptive segment to dominate global hormonal contraceptives market
The report offers detailed segmentation of the global hormonal contraceptives market based on method, hormones, distribution channel, and region. In terms of method, the hormonal contraceptives market has been segmented into oral contraceptives, transdermal patches, injectable contraceptives, intrauterine contraceptives, and vaginal rings. The oral contraceptives segment is expected to account for a leading share of the global market during the forecast period. Higher share held by the segment is attributed to easy availability of drugs via OTC and online sales and effective results. Based on hormones, the global market has been classified into progestin only and combined hormones. The combined hormones segment is expected to hold a notable share of the global market during the forecast period, owing to fewer side effects and promising pipeline for combination drugs. In terms of distribution channel, the global market can be segregated into drug stores, gynecology /fertility clinics, E-commerce, and others. The drug stores & pharmacy segment dominated the global market, and accounted for more than 40% share in 2017 due to the rise in OTC sales of emergency contraceptive pills.
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Asia Pacific market to expand rapidly
In terms of region, the global hormonal contraceptives market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America held a major share of the global market, in terms of value, in 2017. It is projected to dominate the market during the forecast period. The market in the region is anticipated to expand at a CAGR between 4% and 5% from 2018 to 2026. Rise in awareness about women’s health, increase in rate of infertility, and easy usage of the devices are likely to drive the market in the region during the forecast period. Europe is projected to follow North America, in terms of share of the global hormonal contraceptives market, by 2026. The market in the region is anticipated to expand at a significant CAGR from 2018 to 2026. Rise in infertility rates and high health care spending are expected to fuel the market during the forecast period.
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The hormonal contraceptives market in Asia Pacific is anticipated to expand at a rapid pace from 2018 to 2026. The market in the region is likely to expand at a CAGR of more than 5% during the forecast period. Increase in population, rise in prevalence of fertility-related problems, such as PCOS, government programs for family planning, and increase in incidences of delayed child bearing are expected to boost the market in the region. Australia, Japan, India, and China are potential markets for hormonal contraceptives in Asia Pacific. The market in China is expected to expand rapidly at a notable CAGR during the forecast period due to rise in population and high prevalence of PCOS. The hormonal contraceptives market in Latin America is projected to expand at a steady CAGR from 2018 to 2026. Investment by major players is anticipated to propel the market in the region.
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Key Players
Key players in the global market are adopting strategies such as mergers and acquisitions, technological development, and geographic expansion in order to capture significant position in the global market. Major players operating in the global hormonal contraceptives market include ALLERGAN, Afaxys, Inc., Bayer AG, Agile Therapeutics, Inc., Merck & Co., Inc., Pfizer Inc., HLL Lifecare Limited, and Piramal Enterprises.
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