Contraceptives Market to Surpass USD 2.7 Bn, Globally, Growing at a CAGR of 15.5% from 2021-2028: TMR Study

Wilmington, Delaware, United States, April 12, 2023 (GLOBE NEWSWIRE) -- According to Recent Research Study by Transparency Market Research, the global contraceptives market is slated to register an impressive 15.5% CAGR from 2021 to 2028. By the end of the said forecast period, a valuation of USD 2.7 Bn has been projected for this market. With increasing awareness about reproductive health, countries are striving to introduce various birth control initiatives, thus encouraging sales.

Globally, population growth is rising rapidly. According to the latest projections put forward by the United Nations, the world’s population is likely to grow to around 8.5 billion in 2030. It will eventually reach 9.7 billion in 2050, and ultimately reach its peak of 10.4 billion in the 2080s. This is evidently expected to put immense pressure on existing resources. Hence, initiatives to reduce this growth are being undertaken, for which the use of contraception is rising.

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Market Scope:

Moreover, the World Health Organization reports that over 1 million sexually transmitted infections are acquired every day worldwide. Each year, there are an estimated 374 million new infections, with 1 of 4 STIs, such as chlamydia, gonorrhea, syphilis, and trichomoniasis. Hence, the use of contraceptive methods such as condoms, birth control pills, antibiotics, and antivirals is increasing.

While significant progress is being made, there are still pockets of the world wherein awareness about reproductive health is limited. This may be attributed to elevated levels of poverty or cultural barriers. This is likely to stymie the expansion of the contraceptives market. However, with passing time, efforts are underway to eliminate this barrier, with sustained efforts at promoting awareness.

Key Takeaways from the Market Study

• By product, contraceptive drugs account for maximum sales, with birth control pills experiencing major uptake
• Both male and female contraceptive devices, such as condoms and Copper-T, are also surging in popularity
• As of 2020, the global contraceptives market stood at a valuation of US$ 893.9 million
• From 2021-2028, the value of the contraceptives market is expected to grow over 3x
• By distribution channel, the availability of contraceptives is increasing in independent pharmacies, as countries aim to facilitate better access to birth control
  

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Global Contraceptives Market: Key Drivers

• An increase in birth control awareness, as well as a rise in the transmission of sexually transmitted diseases, is majorly fueling contraceptive product sales
• Manufacturers are experimenting with key technological advancements in contraception to introduce new products. These include fertility awareness based apps, once-a-month birth control pills, long-lasting vaginal rings, and slimmer IUDs
• With governments across the world introducing birth control awareness initiatives, vendors are likely to venture into emerging markets to sell their products
  

Contraceptives Market: Regional Landscape

• The United States has set the benchmark for contraceptive product sales. The National Center for Health reports that the maximum usage is within the age group of 15-49 years. This is mostly to prevent unwanted pregnancies, which amount to 2.6 million annually
• The United Kingdom is yet another promising area of development for contraceptive products. Data from the National Health suggests that from 2020-2021, 46% of the population consume long-acting reversible contraceptives, while 39% of them consume contraceptive pills
• Asia Pacific is expected to provide immense scope for growth of the contraceptives market. This is attributed to increasing acceptance of awareness regarding sexual and reproductive health, amid concerns over exponentially rising population bases
  

Contraceptives Market: Prominent Market Players

The global contraceptives market is characterized by the presence of a significant amount of players. This renders the market significantly competitive. Key contraceptive products manufacturers profiled by TMR include:

• Merck & Co., Inc.
• Cipla Inc.
• Allergan plc
• Bayer AG
• HLL Lifecare Limited
• Mankind Pharma
• Pfizer Inc.
• Teva Pharmaceutical Industries Ltd.
• Mithra Pharmaceuticals
• Janssen Pharmaceutical Company
• Reckitt Benckiser Group Plc.
  

Prominent expansion strategies followed by the aforementioned players include new product launches, partnering with organizations to spread awareness about good contraception practices, seeking regulatory approvals, and extensive R&D.

• In January 2021, Teva Pharmaceutical Industries Ltd. introduced the availability of a generic version of NuvaRing®. The product is an etonogestrel and ethinyl estradiol vaginal ring, a combination hormonal contraceptive. The dosage ranges from 0.015 mg per day to 0.120 mg per day
• Bayer AG announced in August 2022 that the U.S Food and Drug Administration approved its Mirena® intrauterine system. Mirena is a levonorgestrel (LNG) releasing contraception formula. It is a T-shaped device containing 52 mg of synthetic levonorgestrel. Once placed inside the uterus, it continuously releases small amounts of LNG directly into the uterus
• The U.S. Food & Drug Administration announced that it will convene a meeting between its Non-prescription Drugs Advisory Committee and the Reproductive and Urologic Drugs Advisory Committee. The meeting will be held to decide to sanction the availability of Opill manufactured by HRA Pharma minus prescription. The drug is a progestin medication which produces an effect similar to progesterone.
  

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Contraceptives Market: Key Segments

Product

• Contraceptive Drugs
  • Oral Contraceptives
    • Combined Contraceptives
    • Mini-pills
  • Contraceptive Injectable
  • Topical Contraceptive Patch
• Contraceptive Devices
  • Male Contraceptive Devices
  • Female Contraceptive Devices
• Tissue Engineering

Distribution Channel

• Hospitals Pharmacy
  • Public
  • Private
• Independent Pharmacy
• Online Platform
• Clinics
• Others
  

Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa
  

About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

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