Dublin, April 14, 2023 (GLOBE NEWSWIRE) -- The "Hormonal Contraceptives Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Method (Pill, Intrauterine Device, Injectable, Vaginal Ring, Implant, Others), By Hormone, By Region, and Competition" report has been added to ResearchAndMarkets.com's offering.
The Global Hormonal Contraceptives Market is anticipated to witness impressive growth during the forecast period.
Companies Mentioned
- Abbvie, Inc.
- Afaxys, Inc.
- Teva Pharmaceuticals Industries Ltd.
- Bayer AG
- Merck & Co. Inc.
- Organon Group of Companies
- Pfizer Inc.
- Johnson & Johnson
- Lupin Pharmaceuticals Inc.
- Pregna International Ltd.
This can be ascribed to the growing awareness regarding the usage of oral contraceptives and their benefits for preventing unintended pregnancy, and population control significantly increased the demand for hormonal contraceptives across different parts of the globe.
Additionally, the adoption of hormonal contraceptives has significantly increased, and increasing awareness among women of different age groups for leading a safe life is further expected to increase the demand for different hormonal contraceptive procedures, thereby fuelling the market growth through 2028.
For instance, in April 2021, the Food and Drug Administration approved a combination of drospirenone and estetrol tablet Nextstellis marketed by Mayne Pharma for preventing pregnancy, one of the first combination pills containing naturally occurring estrogen.
Furthermore, increasing focus on family planning, favorable regulations by the government, and advancements in hormonal contraception are further expected to increase the demand for hormonal contraceptives, thereby supporting the market growth. Similarly, supportive initiatives by various governments to increase contraceptive products will propel the growth of the market during the forecast period.
Increasing Number of Unplanned Pregnancies
The main factors that affect the growth of the global hormonal contraceptives market are the increasing awareness of family planning due to growing urbanization growing g influence on the changing lifestyle of individuals. Many government organizations are taking initiatives to control the population size.
However, hormonal contraceptives are considered more reliable than non-hormonal contraceptives such as condoms and diaphragms, and there is a huge chunk of the female population with unplanned needs. This in turn may help the hormonal contraceptives market grow during the forecast period.
As per a publication in PubMed, the number of unintended pregnancies in the U.S. is around three million annually. So, the growing unplanned need for contraceptives significantly increased the demand, which is further boosting the growth of the market in the forecast period. According to NCBI research, only 1 woman out of 1000 women gets pregnant if they take these contraceptives properly.
Development of New Contraceptives
Major companies are innovating to manufacture chewable low-dose oral contraceptives that reduce side effects. The chewable contraceptive initiative was an attempt to reduce side effects while at the same time making it easier for the patients to get into a daily regimen of using this contraceptive.
Some of the top companies that develop and sell chewable low-dose oral contraceptives are Lupin pharmaceuticals, Walter Chilcott, and Watson pharmaceuticals. According to the United Nations Contraceptive Use by Method 2019 study, a single method accounts for 50% or more of all contraceptive use in at least one out of every five nations or regions.
Report Scope:
In this report, global hormonal contraceptives market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
Hormonal Contraceptives Market, By Method:
- Pill
- Intrauterine Device
- Injectable
- Vaginal Ring
- Implant
- Others
Hormonal Contraceptives Market, By Hormone:
- Combination Hormonal Contraceptives
- Progestin Only
For more information about this report visit https://www.researchandmarkets.com/r/dh4cqc
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