Portland, OR, March 11, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global Contraceptive Drugs Market was pegged at $14.32 billion in 2019, and is anticipated to garner $24.42 billion by 2027, manifesting a CAGR of 6.9% from 2020 to 2027. The report provides detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, competitive scenario, and regional landscape.
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Growth in need to prevent unwanted pregnancy, surge in awareness for contraceptives across the world, and rise in usage of oral contraceptives as a preferred method to avoid unplanned pregnancy drive the growth of the global contraceptive drugs market. In addition, increase in government and NGO initiatives promoting contraceptives and mounting awareness about STDs further fuel the growth of the global market. However, health risks related to the use of contraceptive methods restrain the growth to some extent. Nevertheless, rise in disposable income, growth in demand for healthy life in emerging economies, and presence of large unmet contraceptive needs in emerging Asian and African economies are anticipated to present an array of opportunities in the near future.
Covid-19 scenario-
- During the outbreak of the pandemic the contraceptive drug manufacturers have been through several challenges with unpredictable and distorted supply chain activities and lack of skillful human resources. Also, declined number of hospital visits by women to receive injectable further affected the market.
- However, as the restrictions are getting eased off, the global market for contraceptive drugs is expected to recoup soon.
The global market is segmented on the basis of product, age group, end-user, and region. Based on product, the oral contraceptive pills segment held the lion’s share with more than four-fifths of the global contraceptive drugs market share in 2019, and is expected to dominate by the end of 2027. However, the injectable contraceptives segment is expected to manifest the fastest CAGR of 8.0% throughout the forecast period.
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Based on age group, the 15-24 years segment dominated the market with more than half of the global contraceptive drugs market revenue in 2019, and is anticipated to rule the roost by 2027. On the other hand, the above 44 years segment would exhibit the fastest CAGR of 9.0% during the forecast period.
Based on geography, the market is studied across various regions including Asia-Pacific, Europe, LAMEA, and North America. The market across North America held the major share in 2019, with around one-third of the global contraceptive drugs market. Moreover, the market across Asia-Pacific is expected to showcase the fastest CAGR of 8.4% from 2020 to 2027.
The key players profiled in this report include Agile Therapeutics, Allergan Plc, Bayer AG, GlaxoSmithKline Plc, Johnson & Johnson, Piramal Healthcare, Mylan N.V., Pfizer Inc., Novartis AG and Teva Pharmaceutical Industries Ltd. Other players operating in the market are HLL Lifecare ltd., and Sanofi.
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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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