New York , Jan. 24, 2024 (GLOBE NEWSWIRE) -- The global contraceptives market size is projected to grow at a CAGR of over 6% from 2023 to 2033. The market is expected to garner a revenue of USD 45 billion by the end of 2033, up from a revenue of USD 26 billion in the year 2022. This is largely due to the growing importance of family planning. Reprioritizing family planning is becoming more and more popular in the development sector because it has significant advantages for the well-being of people, families, communities, and society, and also in encouraging a woman to select the family planning strategy. For instance, an estimated 370 million women in low- and lower-middle-income nations use modern family planning techniques. Increasing family planning can not only be an issue of human rights but is also crucial for safeguarding the health of expectant mothers and their offspring. Therefore, contraception, use can prevent recourse to induced abortion and eliminate the risk of sexual diseases and unwanted pregnancies.
Request Free Sample Copy of this Report @ https://www.researchnester.com/sample-request-4635
Contraceptives Market: Key Takeaways
- Market in North America to propel highest growth
- Pharmacies segment to garner the highest growth
- Market in Asia Pacific to grow at a significant rate
Growing Number of Pregnancies in Teenagers to Boost Market Growth
Adolescent pregnancy, also referred to as teenage pregnancy, is a global problem that primarily affects marginalized groups driven by ingrained child marriage customs, limited access to healthcare, extreme poverty, and low literacy rates. Particularly, in developing nations, more than 20 million females between the ages of 15 and 19 become pregnant each year, and around 11 million of them give birth. Moreover, more than 12% of teenage girls and young women give birth before the age of 18 worldwide in 2021. More often social factors along with insufficient knowledge on sexual and reproductive rights and health are linked to teenage pregnancy. All these factors are expected to increase the need for contraceptives to avert pregnancies and negative pregnancy-related health consequences.
Contraceptives Industry: Regional Overview
The global contraceptives market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Consumption of Oral Contraceptive Pills to Drive Growth in the North America Region
The contraceptives market in North American region is estimated to garner the largest revenue by the end of 2033. In the United States, oral contraceptives are the most often used reversible method of birth control which have also been accessible for more than 50 years in Canada. For instance, oral contraceptive pills account for over 21% of all currently used forms of contraception in the United States, making them the most widely used reversible technique. Moreover, over the past five years, there has been a noticeable increase in the usage of "morning-after" pills, in the United States mostly due to the growing preference among young people for emergency contraception over more traditional forms of the pill. Additionally, the growing usage of condoms among males is expected to drive contraceptives market growth. Particularly, in the US, more than 440 million condoms are sold every year.
Growing Burden of Sexually Transmitted Diseases to Drive the Growth in the Asia Pacific Region
The Asia Pacific contraceptives market is estimated to garner the largest revenue by the end of 2033. The frequency of STIs is likely far higher in India, where they hurt people's reproductive health of men and women alike. More than 30 million sexually transmitted infections (STIs) / reproductive tract infections (RTIs) episodes occur annually in India, where around 5% of the adult population has one or more STI/RTI episodes. The prevalence of STIs and RTIs varies by gender and location which is known as a significant contributor to infertility in both men and women who have at least one STI or RTI, especially in those in areas with low hygiene standards or poor living conditions. As a result, contraception is being used by more Indians, to encourage healthy sexual behavior and slow the spread of STDs. Additionally, every year in India, around 24% of conceptions are unwanted and more than 75% are unplanned which has increased the need for contraception that protects against both the spread of reproductive diseases and unintended pregnancies.
Make an Inquiry Before Buying this Report @ https://www.researchnester.com/inquiries-before-buying-4635
Contraceptives Segmentation by End-User
- Homecare
- Clinics
- Hospitals
- Pharmacies
The pharmacies segment is anticipated to hold the largest revenue by the end of 2033. This is largely due to the growing number of pharmacies across the globe. For instance, there have been more than 1,715 independent pharmacies in the United States over the past ten years, a rise of over 6%. Pharmacies are growing at a rate more than twice as fast as the average because of their streamlined management system which large clinics and hospitals lack. Every day, the future of pharmacy care is emerging as they are adapting to changing consumer needs by leveraging their unique assets. More and more pharmacists nationwide are now providing patients with direct access to birth control since in many countries, they are considered the primary source for oral contraceptives (OCs) and emergency contraception (EC). According to data, more than 5,535 pharmacies in the US currently prescribe birth control.
Contraceptives Segmentation by Gender
- Male
- Female
The male segment is anticipated to hold the largest revenue by the end of 2033. The growth can be attributed to the growing sale of condoms. Since society has become more open and consumers have more mobility, condom sales are expected to deliver year-over-year growth. Most condoms are designed for men the need for which is usually fueled by preventative and contraception. For instance, over the previous five years, the yearly growth in sales of premium condoms in India has been around 20%. Moreover, couples are more likely to prefer male condoms due to increased knowledge as an essential preventive tool against STIs and unplanned pregnancies, and growing acceptance as one of the best methods of birth control when applied appropriately.
Contraceptives Segmentation by Age
- 15-44 Years
- Above 44 Years
Contraceptives Segmentation by Product Type
- Drugs
- Devices
- Condoms
- Vaginal Rings
- Implants
- Injectables
A few of the well-known market leaders in the global contraceptives market that are profiled by Research Nester are Novartis Pharmaceutical Corporation, Agile Therapeutics, Inc., GlaxoSmithKline plc, Johnson & Johnson Services, Inc., Piramal Group, Viatris Inc., Pfizer Inc., Bayer AG, Teva Pharmaceutical Industries Ltd., AbbVie Inc., and other key market players.
Recent Development in Contraceptives Market
- Perrigo Company plc stated that HRA Pharma has submitted an application to the FDA for "Opill," the first over-the-counter birth control tablet that would solely contain progestin.
- The United States Food and Drug Administration (U.S FDA) approved the first mobile application for contraception to prevent unwanted pregnancy, ‘Natural Cycles’ which would aid in predicting the woman’s fertile days and menstrual cycles based on body temperature.
Read our insightful Blogs and Data-driven Case Studies:
- Next Generation of Healthcare: How Remote Patient Monitoring & Telehealth are Revolutionizing Healthcare
Explore the impact of Remote Patient Monitoring and Telehealth on the healthcare sector. It states how these cutting-edge technologies are changing healthcare professional method to patient care and boost health result.
- How a pharma company got an idea of the region with lots of lucrative opportunities for sales?
Get to Know about the regions offering growth prospects for sale of seasonal influenza vaccine. Go through this guide to explore the regions to invest in seasonal influenza vaccine market.
About Research Nester
Research Nester is a one-stop service provider with a client base in more than 50 countries, leading in strategic market research and consulting with an unbiased and unparalleled approach towards helping global industrial players, conglomerates and executives for their future investment while avoiding forthcoming uncertainties. With an out-of-the-box mindset to produce statistical and analytical market research reports, we provide strategic consulting so that our clients can make wise business decisions with clarity while strategizing and planning for their forthcoming needs and succeed in achieving their future endeavors. We believe every business can expand to its new horizon, provided a right guidance at a right time is available through strategic minds.
