The Contraceptives Market Register a Decent CAGR Over 6.8% from 2016 to 2024
The global contraceptives market size will reach around USD 31 million by 2024, as reported by Hexa Research. Its demand should be driven by regulatory proposals on the prevention of unplanned pregnancies and favourable governmental framework. Furthermore, the market is estimated to be propelled by awareness regarding reproductive health & contraceptives.
Industry size accounted for nearly USD 20 million in 2015. The Contraceptives Market would expand at about 6.8% CAGR in the forecast period (2016 to 2024). Rising prevalence of veneral diseases (HIV, syphilis, etc) and demand for ‘population control’ positively affect the industry. While women adopting contraception across emerging regions have increased, more women not adopting the same have been registered globally.
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With rising women reaching reproductive age, national health ministries are engaged in widening health awareness & distribution channels. In spite of contraceptive innovations and related expenses per annum, the rate of unplanned pregnancies in the United States has remained the same in the past few years. The federal policy of the U.S. has taken steps to augment the availability of contraceptives & make ECs (Emergency Contraceptives) available OVCs (Over-The-Counters).
The availability of an extensive product line within the industry provides expansion prospects. The contraceptives market is fragmented by products, applications, and geographies. Vaginal implants, sponges, diaphragms, condoms, femdoms, subdermal implants, IUDs, and others are the products. In a research conducted lately, subdermal implants have been found to possess vast potential for family planning. IUDs accounted for one of the biggest shares in 2014 due to demand in Europe & Asia Pacific.
Gynecologists selecting IUDs for birth-control are expected to raise segment growth. Mirena, a hormonal IUD, employed broadly across North America could enhance the regional sales of IUDs. There are three kinds of contraceptive drugs. These are pills, injectables, and topical. Pills led the industry in 2014 in view of their large client-base and reproductive women’s unmet demands.
Applications comprise homes, clinics, hospitals, and others. Clinics occupied substantial shares and provide services across all genders & ages. Hospitals are known for offering permanent contraception. Homes produced the maximum sales. On the basis of regions, the contraceptives market is divided into North America, Europe, Asia Pacific, and rest of the world.
North America captured the largest shares in 2015. Its shares were attributed to high abortion rates & patient awareness. Europe observes huge penetration of subdermal implants and IUDs. Rest of the world will expand rapidly due to its vast unexplored prospects. An unmet contraceptive demand of approximately 215 million people globally is likely to propel this region. Asia Pacific impacts the worldwide Contraceptives market in reference to demographics & low awareness.
The Female Health Company, Church & Dwight, Cooper Surgical, and Actavis plc accounted for majority of the global revenues. Rivalry in the worldwide industry will stay relatively high till 2024. Industry manufacturers face continuous pressure to introduce technologically-innovative and novel products. The industry has been a witness to advancements in terms of self-administrative contraceptives. New product developments in response to the demand for innovative contraception are one of the basic strategies employed by players to occupy higher shares.
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