The global contraceptives market size is expected to reach ~US$ 33,529 Mn by the end of 2029. According to a study by Future Market Insights (FMI), the market will show a steady rise at a CAGR of ~6.2% between 2019 and 2029. According to the report, growing need of population control, increasing incidence of unwanted pregnancies and government’s initiatives drive the contraceptive market forward. It uses unique research methods to offer the most accurate analysis of the market.
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It includes in-depth insights into the contraceptives market. Some of these are:
- The estimated value of the contraceptives market was at ~US$ 33,529 Mn in 2019. Through the course of the report’s forecast period, the market is exhibited to show a steady pace of growth.
- Regionally, North America dominates the contraceptives market globally.
- East Asia emerges as one of key markets owing to large population base, growing contraceptive awareness and initiatives taken by the respective country government.
- Female segment holds the most of the contraceptive market as compared to men.
- Key players are likely to focus on new product development in terms of drug & device, to stay relevant in developed markets.
Contraceptive Pills – the Most Lucrative Product Type
Contraceptive market contains drugs and devices. The devices market holds most the contraceptive market however drugs are anticipated to grow at highest CAGR owing to its beneficial property and easy consuming method. With the advancement of technology, the emergence of drugs have become popular as oral contraceptive pills which has the same purpose as other contraceptive drugs or devices. The simplicity and easy consumable method are expected to make it most popular contraceptive market. The other form of drugs such as topical and injectable contraceptives also witness strong market demand. Furthermore, these contraceptive pills are highly effective and does not interrupt in sex. Even in cases, it has been proved to reduce heavy and painful periods. All these factors and benefits are expected to fuel the sales of contraceptive drugs in the global market.
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Who is Winning?
Some of the leading players operating in the contraceptives market are Bayer AGPfizer Inc., Janssen Global Services, LLC, Teva Pharmaceutical Industries Ltd., Merck & Co., Inc., Mylan N.V., Allergan Plc, Reckitt Benckiser Group plc, Veru Inc., Church & Dwight Co., Inc., Medisafe Distribution Inc., Cooper Surgical, Inc., Mayer Laboratories, Inc., Pfizer, The Female Health Company and others. As a result of increasing competition, companies are focusing on expanding their product portfolio with new innovation. In addition to this, mergers and acquisition remains a popular strategy among market players. Companies intend to expand their regional footprint through strategic collaborations.
- As a part of government’s initiative, the government of India had launched a new contraceptive pill named ‘Shukhi 3rd Generation’ in Nov 2019.
- In Spet. 2019, Exeltis USA, Inc. had announced the Launch of Slynd™(drospirenone) tablets, the First and only progestin-only pill providing pregnancy prevention with a 24-hour missed pill window