Global Contraceptives Market: 3 notable trends outlining the industry forecast through 2025
The exponentially increasing popularity of birth control measures to control the risk of unintended pregnancies is amplifying the demand for safe and reliable contraceptive solutions. Contraceptives have recorded significant demand over the years due to the sale of intrauterine and contraceptive implants methods, that are permanently being used owing to their effectiveness.
Keeping in mind the role contraceptives play towards population control, most of the regional governments have organized awareness programs regarding the need to use the products and their benefits. For instance, the launch of World Contraceptive Day which is held on the 26 September of each year. This program is supported by internationally recognized authorities like WHO and the United Nations among many.
As per a study, the global contraceptives market size could cross USD 38.5 billion in terms of total annual remuneration by 2025. Mentioned below are some of the important factors likely to influence the industry size in the coming years.
Increase in the number of unintended pregnancies
One of the major reasons behind the escalating demand for contraceptives is the rise in the number of unwanted pregnancies, globally. As per recent statistics, over 50% of the pregnancies across the U.S. are unplanned and nearly 90% of the sexually active women use some type of contraception, while the remaining 10% do not use any birth-control methods.
Moreover, the rise in the number of women wanting to postpone motherhood since they wish to prioritize their careers coupled with balancing the concerns of the cost of raising a child, proper family planning and ambiguity over job security will further drive the use of contraceptives, worldwide.
High adoption rate of contraceptive devices
With respect to the type of product, contraceptive devices have registered significant growth trends owing to their superior effectiveness of nearly 99% success rate, cost-effectiveness, easy availability, ease in use, and reduced side effects. Various market players are constantly working in partnerships or solely to advance the contraceptive device offerings.
For example, in March 2020, Bayer Corporation announced its partnership with U.S. biotech firm- Daré Bioscience to expand the prevailing contraceptive methods by creating a hormone-free monthly contraceptive solution. This novel device is a ring that is inserted into the vagina, providing contraception for nearly three weeks without any action required from the user.
To access sample pages of this report titled, “Contraceptives Market Size By Product [Drugs {Oral Contraceptive Pills, Injectable Contraceptives, Topical Contraceptives}, Devices {Condoms (Male, Female), Diaphragms, Contraceptive Sponges, Vaginal Rings, Subdermal Implants, Intra-uterine Devices (Copper, Hormonal)}], By Age (15-19, 20-29, 30-39, 40-49), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast 2025” in detail along with the table of contents, please click on the link below:
https://www.gminsights.com/request-sample/detail/430
Increasing population rate of India
Speaking of Asia Pacific, the sub-continent of India is among the top listed countries in the world which is overpopulated. As of November 2020, the total population of India stood at 1.3 billion. On such grounds, the Government of India has established various social programs that aim at providing contraceptives directly to the communities.
In 2017, the Government of India launched Mission Parivar Vikas which primarily aims at increasing access to contraceptives and family planning services in 146 high fertility districts across the country with a high total fertility rate.
The increasing cases of infertility due to factors like unhealthy dietary habits, obesity, alcohol consumption, and smoking has emerged as one of the major obstacles for contraceptive providers. Moreover, various side effects as well as the failure of some contraceptives will negatively impact the overall demand for the product in the coming years.
Certain leading contraceptive companies that are constantly working towards improving their product portfolio, including Teva Pharmaceutical Industries, Pfizer, Mayer Laboratories, and Merck & Co., to name a few. Burgeoning increase in the number of unwanted pregnancies along with the discovery of safe contraceptive procedures will propel business growth.
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