Hormonal Contraceptives Market - Growing Efforts by Market Players to Provide Better Contraceptives is likely to Benefit Market Growth, TMR
The belief of using an external way of controlling birth is still perceived non-ethical, but with growing advancements and development in life science has come up with various different methods to control birth. nowadays, emergency contraceptives, hormonal methods, intrauterine device, barrier methods (physical and chemical) condoms, and various other methods are available in the that can be used to avoid pregnancy. Talking about hormonal contraceptive that regulates the hormonal changes during female's menstrual cycle by using different forms of synthetic hormones that imitate the progesterone and estrogen produced naturally in the female's body. Globally, the demand for hormonal contraceptive has grown largely in the past few years mainly because of growing health problems in women such as polycystic ovary syndrome (PCOS), rising awareness for population control, and delayed childbirth. Moreover, new birth control pills also helps in protecting females against ovarian cancer.
in a recent report published Transparency Market Research (TMR), the global hormonal contraceptive market is likely to exhibit growth of 5% CAGR during the forecast period between 2018 and 2026. The rising at this rate the market is projected to reach US$30.9 bn by the end of 2026 progressing from US$19.5 bn estimated in 2017.
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Recent Changes Seen in the Market That Is Likely To Affect the Market Growth
In the last few years, the demand for hormonal contraceptive has increased largely mainly in the developing nations. However, in the coming years, the demand for hormonal contraceptive is increasing in developing regions as well. This is mainly because of growing awareness in the developing nations about women's health, increasing infertility rate, and the growing availability of devices in the market. The rising government initiatives such as USWHA (U.S. Women's Health Alliance) that was done in partnership with Allergan in 2015 was created to provide high quality and affordable healthcare services. Adding to it, various global players in the hormonal contraceptive market are heavily investing in research and development activities and commercialization of novel products that will help the market to grow further. Merger and acquisition are also among the key strategies adopted by the leading players in the market. however, there is one restraint that has come in light recently is the development of ovarian cancer by using the hormonal contraceptive that is likely to affect the market growth in the coming years.
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Rising Awareness in Developing Economies to Bring More Growth Opportunities for the Market
Developed regions like North America and Europe already have a high demand for hormonal contraceptive. High awareness among the people, growing incidence of infertility, and government initiatives for population control are some of the factors have grown the demand for this market. Moreover, in the coming years, the demand for hormonal contraceptives is likely to increase in developing region of Asia Pacific. Government in countries like China and India are making conscious efforts to spread awareness about adopting various birth control devices due to huge population present in the market. Furthermore, increasing women health awareness and growing focus on career has also grown the demand for hormonal cancer.
North America held a significant share of the global hormonal contraceptives market, in terms of revenue, in 2017, followed by Europe. Rise in obesity, high awareness of people about population control, prevalence of infertility, and PCOS in the region are key factors boosting the market in North America. Developed countries such the U.K. and Germany exhibit higher awareness about hormonal contraceptives and their applications. This is expected to boost the market in the region. The market in Asia Pacific is expanding at a rapid pace. Countries such as China, India, and Japan offer significant opportunities to the market due to increase in population, rising prevalence of lifestyle-related diseases, rise in infertility, PCOS, and government programs for family planning.
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Key players in the global market are adopting strategies such as mergers and acquisitions, technological development, and geographic expansion in order to capture significant position in the global market. Major players operating in the global hormonal contraceptives market include ALLERGAN, Afaxys, Inc., Bayer AG, Agile Therapeutics, Inc., Merck & Co., Inc., Pfizer Inc., HLL Lifecare Limited, and Piramal Enterprises.
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