The global contraceptives market is highly fragmented, with the presence of a large number of international as well as regional players.
Wilmington, Delaware, United States, Nov. 21, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. -The global contraceptives market stood at US$ 992.6 million in 2021, and the global market is projected to reach US$ 2.7 billion in 2028. The contraceptives market is anticipated to expand at a CAGR of 15.5% between 2021 and 2028.
Birth spacing methods amid the ongoing COVID-19 pandemic include precise advice on lactation amenorrhoea method (LAM) to enhance its efficacy, barrier methods such as condoms, and plentiful supplies of oral progestin-only pill, among others. Since there is a lack of awareness about the advantages of contraceptives in developing economies, market stakeholders should initiate collaborative agreements with governments to educate women as well as related individuals about different alternatives.
Women with unmet contraception needs rarely state that they are unaware of contraception, do not have access to a source of supply, or that it is too expensive. Women in Asia use modern contraception at a lower rate than the global average. In Asia, the majority of unintended pregnancies are caused by the use of traditional contraception or the lack thereof, which results in induced unsafe abortion.
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Key barriers to modern contraceptive practice among women in Asia are cultural attitudes, lack of knowledge about methods and reproduction, socio-demographic factors, and healthcare barriers. Lack of knowledge and access could be the most straightforward issues to address in this market. Hence, participants in the market should collaborate with governments to increase awareness about the advantages of contraceptives, which holds the potential to boost product sales.
Global Contraceptives Market: Key Players
The following companies are well known participants in the global Contraceptives market:
- Merck & Co., Inc., Cipla, Inc.
- Allergan plc
- Bayer AG
- HLL Lifecare Limited
- Mankind Pharma
- Pfizer, Inc.
- Teva Pharmaceutical Industries Ltd.
- Mithra Pharmaceuticals
- Janssen Pharmaceutical Company
- Reckitt Benckiser Group plc., etc.
Key Takeaways of Market Report
- Global contraceptives market to generate absolute dollar opportunity worth US$ 2.7 billion until 2028.
- Global contraceptives market is valued at US$ 893.9 million in 2020.
- The global contraceptives market value from 2021 to 2028 is 15.5%.
Contraceptives Market: Growth Drivers
- The global contraceptives market is likely to provide new vendors with significant growth prospects, particularly in emerging countries. These companies can raise awareness and initiate activities about the usage of contraceptive devices.
- This is projected to increase contraceptive sales. Moreover, these new providers intend to expand their product offerings by introducing enhanced contraceptive devices. This is anticipated to boost the growth of the global contraceptive market.
- The increase in the adoption of innovative contraceptive technologies in emerging countries is another factor propelling the global contraceptive market. People across the world have become more aware of the need for family planning.
Contraceptives Market: Regional Landscape
- Key players in the global contraceptives industry are engaged in regulatory approvals, innovations in technologically advanced products, the launch of new products, and acquisition & collaborative agreements with other companies. These strategies are likely to fuel the growth of the global contraceptive market.
- A few expansion strategies adopted by players operating in the global contraceptive market are announcing the generic versions of vaginal rings in the U.S. The launch of such vaginal rings can be expected to drive the market for contraceptives.
- Healthcare organizations are launching global strategies for accelerating the abolition of cervical cancer. This is expected to augment the global contraception devices market. At the same time, manufacturers are investing in R&D to increase the availability of FDA (Food and Drug Administration)-approved contraceptive options.
- Women with unmet contraception needs rarely state that they are unaware of contraception, do not have access to a source of supply, or that it is too expensive. Women of Asia use modern contraception at a lower rate than the global average.
- Key barriers to modern contraceptive practice among women in Asia are cultural attitudes, lack of knowledge about methods and reproduction, socio-demographic factors, and healthcare barriers. Lack of knowledge and access could be the most straightforward issues to address in the global contraceptive market.
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Contraceptives Market: Key Players
- On January 14, 2021, Teva Pharmaceuticals announced the generic version of NuvaRing (etonogestrel and Ethinyl estradiol) vaginal ring in the U.S. The launch of such vaginal rings can be expected to drive the contraceptive market.
- On November 17, 2020, the World Health Organization launched global strategies for accelerating the abolition of cervical cancer. This is expected to augment the global contraception devices market.
Contraceptives Market: Segmentation
- Combined Contraceptives
- Contraceptive Injectable
- Topical Contraceptive Patch
- Oral Contraceptives
- Male Contraceptive Devices
Female Contraceptive Devices
- Female Condoms
- Contraceptive Diaphragms
- Contraceptive Sponges
- Contraceptive Vaginal Rings
- Intrauterine Devices
- Sub-dermal Contraceptives Implants
- Non-Surgical Permanent Contraception Devices
- Contraceptive Drugs
By Distribution Channel
- Independent Pharmacies
- Online Pharmacies
- Hospitals Pharmacies
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
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