Global Contraceptives Market to exceed USD 33 billion by 2023
Publisher : Fractovia | Published Date : 2016-10-24Request Sample
North America to lead the global contraceptives market with a revenue expectation of USD 8.9 billion by 2023: The U.S. to be the major revenue pocket
Contraceptives market has been a lucrative part of the healthcare industry, and taking into account the population concerns, the market will continue to grow significantly over the coming years. According to a report on “Global Contraceptives Market Size, Share, Industry Report 2024” by Global Market Insights Inc., “the global contraceptives market share is forecast to surpass USD 33 billion by 2023, at a CAGR of 6.8% over the period of 2016-2024.”
Rising concerns regarding the population growth as well as increasing numbers of Sexually Transmitted Diseases (STD) are primarily the factors driving the industry growth. As per CDC (Centers for disease control and prevention), 19 million cases of STD infection are registered every year among people aged between 15 to 24. It also suggests that 24000 women infertility cases are registered every year as a result of STDs. Moreover, half a million STD cases are diagnosed every year in the UK. These numbers show the prevailing growth of these sexually transmitted diseases which has become a matter of concern worldwide.
North America contraceptive devices market size, by product, 2016-2023 (USD Million)
Another research from CDC depicts that 37% birth in US comes under the category of unwanted pregnancy. The U.S. federal policy has mandated contraceptives coverage by health insurance companies and has also permitted availability of emergency contraceptives (ECs) over-the-counter (OTC). The government is supporting the use of contraceptives in order to control the population growth, and also to curb the healthcare expenditure incurred during abortions and other sexual diseases.
However, ethical and social issues pertaining to the use of contraceptives in some regions are likely to hamper the market growth over the coming years.
The contraceptives market comprises mainly of two broad segments- drugs and devices. The drug segment includes Oral Contraceptive Pills, Topical, and Injectable drugs. Contraceptive devices can be classified as Condoms, Sponges, Diaphragms, Subdermal Implants, Vaginal Rings, Hormonal IUD, and Copper IUD.
Oral Contraceptives market is pegged to grow at a CAGR of 5% over the period of 2016-2023 owing to the increasing awareness and government support. Condoms are likely to lead the device segment of the contraceptives market with an expected revenue target of USD 7.5 billion in 2016. This growth can be attributed to the campaigns spreading awareness about the use of condoms to prevent STDs.
The North America contraceptives market is set to be the dominating region with revenue expectations of USD 8.9 billion by 2023. Factors like increasing awareness, rising abortion rates, and growing population of the women aged 15-44 will drive the regional growth over the coming period. US is estimated to be the major revenue pocket.
Awareness programs via free sample distribution and government initiatives will boost the LATAM contraceptives market size. LATAM market is estimated to record a CAGR of 8.6% over 2016-2023. India and China will likely lead the APAC contraceptives market. The Asia Pacific growth will mainly be driven by increasing awareness by sex education campaigns, favorable government initiatives, and improved healthcare facilities.
Major industry participants are Pfizer, Mayer Laboratories, Inc., Merck & Co., CooperSurgical, Inc., and Allergan PLC. The contraceptives industry is a fragmented industry with business space shared fairly by the new entrants as well as the established players. Enhancement of their respective product portfolios to meet the demand of the growing market will be the major growth strategy adopted by the industry participants to sustain their market position.
