Surge in need for preventing unwanted pregnancy, rise in awareness for contraceptives across the world, increase in usage of oral contraceptives as a preferred method to avoid unplanned pregnancy, upsurge in government and NGO initiatives promoting contraceptives, and mounting awareness about STDs drive the growth of the global contraceptive drugs market. On the other hand, health risks associated with the use of contraceptive methods impede the growth to some extent. However, rise in disposable income, demand for healthy life in emerging economies, and presence of large unmet contraceptive needs in emerging Asian and African economies are expected to create lucrative opportunities for the key players in the industry.
According to the report published by Allied Market Research, the global contraceptive drugs market size was valued at $14.32 billion in 2019, and is projected to garner $24.41 billion by 2027, registering a CAGR of 6.9% during the analysis period. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
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Covid-19 scenario-
- The outbreak of the pandemic made contraceptive drug manufacturers face several challenges with unpredictable and distorted supply chain activities and lack of skillful human resources. Also, decrease in the number of hospital visits by women to receive injectables affected the market.
- However, as the restrictions are gradually being eased off, the global market for contraceptive drugs is expected to recoup soon.
Onkar Sumant, a Manager, Healthcare at Allied Market Research, stated, “The growth of the global contraceptive drugs market is driven by alarming increase in the incidence of STDs, rise in unintended pregnancy rate, and need for family planning across the world, owing to rapidly growing population and socioeconomic burden related to teenage pregnancy. The impact of the drivers is expected to surpass that of the restraints.”
The global market is segmented on the basis of product, age group, end-user, and region. Based on product, the oral contraceptive pills segment held the lion’s share with more than four-fifths of the global contraceptive drugs market share in 2019, and is expected to dominate by the end of 2027. However, the injectable contraceptives segment is expected to manifest the fastest CAGR of 8.0% throughout the forecast period.
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North America to retain its dominance in terms of revenue-
Based on geography, North America held the major share in 2019, garnering around one-third of the global contraceptive drugs market, owing to rise in awareness regarding contraceptive pills, surge in adoption of modern contraceptive drugs, and alarming rise in prevalence of sexually transmitted diseases such as HIV/AIDS in the province. Simultaneously, the market across Asia-Pacific would showcase the fastest CAGR of 8.4% from 2020 to 2027, due to presence of large population base and proactive initiatives of governmental organizations for birth control and awareness in the region.
Frontrunners in the industry-
- Allergan Plc
- Bayer AG
- Teva Pharmaceutical Industries Ltd.
- GlaxoSmithKline Plc
- Piramal Healthcare
- Mylan N.V.
- Pfizer Inc.
- Johnson & Johnson
- Agile Therapeutics
- Novartis AG
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