Growth in need to prevent unwanted pregnancy, surge in awareness for contraceptives across the world, and rise in usage of oral contraceptives as a preferred method to avoid unplanned pregnancy drive the growth of the global contraceptive drugs market. In addition, increase in government and NGO initiatives promoting contraceptives and mounting awareness about STDs further fuel the growth of the global market. However, health risks related to the use of contraceptive methods restrain the growth to some extent. Nevertheless, rise in disposable income, growth in demand for healthy life in emerging economies, and presence of large unmet contraceptive needs in emerging Asian and African economies are anticipated to present an array of opportunities in the near future.
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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.
On the basis of end user, the market is classified into homecare, hospitals, and clinics. The homecare segment garnered the largest share in the global contraceptive market, owing to the extensive consumption of oral pills to prevent unplanned pregnancy and STIs. Contraceptives that are favored in home settings comprise oral pills, topical contraceptives, and contraceptive patches. These contraceptives help to reduce the risk of pregnancy and chance of getting STIs. Increase in use of contraceptive drugs at home has improved health-related outcomes such as maternal & infant mortality; reduced the risk of STI such as HIV, hepatitis B, syphilis, and gonorrhea; and improved economic outcomes of a family.
- During the outbreak of the pandemic the contraceptive drug manufacturers have been through several challenges with unpredictable and distorted supply chain activities and lack of skillful human resources. Also, declined number of hospital visits by women to receive injectable further affected the market.
- However, as the restrictions are getting eased off, the global market for contraceptive drugs is expected to recoup soon.
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Based on age group, the 15-24 years segment dominated the market with more than half of the global contraceptive drugs market revenue in 2019, and is anticipated to rule the roost by 2027. On the other hand, the above 44 years segment would exhibit the fastest CAGR of 9.0% during the forecast period.
The key players profiled in this report include Agile Therapeutics, Allergan Plc, Bayer AG, GlaxoSmithKline Plc, Johnson & Johnson, Piramal Healthcare, Mylan N.V., Pfizer Inc., Novartis AG and Teva Pharmaceutical Industries Ltd. Other players operating in the market are HLL Lifecare ltd, and Sanofi.
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