Global demand for contraceptives is predicted to increase at a CAGR of 6.5% from 2023 to 2033. As a result, the global contraceptives market is set to increase from a value of US$ 33 billion to US$ 62 billion by the end of 2033.
The use of contraceptive devices is being driven by robust government campaigns and programs for women’s and children’s health. Women who do not want to utilize the hormonal form to prevent potential adverse effects typically prefer copper intrauterine devices (IUDs).
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Increasing Demand for Low Dose Combined Oral Contraceptives (COCs) to Drive Growth
Low-dose COCs containing 20-35 micrograms of ethinylestradiol combined with progestogen have largely replaced the older COCs comprising 50 micrograms estrogen. Low-dose COCs are favored because of the lower risk of venous thromboembolism. The rising number of clinical researches pertaining to birth control methods for better efficiency will strongly suggest a positive growth trajectory across the analysis period.
DRIVING FACTORS
Rising Awareness among Population & Increasing Government Initiatives to Prevent Unwanted Pregnancies will Propel Growth
The continuously growing rate of the global population, specifically in the developing economies is a rising concern worldwide, thus promoting the need for government initiatives is driving awareness campaigns to eliminate or minimize the risk of unwanted pregnancies, risk associated with abortion, and sexual disorders threat. For instance, at the London Summit on Family Planning held in 2012, the Government of India made a global commitment to provide family planning services to an additional 48 million new users by the year 2020. Moreover, the U.S. government has established a maternal and infant health initiative to promote the effective use of contraception with an aim to lower the unwanted pregnancy rates and risks associated with it.
Increasing Rate of Unwanted Pregnancies across the Globe to Propel Market Growth
The growing rate of unwanted pregnancies worldwide is a major concern among the population. As per the Centers for Disease Control and Prevention (CDC), 45% of the 6.1 million annual pregnancies in the U.S. are unwanted. Hence, the increasing rate of unintended pregnancies will spur the market growth across the forecast period.
RESTRAINING FACTORS
Side Effects Associated with Contraceptives May Limit Growth
Despite the high prevalence of unwanted pregnancies globally, certain factors are limiting the growth of the market. Among them are the side effects such as nausea, headaches, and migraine associated with birth control pills. This factor will significantly limit market growth.
Competitive Landscape
Leading companies are concentrating on R&D initiatives to launch modern contraceptive devices following safety regulations to reduce the environmental impact. Top contraceptive providers are involved in acquiring and collaborating with other businesses and enhancing product standards.
For instance,
- In 2021, Generate Life Sciences was acquired by Cooper Surgical, Inc. Cooper’s reproductive section is improved by this acquisition.
- In 2021, Clue introduced a digital birth control method that provides customers with an ovulation prediction based on statistics.
- Pfizer Inc’s Sayana Press is the first injectable contraceptive for women available in the U.K. The company is also in the process of conducting a study evaluating levonorgestrel and Ethinyl estradiol as potential oral contraceptives.
- Merck & Co, Inc., offers contraceptive care in the form of combined oral pills, vaginal rings, intrauterine devices, and sub-dermal implants. Popular products include Cyclessa, Desogen, NuvaRing, Implanon, and Nexplanon.
Key Companies Profiled
- Evofem Biosciences
- CooperSurgical, Inc.
- Actavis, Inc.
- Medisafe Distribution Inc.
- Mayer Laboratories, Inc.
- Mylan
- Allergan Plc.
- Veru Inc.
- CooperSurgical, Inc.
- Pfizer Inc.
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