According to the latest report published by Credence Research, Inc. “Contraceptives Market Growth, Future Prospects and Competitive Analysis, 2016-2022,” the global contraceptives market was valued at USD 19.7 Bn in 2015, and is expected to reach USD 25.5 Bn by 2022, expanding at a CAGR of 3.6% from 2016 to 2022.
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Contraception is characterized as a voluntary method to prevent pregnancy by altering fertilization, ovulation and intervention through drugs and devices. This research explores the current status and future prospects of drugs and technologies commercially available on the global market for contraceptives. Temporary contraceptives are the most preferred contraception mode in the world.
Some of the key factors driving the global market for contraceptives are designed to avoid unintentional pregnancy and overcome the risk of sexually transmitted infections. Growing awareness of positive health and increased acceptance of innovative and highly effective contraceptive options for women are also driving the market for contraceptives. Initiatives by governments and NGOs to promote the use of contraceptives and public concessions for contraceptives facilitate increased demand for contraceptives.
Oral contraceptive pills is the largest product segment in the contraceptives market. Combined hormonal contraceptives are in high demand in the present market scenario, due to their high effectiveness and ease of use. Among the device types, intrauterine devices hold the largest market share demonstrating significant usage in developed markets and growing adoption in emerging markets of Asia-Pacific. Subdermal implants and female condoms have developed their niche in the developed regions of North America and Europe and their awareness is steadily increasing in Latin America and Asian markets.
North America is the largest market for contraceptives followed by Europe. High incidence of teenage and unintentional pregnancy and wide prevalence of sexually transmitted diseases are the major contributors to the dominance of these regions. On the other hand, novel contraceptive solutions such as implants, vaginal rings and others are in high demand in developed countries due to high disposable incomes and high awareness.
Asia-Pacific is the most promising regional market for contraceptive drugs and devices. Government and NGO initiatives focusing on population control, prevention of unintentional pregnancies and sexually transmitted diseases in low income groups are responsible for the surge in demand for contraceptives in Asia-Pacific.