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Global Contraceptive Drugs Market Size is Projected to Reach USD 28.96 billion by 2030, Growing at a CAGR of 7.3%: Straits Research
Globe Newswire 12-Mar-2024 10:20 AM
New York, United States, March 12, 2024 (GLOBE NEWSWIRE) -- Contraception encompasses the use of drugs to prevent pregnancy, the transmission of sexually transmitted diseases (STDs), the transmission of sexually transmitted infections (STIs), family planning, and birth control. The use of contraceptive drugs and emergency contraceptives, especially among adolescents, and an increase in awareness of sexually transmitted infections (STIs) are the primary factors driving the expansion of the global contraceptive drug market. The growing acceptance of oral contraceptives as an effective method of birth control and their popularity have contributed to the rise in contraceptive demand, especially in developed regions. In addition, a rise in awareness of modern contraceptive drugs in developing nations has contributed significantly to expanding the global market. However, significant market restraints include associated risks, sociocultural influences of contraceptives, and side effects such as infertility resulting from contraception. Contraceptives are drugs used to prevent unintended pregnancies and sexually transmitted diseases (STDs).
Preventing Unwanted Pregnancies and Growing Government and non-governmental organization (NGO) initiatives Drives the Global Market
According to Straits Research, "The global contraceptive drugs market size was valued at USD 14.32 billion in 2021. It is expected to reach USD 28.96 billion by 2030, growing at a CAGR of 7.3% during the forecast period (2022–2030)." Globally, the poor and low-income population is disproportionately represented in the overall rate of unintended pregnancies. Using traditional methods to prevent pregnancy is one of the leading contributors to this prevalence. In addition, several health issues, such as anemia, malaria, HIV, and other sexually transmitted infections, are significantly linked to the adverse outcomes of adolescent pregnancy.
Consequently, contraceptive drugs contribute significantly to reducing the incidence of unintended pregnancies. In addition to government organizations, several non-profit organizations run campaigns and programs to increase education and awareness regarding the use of contraceptives. In addition, the market's growth is anticipated to be fueled by an increase in unintended pregnancies and the measures taken by individuals in many nations to prevent these unwanted pregnancies.
Government agencies have implemented strict birth control measures due to population growth and STDs. Government and non-government organizations have launched family planning and birth control programs. They also provide information on various contraceptive methods, regardless of gender, marital status, or sexual activity. People are now well-informed about the appropriate use of contraceptives, especially emergency contraceptives.
Rising Disposable Income and Unmet Contraceptive Needs in Developing Countries Creates Tremendous Opportunities
The combination of an increase in the median household income and a greater emphasis on living a healthy lifestyle has contributed to increased life expectancy. Due to the increased awareness of various diseases such as AIDS and several STDs, there has been a rise in contraceptive drugs. In addition, it has been demonstrated that an increase in disposable income significantly affects the adoption of contraceptive drugs among working-age individuals in developing economies. In recent years, there has been a rise in spending on various contraceptive drugs and preventative measures due to greater awareness of modern contraceptive methods. One out of ten married or cohabiting women in the majority of the world has an unmet need for family planning. Consequently, this creates lucrative opportunities for market participants in developing nations to invest in contraceptive development programs and provide access to these contraceptive drugs for the entire population.
Regional Analysis
North America contraceptive drugs market share is estimated to grow at a CAGR of 7.0% during the forecast period. The rates of contraceptive use in this region have not changed significantly over the past few years, and it is anticipated that these rates will continue to fall over the next few years. Despite this, the region has the highest prevalence of the use of contraceptives at present. Pills, injectables, and patches are just some of the effective contraceptive options that are very popular in this part of the world. It is anticipated that after the United States, Europe will hold the second-leading position on the global market for contraceptive drugs.
Key Highlights
Based on product, the global contraceptive drug market is divided into oral contraceptives, oral pills, topical contraceptives, and injectable contraceptives. The oral contraceptive pills segment is the highest contributor to the market, growing at a CAGR of 6.8% during the forecast period.
Based on the age group, the global contraceptive drug market is divided into 15-24 years, 25-34 years, 35-44 years, and 45 years. The 15-24 years segment is the highest contributor to the market, growing at a CAGR of 6.9% during the forecast period.
Based on the end-user, the global contraceptive drug market is divided into homecare, clinics, and hospitals. The home care segment is the highest contributor to the market, growing at a CAGR of 6.9% during the forecast period.
North America was the highest revenue contributor to the global contraceptive drugs market and is estimated to reach USD 10.17 billion by 2030, growing at a CAGR of 7.0% during the forecast period.
Competitive Players
The Top 10 players in the global contraceptive drugs market are Agile Therapeutics, Allergan Plc, Bayer AG, GlaxoSmithKline Plc, Johnson & Johnson, Piramal Healthcare, Pfizer Inc., Mylan N.V., Novartis AG, and Teva Pharmaceutical Industries Ltd. Other players operating in the market are Sanofi and HLL Lifecare Ltd.
Market News
May 2022- GSK acquired clinical-stage biopharmaceutical company Affinivax, Inc. GSK plc (NYSE:GSK) today announced that it has entered into a definitive agreement to acquire Affinivax, Inc. (Affinivax), a clinical-stage biopharmaceutical company based in Cambridge, Boston, Massachusetts.
May 2022- NetVation DL Medicine Announced Research Collaboration with Pfizer Inc. NetVation DL Medicine ("DL Medicine"), a privately held biotechnology company based in Chengdu, China, and focused on the discovery and development of novel drug candidates, announced that it has entered into a two-year research collaboration with Pfizer Inc.
March 2022- Agile therapeutics partnered with award-winning director Maya Albanese on the first twirl commercial, targeting gen Z. Agile Therapeutics, Inc. (NASDAQ:AGRX), a women's healthcare company, announced the launch of its first consumer commercial intended to increase awareness of the Twirla weekly birth control patch.
Straits Research is a market intelligence company providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision-makers. Straits Research Pvt. Ltd. provides actionable market research data, especially designed and presented for decision making and ROI.
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