Apr 14, 2020
Global Contraceptives Market to Expand, Spurred by Rising Incidences of Unwanted Pregnancies: Downturn in Sales Anticipated amid COVID-19 Outbreak, Concludes Fact.MR
by Team Fact.MR
Prevalence of unwanted pregnancies has necessitated the need to seek more effective contraceptive treatment. A majority of these pregnancies occur among adolescents and young women and are the principal source of the spread of sexually transmitted infections. These include HIV, chlamydia, genital herpes and hepatitis B. Concerned by this, governments across the world have heavily invested in sexual education programs in order to acquaint people to the dangers of such diseases.
Propelled by these abovementioned factors, the global contraceptives market is set to expand positively during the forecast period (2020-2025). The global contraceptives market is projected to reach a value of US$ 37,242.7 by 2025-end, expanding at a CAGR of 6.4%. Other developments such as introduction of innovative devices is also expected to boost market growth for contraceptives.
Mandatory social distancing amid the COVID-19 pandemic, however, is anticipated to generate tremors in the global contraceptives market supply chain, owing to limited production capacity due to less employee strength and avoidance of physical contact among adults.
Key Takeaways of Global Contraceptives Market Study
- Contraceptive devices shall capture the maximum market share of the global contraceptives market (>50%). This is attributed to the major side effects of ingesting contraceptive drugs, such as nausea, headache, weight gain, increased bleeding, dysmenorrhea and menstrual changes, among women. The introduction of custom-fit condoms by key market players is equally expected to boost market share. Anticipated CAGR for the forecast period is pegged at 6.6%.
- Hospitals shall account for the maximum distribution of contraceptive devices among patients. Favorable reimbursement policies to hospitals is a key driver behind the growth of this segment. Projections indicate a market share of one-third during the forecast period.
- North America shall dominate the global contraceptives market, due to increased incidences of unwanted pregnancies and burgeoning demand for reversible contraceptives among the patients. The region is expected to surpass a valuation of US$ 12.9 Bn growing at a CAGR of 6.6% during the forecast period.
- Asia-Pacific shows high potential for growth of the global contraceptives market. The region shows staggering prospects, with a CAGR pegged at 6.8% throughout the forecast period.
- The COVID-19 pandemic is anticipated to initiate a decline in the sales of contraceptives globally. This is attributed to social distancing among young adults in order to contain the spread of the virus. This includes refrainment from any kind of physical contact, including sexual intercourse.
- Supply-chain disruptions are anticipated, attributed to limited production capacity of manufacturing plants. Condoms, the most popular contraceptive, are anticipated to register significant downturn in production. The Asian market is poised to experience the maximum shortage as most condoms are produced in China and Indonesia.
- Fortunately, healthcare practitioners and key manufacturers are taking proactive measures to ensure minimum supply-chain disruptions to the global contraceptives market. To that end, the UN Population Fund (UNFPA) has urged governments across the world to encourage public and private partnerships to mobilize the private sector and enhance the supplies of sanitary items, medical equipment and antiretroviral drugs. The fund also calls for appropriate administration and in-country distribution of required sexual and reproductive health (SRH) products and unceasing investment in strengthening the reproductive and sexual health supply chain.
“The global contraceptives market is expected to be leveraged significantly in the future, driven by accelerating instances of sexually transmitted infections. This has encouraged key market players to invest in research and development of effective contraceptive techniques. This shall be a significant growth driver,” concludes a Fact.MR analyst.
Global Contraceptives Market: Competitive Landscape
With a highly fragmented market, several important players dominate the contraceptives market. Some of the key market players are: Allergen, plc, Pfizer, Inc, Teva Pharmaceutical Industries Ltd., Bayer AG and Janssen Pharmaceutical Company. The companies primarily concentrate on product launches in order to broaden their market footprint. Pfizer Inc, for instance, manufactures Sayana Press, an 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. Another important player, Cipla, manufactures oral contraceptives named Crisanta. The medicine contains Drospirenone which prevents the fertilization of the egg with the sperm. It also induces hormonal changes contributing to the prevention of pregnancy.
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The research study on the global contraceptives market by Fact.MR incorporates an unbiased assessment of key factors and trends responsible for shaping the landscape of the global contraceptives market over 2020-2025. It includes a detailed assessment of key parameters that are anticipated to exert influence during 2020-2025. Market statistics have been presented on the basis of Product (Contraceptive drugs and Contraceptive devices) and Distribution Channel (Hospital Pharmacy, Independent Pharmacy, Online Platforms, Clinics and Others) across five major regions.
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