Global contraceptives market is expected to reach USD 30.86 million by 2022, according to a new study by Grand View Research Inc. Growing prevalence of sexually transmitted infections (STIs), especially HIV and the introduction of new products exhibiting improved efficacy are expected to drive the contraceptives market over the forecast period. The presence of high unmet contraceptive needs coupled with the implementation of favorable government policies is expected to significantly contribute towards the growth of the contraceptives industry.
In 2014, contraceptives device was the largest product segment with revenue estimated at over USD 12.0 billion. Devices such as condoms and contraceptive sponges, which are relatively inexpensive and easy to use, are expected to spearhead market growth over the forecast period. Female condoms are also expected to gain penetration rates over the next seven years. Growing user awareness levels and improving product availability are two key factors expected to drive segment growth.
Further key findings from the study suggest:
- Condoms are identified as the most lucrative sub segment of the contraceptive devices market. Low prices and abundant product availability are two key factors expected to drive the condoms market over the forecast period. The fact that, condoms are effective in preventing sexually transmitted diseases and unwanted pregnancies is also expected to boost usage rates.
- Intrauterine devices, especially hormonal IUDs are expected to experience attractive growth over the forecast period. Growing demand for Mirena, Jaydess and Skyla and the commercialization of Liletta is expected to further drive segment growth.
- The North American contraceptives market accounted for the largest revenue share in 2014. Presence of sophisticated healthcare infrastructure, high user awareness levels and abundant product availability are key factors attributing to the region’s market position.
- Latin America is expected to spearhead future market growth. Numerous government programs and free distribution of samples within the region are expected to help manufacturers capitalize on the available opportunities.
- Asia Pacific is also expected to witness substantial growth during the forecast period owing to, rapidly rising population levels and the consequent rise in demand for contraception. Presence of government initiatives in countries such as India, China, Sri Lanka, Pakistan, and Bangladesh aimed at slowing down population growth and prevalence of STDs are expected to promote market growth.
- Key players of the contraceptives market include Reckitt Benckiser Plc, Mayer Laboratories, Actavis Plc, Church & Dwight, Pfizer Inc., Merck & Co., The Female Health Company and Teva Pharmaceuticals.