The rising prevalence of unwanted pregnancies is boosting the global contraceptive drugs market. In a report, titled “Contraceptive Drugs Market Size, Share and Global Trend By Product Type (Oral, Injectable, Patches), Distribution Channel (Hospital Pharmacy, Retail Pharmacy, Clinics, Online Channel, Public Channel & NGOs) and Geography Forecast till 2025” Fortune Business Insights identifies various factors enabling growth in the market.
According to the report, the global contraceptive drugs market is anticipated to rise at 5.8% CAGR and reach a value of US$ 20,200.5 Mn by 2025 from US$ 13,097.7 Mn in 2017. Remarkably improving access to contraceptive pills around the world is a key factor propelling growth in this market.
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Key Players Operating in The Contraceptive Drugs Market Include:
Key players are involved in mergers and acquisition to strengthen their market position. Owing to increasing competition frequent innovations are taking place in the market. Some of the companies operating the industry are:
- Bayer AG
- Pfizer Inc.
- Janssen Global Services, LLC
- Teva Pharmaceutical Industries Ltd.
- Merck & Co., Inc.
- Mylan N.V.
- Allergan Plc
- Agile Therapeutics
- Piramal Enterprises Ltd.
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Rising Abortion Rates to Create Demand for Contraceptive Drugs
Under the Affordable Care Act (ACA) in the U.S., oral contraceptive pills are given free of cost to women in the U.S. Such regulations favor the growth of the contraceptive drugs market. Increasing government initiatives to reduce infant mortality due to early pregnancies will increase the demand for oral contraceptives. Contraceptive drugs not only help to control unwanted pregnancies but also reduce the number of abortion and complications associated with the procedure worldwide. As per the World Health Organization, there is an estimated 40 to 50 million abortions every year, corresponding to an approximate of 125,000 abortions per day. To avoid unwanted and unplanned pregnancies, an increasing number of women are opting for contraceptive drugs. This will in turn augment growth in the global market.
Contrary to this, the market for contraceptive drugs may face challenges posed by religious, ethical, and social barriers especially in more conservative regions. Social taboos often discourage the use of contraceptive drugs among women, subsequently adversely impacting the overall market.
Government Initiatives to Promote Use of Contraceptive Medicines
Geographically, North America held dominance in the global contraceptive drugs market owing to the presence of leading players in the region. This, accompanied with easy availability of contraceptive drugs, has catapulted North America to the fore of the global market. However, Asia Pacific is most likely to emerge as the fastest growing region. This is owing to government initiatives adopted across emerging nations of this region. These initiatives are intended at promoting the use of contraceptive medicines as a convenient way of preventing unwanted pregnancy.