Albany – NY, Sept. 28, 2017 (GLOBE NEWSWIRE) -- Celebrity Endorsement of Awareness Campaigns Uptakes Adoption among Young Adults
Among the key factors driving the global contraceptives market is the increasing number of awareness campaigns that propagate contraceptives to be the effective method to prevent unintended pregnancies, which is leading to their increased adoption among young and adolescent population in both developed and developing countries. The campaigns that are generally undertaken by government agencies and NGOs are endorsed by celebrities, which is favoring the use of contraceptives among young adults who have the mindset to imitate famous people.
As per estimates by Transparency Market Research, the global contraceptives market will reach a valuation of US$37,242.7 mn by the end of 2025 from a valuation of US$22,050.0 mn in 2016 at a CAGR of 6.1% between 2017 and 2025.
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Further, the awareness campaigns also offer expert guidance about adoption of most effective method of contraception depending on individual need. Woman’s overall health, age, frequency of sexual activity, desire to have children in future, and family history are some of the factors that gynecologists look into before advising the method of contraception.
In developing regions, especially among the urban population, modern education and career aspirations have been crucial factors for the increasing adoption of contraceptives. Increasing number of women in the workforce and nuclear family setups are leading to increasing use of contraceptives for delayed pregnancies. Couples are increasingly seeking expert help for advice regarding the method of contraception to be adopted and guidance regarding family planning that suit their need.
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Apart from this, the rising prevalence of sexually transmitted diseases is also leading to the uptake of contraceptives. This is because contraceptives such as condoms and topical contraceptive patch are effective to prevent sexually transmitted diseases such as AIDS in the event of sexual activity with multiple partners.
Lastly, development of novel contraceptive products by leading key players is also acting in favor of the global contraceptives market.
Amongst the key product types, contraceptive devices holds dominance with the segment holding 53.2% market share in 2016. Hospital pharmacy leads among the key distribution channels on account of a number of favorable factors. Geography-wise, North America holds lucrative growth prospects among other key markets for contraceptives. However, Asia Pacific is poised to display the leading growth rate over the forecast period.
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Chances of Side Effects Challenge Growth
On the downside, side effects associated with hormonal contraception is slowing the adoption of these products among wary consumers. Rising infertility is also proving to be a major restraint on the growth of contraceptives market.
The global contraceptives market displays intense competition with the presence of a multitude of key players that operate globally, says Transparency Market Research (TMR) in a new study. Despite this, Bayer AG stood as the clear leader in 2016 attributed to its diverse product portfolio and strong global presence. This has led other key players to develop novel contraception products for competitive gains.
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Some other prominent participants in the global contraceptives market are Cipla Inc., Merck Co. Inc., Mankind Pharma, Teva Pharmaceutical Industries Ltd., Janssen Pharmaceutical Company, Allergan plc, HLL Lifecare Limited, Pfizer Inc., Mithra Pharmaceuticals, and Reckitt Benckiser plc among others.
About TMR
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.