Ottawa, Dec. 12, 2022 (GLOBE NEWSWIRE) -- According to Precedence Research, the contraceptive drugs market size will reach at USD 17.2 billion in 2023. The increased number of undesired pregnancies is a major driver of contraceptive medicine demand, resulting in a global market expansion. As a result of these data, global demand for contraceptive tablets is expanding, propelling the global contraceptive medications industry to new heights. The growing focus of leading industry players and healthcare organizations on raising awareness through public programs to extend access to contraceptive pill choices is a significant driver boosting the global contraceptive pharmaceuticals market's growth.
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Report Highlights
- On the basis of product, oral contraceptive drugs segment holds the largest market share in the global contraceptive drugs market. The demand for and acceptance of oral contraceptive medications is gradually rising, particularly in developing regions. This is due to the therapeutic benefits of oral contraceptive pills over other conventional methods, as well as their lower cost as compared to other type of contraceptive drug choices.
- On the basis of distribution channel, retail pharmacy segment holds the largest market share in the global contraceptive drugs market. This is due to greater public awareness of the numerous contraceptive medicine choices and the surge in demand for contraceptive tablets. Birth control pills are available over the counter in a number of countries. Thus, clients are increasingly seeking birth control drugs from retail pharmacies. In addition, favorable laws have aided in the segment’s expansion.
Regional Snapshot
North America is the largest segment for contraceptive drugs market in terms of region. The U.S. are dominating the contraceptive drugs market in the North America region. The increased awareness of contraceptive pills among patients is driving the growth of the contraceptive medicines market in North America. Furthermore, the market for contraceptive medications in North America is being driven by several strategies employed by industry competitors.
Asia-Pacific region is the fastest growing region in the contraceptive drugs market. China and India hold the highest market share in the Asia-Pacific contraceptive drugs market. The rising reimbursement policies are credited with driving the expansion of the Asia-Pacific contraceptive medicines industry. Furthermore, the Asia-Pacific region's growing childbearing population is fueling the demand for contraceptive medications. According to the United Nations Department of Economic and Social Affairs, the population in 2019 was above 163 million. Contraception is used by more than 56% of women in this category. As a result, the market for contraceptive medications in this region is likely to grow rapidly in the near future.
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Scope of the Report
| Report Attributes | Details |
| Market Size in 2022 | USD 16.25 Billion |
| Revenue Forecast by 2030 | USD 25.6 Billion |
| CAGR | 5.85% from 2022 to 2030 |
| Base Year | 2022 |
| Forecast Year | 2022 to 2030 |
| Key Players | Church & Dwight Co., Inc., Reckitt Benckiser Group Plc, Organon Group of Companies, Pfizer, Inc., Veru, Inc., The Cooper Companies, Inc., Mayer Laboratories, Inc., Teva Pharmaceutical Industries Ltd., Agile Therapeutics, TherapeuticsmMD, Inc., Bayer Ag, Afaxys, Inc., Mithra Pharmaceuticals, Abbvie |
Market Dynamics
Drivers
Technological developments
The global contraceptive drugs market is growing as a result of technological improvements and the expanding acceptance of contemporary contraception methods. Furthermore, governments and non-governmental organizations in underdeveloped nations advocate the use of contemporary contraceptives such as oral drugs and pills, topical medicines, and injectables. As a result, technological developments and adoption of innovative technologies are driving the growth of global contraceptive drugs market.
Restraints
Adverse effects of contraceptive drugs
Long term usage of birth control pills is linked to complications such as headache, bleeding, and nausea. Many of the studies have been published to illustrate the long-term adverse effects of birth control medications. Long term use refers to using birth control tablets for a period of 10 years and longer. In addition, estrogen and progesterone-based medicines have been associated to an increased risk of blood clots, which can lead to heart attack. Thus, this factor is hindering the growth of global contraceptive drugs market.
Opportunities
Growing government initiatives
The government agencies in emerging nations encourage the use of these medications in order to decrease population growth and unwanted pregnancies among adults. The Irish government, for example, declared in December 2020 that women aged 17 to 25 will be eligible for free contraception. As a result, growing government initiatives are contributing towards the expansion of global contraceptive drugs market.
Challenges
Lack of awareness among patients
The lesser use of contraceptive drugs in poor nations is due to a lack of understanding and societal stigma around contraception and other techniques. This, combined with the expensive cost of contraceptive drugs, is also limiting the contraceptive drugs market’s expansion. As a result, all of these factors are regarded as challenges for expansion of worldwide contraceptive drugs market.
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Recent Developments
- Bayer AG declared a license deal with Dare Bioscience Inc., in January 2020 to commercialize in the U.S. market following Food and Drug Administration approval.
- Organon purchased the rights to Marvelon and Mercilon, combined oral hormonal daily contraceptive drugs, from Bayer AG in the People’s Republic of China, including Macau and Hong Kong, in February 2022, and has entered into a deal to purchase the rights to these medications in Vietnam.
Market Segmentation
By Product
- Oral
- Pills
- Intrauterine Devices (IUD)
- Hormonal IUD
- Nonhormonal IUD
- Condoms
- Male Condoms
- Female Condoms
- Vaginal Ring
- Subdermal Implants
- Injectable
- Others
By Distribution Channel
- Hospital Pharmacy
- Retail Pharmacy
- Clinics
- Online Channel
- Public Channel & NGOs
- Others
By Age Group
- 15–24 years
- 25–34 years
- 35–44 years
- Above 44 years
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
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