Pune, India, Aug. 30, 2023 (GLOBE NEWSWIRE) -- The global contraceptive drugs market size was valued at USD 16.59 billion in 2021, and it is expected to grow from USD 17.50 billion in 2022 to USD 28.81 billion by 2029, exhibiting a CAGR of 7.4% during 2022-2029. Driven by rising awareness about the benefits of contraception, increasing prevalence of sexually transmitted diseases (STDs), and growing disposable incomes in developing countries.
The contraceptive drugs market is a highly competitive market, with the presence of a large number of players. The key players are engaged in various strategies, such as product development, mergers and acquisitions, and partnerships, to gain a competitive edge in the market.
Key Industry Development
December 2020 - The Pharma Solution Business of Piramal Enterprises Ltd. declared its plans for the expansion of its Michigan facility to elevate its capabilities and capacities for the manufacturing and development of active pharmaceutical ingredients.
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Key Takeaways:
- The growth of the contraceptive drugs market is being driven by the increasing demand for effective and safe contraception, the rising prevalence of sexually transmitted diseases (STDs), and the growing awareness about the importance of family planning.
- The contraceptive drugs market is segmented by product type, distribution channel, and region.
- The key players in the contraceptive drugs market are Bayer AG, Teva Pharmaceutical Industries Ltd., Merck & Co., Inc., Johnson & Johnson, and Church & Dwight Co., Inc.
- These companies are investing in research and development, new product development, and marketing to maintain their competitive edge in the market.
Discover the Leading Players Featured in the Report:
Major players in the contraceptive drugs market are Piramal Enterprises Ltd. (India), Agile Therapeutics (U.S.), Johnson & Johnson Services, Inc. (U.S.), AbbVie Inc. (U.S.), Pfizer Inc. (U.S.), Teva Pharmaceutical Industries Ltd. (Israel), Viatris Inc. (U.S.), Amneal Pharmaceuticals, Inc. (U.S.), Bayer AG (Germany).
Report Scope:
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 7.4% |
| 2029 Value Projection | USD 28.81 Billion |
| Base Year | 2021 |
| Market Size in 2022 | USD 17.50 Billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 151 |
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Drivers and Restraints
Availability of Reimbursement Policies to Fuel Market Growth
Contraceptive drugs are pills designed to prevent pregnancies. The rising awareness regarding the improvement of women’s sexual and health wellness is expected to surge the demand for contraceptives. Furthermore, rising promotion activities from non-profit and profit organizations are expected to fuel the adoption of contraceptives. Moreover, the rising awareness regarding the advantages of contraceptives is likely to support market progress.
Also, supportive government initiatives for the adoption of contraceptives are likely to foster the industry’s progress. For example, as per the NHS U.K., the women population in the U.K. have access to contraceptive injections from GP surgeries, contraceptive clinics, and others. These factors may drive the contraceptive drugs market growth.
However, rising concerns regarding the side effects of the drug are expected to hamper the industry’s growth.
Challenges Confronting the Contraceptive Drugs Market: Navigating Complex Landscapes
The contraceptive drugs market, while pivotal in shaping global reproductive health, grapples with multifaceted challenges. Regulatory hurdles and varying approval processes across different regions create an intricate web that manufacturers must navigate. Furthermore, socio-cultural disparities and stigmatization associated with contraceptive use impede widespread adoption.
Access barriers, particularly in low-resource areas, hinder the reach of these crucial medications to those in need. Adherence issues and potential side effects also contribute to a nuanced landscape. To thrive amidst these restraints, stakeholders must collaborate to streamline regulations, foster education, and innovate user-friendly solutions that address the diverse array of obstacles faced by this critical market.
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Segments
Oral Segment to Dominate Owing to Strong Demand for Consumable Drugs
By product, the market is segmented into oral, injectable, and patches. The oral segment is expected to be the leading segment due to the rising demand for consumable drugs over other contraceptives.
Retail Pharmacy Segment to Dominate Owing to Rising Consumer Preferences for Over-the-Counter Drugs
Based on distributional channels, the market is classified into hospital pharmacies, retail pharmacies, clinics, online channels, public channels & NGOs, and others. Rising consumer preferences for over-the-counter drugs are expected to boost the retail pharmacy segment’s progress.
Regionally, the market is grouped into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
By Product
- Oral
- Combined Contraceptives
- Progestin-only Pills
- Injectable
- Patches
By Distribution Channel
- Hospital Pharmacy
- Retail Pharmacy
- Clinics
- Online Channels
- Public Channels & NGOs
- Others
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Regional Insights
Rising Awareness Regarding Contraceptive Drugs in North America to Foster Market Progress
North America is expected to dominate the contraceptive drugs market share due to the rising awareness regarding the drugs’ adoption. The market in North America stood at USD 6.58 billion in 2021 and is expected to gain a huge portion of the global market share in the coming years. Furthermore, the rising pregnant women population and increasing fertility rates are likely to boost industry growth in the region.
In Europe, several well-established healthcare infrastructure projects and the rising women population opting for modern contraceptive methods are expected to foster the adoption of contraceptives.
In Asia Pacific, rising government initiatives for easy reach of contraceptive drugs are expected to foster the industry’s growth. Furthermore, the rising demand for the product from the patient population is expected to foster industry growth.
Competitive Landscape
Major Players Deploy Acquisition Strategies to Expand Their Market Reach
Prominent companies operating in the market deploy acquisition strategies to expand their market reach. For example, Bayer AG devised the acquisition of KaNDy Therapeutics Ltd. in September 2020. This strategy may allow Bayer AG to improve its drug development process for women and elevate its brand image. Furthermore, companies deploy mergers, novel product launches, research and development, and innovations to boost their market position.
FAQ’s
How Big Is The Contraceptive Drugs Market?
Contraceptive Drugs Market size was USD 17.50 billion in 2022.
How Fast is the Contraceptive Drugs Market Growing?
The Contraceptive Drugs Market will exhibit a CAGR of 7.4% during the forecast period, 2022-2029.
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