San Francisco, 24 October
2018: According to a report published by Grand View Research,
Inc.; the hormonal
contraceptive market is expected to reach a valuation of around
USD 26.2 billion by 2025.
Increasing awareness about
contraception methods in developing countries, supportive government efforts,
increasing investments by companies can propel the market during the forecast
period (2014 to 2025).
Development of innovative
products and increasing awareness level regarding reproductive and sexual
health is expected to propel the market in the coming years. Growing use of
contraceptive among women in developing economies owing to government
initiative will drive the product demand in the coming years. For instance,
according to the UN, in nearly 64.0% of women between 15 and 49 years of age
were using these methods for the purpose of family planning. This figure was
recorded as 36.0% in 1970. Furthermore, launch of long-acting reversible
devices is also considered as the crucial driving factor for the market. For
instance, in 2016, Bayer Inc. introduced Kyleena, a new Intrauterine System
(IUS), to avoid pregnancy. Product like this is expected to fulfill the need
for long-term contraception in women for up to five years.
Worldwide hormonal
contraceptive market can be segmented on the basis of method and region. As per
method, the market can be categorized into pill, vaginal ring, injectable,
implant, intrauterine device (IUD), and patch.
In 2016, pills segment
estimated for the largest share due to their convenient usage and effectiveness
of 99.0%, if consumed accurately. In addition, easy availability, less side
effects, and numerous companies operating in the market for this segment are
some driving factors for the segment. The IUD segment is likely to grow swiftly
over the projected period. This growth can be associated with its effectiveness
of more than 99.0%, and accessibility of long-acting reversible birth control
methods.
Access
Research Report of Hormonal
Contraceptive Market@ www.grandviewresearch.com/industry-analysis/hormonal-contraceptive-market
Geographically, the market can
be divided into North America, Europe, Asia Pacific, Latin America, Middle East
and Africa. In 2016, North America conquered the market. The region is likely
to dominate the market over the forecast period. Factors such as existence of
established companies, high disposable income, high awareness regarding sexual
health, and presence of large number of unplanned pregnancies. In the U.S., the
number of unplanned pregnancies is quite high, which is nearly 3 million. Thus,
the Center for Medicaid and CHIP Services (CMCS) has developed Maternal and
Infant Health Initiative for the Medicaid and Children’s Health Insurance
Program (CHIP) program for encouraging utilization of effective contraception
methods and help women to avoid such pregnancies.
Additionally, awareness
programs by governments and market participants are also expected to boost the
product demand. For instance, in 2015, Teva Pharmaceutical Industries Ltd
launched an educational initiative called “Perfectly Imperfect” for increasing
awareness about emergency contraception. In addition, Allergan form a
partnership with the U.S. Women's Health Alliance (USWHA), the organization
promotes high-quality and cost-effective health care services for women. With
this agreement Allergan developed device called LILETTA will be available
across USWHA Health Care Groups in the U.S. Asia Pacific is projected to
exhibit fastest growth over the forecast period. Factors such as presence of
large fertile population, launch of new female contraception devices, growing
government investment, and improving economic condition are the major factors
supporting the growth in this region.
Browse more reports of this category by
Grand View Research at: www.grandviewresearch.com/industry/healthcare
Middle East and Africa is
anticipated to grow on account of new product launches, supportive government
efforts, and growing awareness among people. For instance, in 2013, Merck &
Co. Inc. and its public sector associates protracted the agreement to expand
access to Implanon. With this agreement, the company was to reduce the price of
the implant and its next-generation drug Implanon NXT (etonogestrel) by
approximately 50% for the next six years in seventy poor countries in this
region.
Prominent players operating in
the market include Merck & Co. Inc.; Teva Pharmaceuticals Industries Ltd.;
Afaxys, Inc.; Apothecus Pharmaceutical Corporation; and Allergan. Participants
in the market are mainly focusing on geographical expansion and approval and
commercialization of products.
Access
Press Release of Hormonal Contraceptive Market@ www.grandviewresearch.com/press-release/global-hormonal-contraceptive-market
About
Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco.
The company provides syndicated research reports, customized research
reports, and consulting services. To help clients make informed business
decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
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