The contraceptives market is evaluated at US$24.597 billion for the year 2019 growing at a CAGR of 5.86% reaching the market size of US$34.613 billion by the year 2025.
Contraception refers to a method of avoiding pregnancy with the use of drugs or devices. It is also referred to as birth control or fertility control. The market for contraceptives is anticipated to witness a healthy growth over the course of the next five years. The market growth may be attributed to numerous factors out of which growing consumer consciousness regarding STDs, population control and unintended pregnancies are some of the prime factors that have escalated the demand for contraceptive drugs and devices particularly in the emerging economies of the globe. Moreover, the growing government focus in many countries towards population control has further created business growth opportunities for market players over the next five years. The government around the globe are playing a major role in shaping up the market growth as various campaigns and programs are being carried out to make the people aware of contraception and birth control. For instance, the National Programme for Family Planning, Ministry of Health and Family, Government of India which has the goal to reduce the overall fertility rate of the country to 2.1 by the year 2025. The key strategies of the program also include Providing more choices through newly introduced contraceptives such as injectable Contraceptive, MPA (Medroxyprogesterone acetate) under the Antara program and Chaya to be made freely available to all the government hospitals of the country. The growing working-class female population is also a key factor supplementing the market growth over the next five years.
However, the health risks associated with the consumption of pills coupled with the lack of awareness about contraception in underdeveloped economies are some of the key factors hampering the market growth to some extent during the next five years. Moreover, the outbreak of COVID-19 will have a moderate impact on the market growth since the demand for devices and pills will increase that too during the short period of six to eight months.
High cases of unintended pregnancies to drive the growth
The primary factor that is propelling the demand for contraceptive devices and drugs is the globally growing number of cases of unintended or mistimed pregnancies in many parts of the world. As per the study from the World Health Organization in 36 countries, promiscuous womenwho wished to delay did not use contraception which further led to a case of one in four pregnancies being unintended. The study also found that 9.9% of the total women in the study had unintended pregnancies. Lack of education coupled with the low awareness about contraception in some economies coupled with restricted access of devices and drugs to people are some of the major factors propelling the number of cases with unwanted pregnancies. However, governments are playing a significant role in making the people aware of these products and educating them regarding proper family planning through programs and campaigns. Thus, a growth in the number of unwanted pregnancy cases plays a major role in supplementing the contraceptives market growth during the forecast period.
Health risks associated with contraception
The health risk associated with the consumption of pills and the use of other devices may restrict their demand to some extent, which is considered as a negative factor for the market growth over the next five years. There are several side effects with oral pills such as nausea, migraine, severe abdominal pain, and others. All such factors make women reluctant towards their consumption. However, the consumption of oral pills also may fail to give 100% results.
Drugs to witness a promising growth during the next five years
By product, the classification of the market has been done into drugs and devices. The drugs segment is further distributed into pills, injectable, and topical contraceptives and the devices segment is distributed as condoms, IUDs, diaphragms, rings, and others. The devices segment is projected to hold a substantial share in the market throughout the course of the next five years owing to the high use of devices such as condoms, sponges, and diaphragms, among others as a means of reducing the risks of STDs and for birth control as well. Moreover, the growing awareness among the people living in developing economies regarding the use of condoms and government policies and programs aimed towards the use of condoms to promote safe intercourse are some of the major factors supporting the demand as well as the growth of this segment over the course of the next five years. However, on the other hand, the drugs segment is projected to witness a substantial growth during the next five years which may be attributed to the growth of the millennial population in many parts of the world.
North America to hold a considerable market share
By geography, the global market for contraceptives is distributed into North America, South America, Europe, Middle East and Africa, and the Asia Pacific. The North American region is anticipated to hold a significant share in the market to high awareness particularly across the United States and Canada. Moreover, the higher purchasing power of the people coupled with a well-established healthcare sector will further supplement the share of the region during the next five years.
The players in the contraceptives market are implementing various growth strategies to gain a competitive advantage over their competitors in this market. Major market players in the market have been covered along with their relative competitive strategies and the report also mentions recent deals and investments of different market players over the last few years. The company profiles section details the business overview, financial performance (public companies) for the past few years, key products and services being offered along with the recent deals and investments of these important players in the contraceptives market.