Contraceptives Market: Introduction
According to the report, the global contraceptives market is expected to cross US$ 2.7 Bn in 2028 and is projected to expand at a CAGR of 6.1% from 2021 to 2028. Contraception depends on the intended use of artificial methods to prevent pregnancy by interfering with the normal processes of fertilization, ovulation, and implantation. A barrier method is the most common type of contraception, also known as fertility control or birth control. It is available in two major forms on the market: contraceptive drugs and contraceptive devices.
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Oral (pill) contraceptives, topical contraceptives, and injectable contraceptives are the various types of contraceptives. Contraceptive devices, on the other hand, include condoms, intrauterine devices (IUD), vaginal rings, implants, patches, diaphragms, sponges, and others. The barrier method, particularly condoms, is the most common form of artificial contraception.
Increase in Incidence of Unwanted Pregnancies to Drive Market
The global contraceptives market is expected to be driven by increase in efforts by governments to raise awareness about the negative effects of population growth and unwanted pregnancies. Various government programs aim to meet the rise in demand for modern contraception methods as well as sexual and reproductive health services. Young people, adolescents, and women should be involved in all stages of evaluation, implementation, and planning for these health services. Many women are delaying motherhood these days as career prioritization has taken hold among many women. More women are becoming aware of the cost of raising a child, as well as the rise in prevalence of unstable relationships and concerns about job safety.
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Contraceptive Devices to be Lucrative Segment
The global contraceptives market has been classified into two categories: contraceptive drugs and contraceptive devices. The contraceptive drugs segment has been split into oral contraceptive, injectable contraceptive, and topical contraceptive patch. Combination contraceptives and mini pills are two types of oral contraceptives. Male contraceptives and female contraceptives are the two types of contraceptive devices. Female condoms, contraceptive diaphragms, contraceptive sponges, contraceptive vaginal rings, intrauterine devices, sub-dermal contraceptive implants, and non-surgical permanent contraception devices are the various types of female contraception.
The product segment has been examined based on available drugs and devices, product pipeline for new contraceptive products, cost-effectiveness, and population preference for contraceptive products.
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Retail Pharmacies Segment to Dominate Market
Based on distribution channel, the global contraceptives market has been divided into hospital pharmacies, retail pharmacies, online pharmacies, clinics, and others. The segments have been thoroughly examined in terms of availability of various contraceptive products, availability of these products through various distribution channels, and geographical coverage. The retail pharmacies and online pharmacies segments are projected to dominate the global market during the forecast period. The retail pharmacies segment is likely to account for significant market share owing to improvement in supply chain networks.
North America to Dominate Global Market
In terms of region, the global contraceptives market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global contraceptives market in 2020. The region is expected to account for major share of the global market during the forecast period.
High abortion rates, increase in participation of reproductive women in the labor force, and high awareness about contraceptive products are likely to boost the growth of the contraceptives market in North America over the next few years. However, the market in Asia Pacific is projected to grow at a rapid pace during the forecast year. Increase in government initiatives is anticipated to propel the contraceptives market in the region. Additionally, rise in awareness about family planning and increase in unintended pregnancies are expected to drive the market in Asia Pacific.
Competition Landscape
The global contraceptives market is fragmented in terms of number of players. Key players in the global market include Smith & Nephew plc, Anika Therapeutics, Inc., DePuy Synthes, Inc., Baxter International, Inc., Stryker Corporation, Medtronic, Inc., Arthrex, Inc., Zimmer Holdings, Inc., and CONMED Corporation.