The global contraceptives market is expected to reach USD 30.86 million by 2022, according to a new study by Grand View Research Inc. The growing prevalence of Sexually Transmitted Infections (STIs), especially HIV, and the introduction of new products exhibiting improved efficacy is expected to drive the contraceptives market over the forecast period. The presence of high unmet contraceptive needs coupled with the implementation of favorable government policies is expected to significantly contribute towards the growth of the contraceptives industry.
In 2014, the contraceptives device was the largest product segment with revenue estimated at over USD 12.0 billion. Devices such as condoms and contraceptive sponges, which are relatively inexpensive and easy to use, are expected to spearhead market growth over the forecast period. Female condoms are also expected to gain penetration rates over the next seven years. Growing user awareness levels and improving product availability are two key factors expected to drive segment growth.
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Further key findings from the study suggest:
• Condoms are identified as the most lucrative sub-segment of the contraceptive devices market. Low prices and easy product availability are two key factors expected to drive the segment growth over the forecast period
• Intrauterine devices, especially hormonal IUDs are expected to experience attractive growth over the forecast period. Growing demand for Mirena, Jaydess, and Skyla and the commercialization of Liletta is expected to further drive segment growth
• The North American contraceptives market accounted for the largest revenue share in 2014. The presence of sophisticated healthcare infrastructure, high user awareness levels, and abundant product availability are key factors attributing to the region’s market position
• Latin America is expected to spearhead future market growth. Numerous government programs and free distribution of samples within the region are expected to help manufacturers capitalize on the available opportunities.
• Asia Pacific is also expected to witness substantial growth during the forecast period owing to, rapidly rising population levels and the consequent rise in demand for contraception. The presence of government initiatives in countries such as India, China, Sri Lanka, Pakistan, and Bangladesh aimed at slowing down population growth and prevalence of STDs are expected to promote market growth
• Key players of the contraceptives market include Reckitt Benckiser Plc, Mayer Laboratories, Actavis Plc, Church & Dwight, Pfizer Inc., Merck & Co., The Female Health Company, and Teva Pharmaceuticals
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Grand View Research has segmented the global contraceptives market on the basis of products and region:
Contraceptives Product Outlook (Revenue, USD Million, 2012 - 2022)
• Contraceptive Drugs
o Contraceptive Pills
o Topical
o Injectables
• Contraceptive Devices
o Male Condoms
o Female Condoms
o Vaginal Implants
o Subdermal Implants
o Diaphragms
o Sponges
o IUDs
o Copper IUD
o Hormonal IUD
Contraceptives Regional Outlook (Revenue, USD Million, 2012 - 2022)
• North America
o The U.S.
o Canada
• Europe
o The U.K.
o Germany
• Asia Pacific
o Japan
o China
o India
o Rest of Asia Pacific
• Latin America
o Brazil
o Rest of Latin America
• Middle East and Africa
o South Africa
o Rest of Middle East and Africa
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.