The global hormonal contraceptives market size is expected to showcase considerable growth by reaching USD 24,330.1 million by 2027 while exhibiting a CAGR of 5.4% between 2020 and 2027. This information is published by Fortune Business Insights in its latest report, titled, “Hormonal Contraceptives Market, 2020-2027.” The report further mentions that the market stood at USD 17,620.9 million in 2019 and is likely to experience considerable growth during the forecast period. This is attributable to the increasing focus on catering to the unmet demand for these contraceptives across the globe.

List of the Companies Profiled in the Global Market:

• Allergan (Dublin, Ireland)
• Merck & Co., Inc. (New Jersey, United States)
• Janssen Pharmaceuticals, Inc. (Beerse, Belgium)
• Teva Pharmaceutical Industries (Petah Tikva, Israel)
• Pfizer, Inc. (New York, United States)
• Mylan N.V. (Pennsylvania, United States)
• Novartis AG (Basel, Switzerland)
• Other Prominent Players

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COVID-19 Impact: Market to Exhibit -4.3% CAGR in 2020
The market is expected to go through torrid times due to the seismic effects of the pandemic. The lockdown announced by the government agencies has led to closed stores and limited availability of contraceptives. This is likely to hamper the growth prospects and the market is projected to exhibit a -4.3% CAGR in 2020.

DRIVING FACTORS

Increasing Focus to Cater to Unmet Contraceptive Needs to Augment Growth
According to the report by NCBI, the rate of womens’ testing positive for pregnancy if they take hormonal contraceptives properly is only 1 out of 1,000. Moreover, these contraceptives are perceived to be more reliable than sponges/diaphragms and condoms. However, the unmet needs for contraction is propelling the manufacturers to focus their strategies on such regions. For instance, as per World Health Organization (WHO), around 24.2% of women of reproductive age in Africa have an unmet need for modern contraception. Therefore, the growing focus on catering to the unmet demand is expected to favor the global hormonal contraceptives market growth during the forecast period.

COMPETITIVE LANDSCAPE

Partnership between Major Companies to Strengthen Their Market Positions
The market is consolidated by the presence of major companies that are establishing partnership with other companies to expand their product portfolio and maintain a stronghold. Additionally, other key players are striving to maintain their dominance by adopting strategies such as merger and acquisition, collaboration, and the introduction of new products that will favor the market growth in the forthcoming years.

Industry Development:
• May 2018 – Aurobindo Pharma Limited introduced Mili and Tri-Mili lines of oral contraceptive tablets. The products are AB-rated generic equivalent to the reference listed drugs such as Ortho Tri-Cyclen and Ortho Cyclen.

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