The global hormonal contraceptive market size is expected to reach USD 21.1 billion by 2026, based on a new report by Grand View Research, Inc. It is projected to register a CAGR of 3.8% during the forecast period. Introduction of innovative products and growing awareness about reproductive and sexual health in emerging regions are likely to drive the growth.
Pill, Intrauterine Devices (IUD), injectable, vaginal rings, implants, and patches are various methods used for hormonal contraception. Hormonal contraception methods act on the endocrine system to prevent ovulation. Increasing number of women in developing economies are using contraceptives due to the rise in government initiatives and programs. This factor is anticipated to accelerate the market growth. For instance, according to the UN, approximately 64.0% of women between 15 and 49 years of age were using some form of family planning in 2015, be it traditional or modern. This figure stood at 36.0% in 1970.
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The number of unintended pregnancies is the highest in U.S., which is about 3 million annually. Hence, the Center for Medicaid and CHIP Services (CMCS) established a Maternal and Infant Health Initiative for the Medicaid and Children’s Health Insurance Program (CHIP) to promote use of effective methods of contraception and help women avoid such pregnancies.
IUD segment is expected to witness the fastest growth during the forecast period, attributed to the entry of new devices, availability of long-acting reversible birth control methods, and more than 99.0% effectivity. For instance, in September 2016, Allergan and Medicines360 launched new LILETTA, a levonorgestrel-releasing intrauterine system in U.S. The device is a single handed inserter and for use by women to prevent pregnancy for up to three years.
Further key findings from the study suggest:
• High demand for contraceptive methods can be attributed to rising awareness about pills and devices, significance of family planning, and presence of supportive government policies improving access to these products
• In 2018, pills accounted for the largest market share as these product are convenient to use and exhibit more than 99.0% effectivity when accurately consumed. Furthermore, ease of availability, fewer adverse effects, and presence of a large number of players can be contribute to this growth
• North America held the largest market share in 2018 and is anticipated to maintain its dominance during the forecast period due to the presence of major market players, high per capita income, and supportive government initiatives
• Asia Pacific is estimated to witness the fastest growth in the forthcoming years due to high unmet need, expected increase in coverage in the next 15 years, and increasing number of women in their reproductive age
• Some of the key players operating in the hormonal contraceptive market are Teva Pharmaceuticals Industries Ltd.; Bayer AG; Merck & Co. Inc.; Pfizer; Afaxys, Inc.; Agile Therapeutics; Allergan; and Apothecus Pharmaceutical Corporation
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Grand View Research has segmented the global hormonal contraceptive market by method and region:
Hormonal Contraceptive Method Outlook (Revenue, USD Million, 2015 - 2026)
• Pill
• Intrauterine Device (IUD)
• Patch
• Implant
• Vaginal Ring
• Injectable
Hormonal Contraceptive Regional Outlook (Revenue, USD Million, 2015 - 2026)
• North America
o U.S.
o Canada
• Europe
o Germany
o U.K.
• Asia Pacific
o China
o Japan
• Latin America
o Brazil
o Mexico
• Middle East and Africa
o South 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.