PORTLAND, Oregon, October 4, 2016 /PRNewswire/ --
A new report published by Allied Market Research titled, Contraceptives Market by Product, Age Group, Education, and End User - Global Opportunity Analysis and Industry Forecasts, 2014-2022, projects that the global market for contraceptives would reach $43,812 million by 2022 from $28,175 million in 2015, growing at a CAGR of 6.4% from 2016 to 2022. Contraceptive drugs are expected to dominate the market throughout the study period. North America would continue its lead, accounting for more than one-third share of the world contraceptive market in 2015.
Summary of the Contraceptives Market Report can be accessed on the website at https://www.alliedmarketresearch.com/contraceptives-market
Advent of advanced contraceptive methods, emergency contraceptives method especially for teenagers, and increase in awareness towards sexually transmitted infections (STIs), are the major factors responsible for the growth of contraceptives market. Growth in popularity of female condoms, custom-fit condoms, and other novel products have fueled the contraceptive demand, especially in the developed regions. Furthermore, rise in adoption for modern contraceptives in the developing economies contribute to the significant growth in the world contraceptives market. However, associated risks, sociocultural influences of contraceptives, and side effects such as infertility resulting from the use of contraception are the major impediments to the market growth.
Oral contraceptive drugs or oral contraceptive pills segment accounted for over 85% share in the overall contraceptive drugs market in 2015. Oral pills are the most common type of reversible contraception used globally. High effectiveness and convenience in comparison to contraceptive devices, particularly implants have made it a preferred mode of contraception. Also, the large consumer base and government initiatives to cater the unmet need of contraception further boosts the market growth. Injectable contraceptives is the fastest growing segment in the global market, and is estimated to register a CAGR of 7.2% during the forecast period due to rise in awareness among individuals and growth in population.
Condoms is expected to dominate the overall contraceptives device market throughout the analysis period, due to the increase in demand in developed as well as developing economies. Male condoms are more popular than female condoms; thereby significantly boosting the growth of the overall contraceptive market. The increase in popularity of male condoms is attributed to their easy accessibility, ease-of-use, and wide acceptance across various regions. Furthermore, intrauterine (IUD) segment is anticipated to exhibit the highest growth, registering a CAGR of 10.1% during the forecast period, owing to their effectiveness in prevention of unwanted pregnancies for almost 1012 years after insertion in the body and transmission of STDs.
Based on age group, women ranging between 15 and 24 years, are the major contributors to generate highest revenue in the world contraceptive market. This is owing to the increased usage of contraceptives among the teenagers and early maturity among the teenage girls, raising the demand for contraceptives. However, women aged above 44, are the least contributor to the market growth due to the menopause in women at the age 44 and above.
The North American region accounted for majority of the share of the world contraceptives market in 2015. The North American contraceptive market is expected to maintain its lead throughout the forecast period due to increase in awareness among the population, rise in adoption of modern contraceptives, and increase in prevalence of sexually transmitted diseases such as HIV/AIDS. The U.S. contraceptive market accounts for the largest share in the overall North America contraceptive market. Asia-Pacific region is expected to grow at the fastest pace during the study period, owing to high population base, and proactive governmental bodies that focus on birth control. Moreover, technological advancements and cost-effective contraceptive products in these regions offer lucrative opportunities to contraceptive manufacturers.
Key Findings of the Study:
- Oral contraceptive drugs or pills was the leading segment in the overall contraceptive market, accounting for $16,997 million in 2015, and is projected to grow at a CAGR of 5.6% during the forecast period.
- Contraceptive devices segment is expected to grow at a CAGR of 7.8%, owing to the increased demand for the prevention of unwanted pregnancies in home settings.
- Intrauterine (IUD) segment is projected to grow at a significant CAGR of 10.1% during the analysis period.
- Condom segment generated the highest revenue in 2015, accounted for $6,053 million in the world contraceptive devices market and projected to retain its dominance during the analysis period.
- Vaginal ring is estimated to grow at significant rate of 10.0% during the forecast period from 2016 to 2022.
- Contraceptive patch is poised to grow at a remarkable CAGR of 8.8% during the analysis period.
- North America is the major shareholder, accounting for about 32% share of the world contraceptives market.
- Germany accounted for around one-fourth share of the European contraceptives market in 2015.
The key players in the contraceptives market are highly focused to expand their business operations in the fast-growing emerging countries and launched new products to increase their market shares. The key players profiled in this report include The Female Health Company, Teva Pharmaceutical Industries Limited, Allergan plc, Bayer AG, Pfizer, Inc., Cooper Companies, INC., Ansell LTD., Mayer Laboratories, Merck & Co., Inc., and Church & Dwight, Co., Inc. Other players in the value chain include Reckitt Benckiser Plc, BioSante Pharmaceuticals Inc., Warner Chilcott Company, Agile Therapeutics Inc., MANKIND Pharmaceuticals, HLL Lifecare Limited, TTK HealthCare, Watson Pharmaceuticals, Inc., Boehringer Ingelheim GmbH, V-Care Pharma Pvt. Ltd., Vardhman Life care pvt. Ltd., Cipla Limited and others.
Summary of Similar Reports can be viewed at https://www.alliedmarketresearch.com/life-sciences/medical-devices-market-report
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SOURCE Allied Market Research