BURNABY, Canada, February 15, 2016 /PRNewswire/ --
Growing population and increasing incidence of unwanted pregnancies and abortion coupled with rising awareness and OTC access to contraceptives to drive India contraceptives market through 2021
According to Pharmaion report, "India Contraceptives Market Opportunities, 2011 - 2021", the contraceptives market in India is projected to grow at a CAGR of over 17% during 2016 - 2021. A wide array of factors anticipated to influence the growth of contraceptives market in India include rising population and high prevalence of HIV, coupled with extensive initiatives and awareness programs by government and NGOs to promote use of contraceptives. Additionally, rising awareness about the use of condoms to prevent spreading of Sexually Transmitted Infections (STIs), especially HIV, are also contributing towards the growth of the contraceptives market in India.
Unintended pregnancies and unmet contraception needs are also expected to accentuate the country's contraceptives market during the forecast period. Unmet need of the contraceptives is due to incorrect information, misconceptions and lack of consumer awareness about the availability of contraceptives. The market is also facing various other challenges such as growing preference of sterilization, myths about contraceptives, and associated side-effects of contraceptive drugs and devices.
India contraceptives market has been segmented into two categories, namely, contraceptive drugs and contraceptives devices. Out of these categories, contraceptives devices dominated the overall contraceptives market in India. The segment is anticipated to continue its dominance through 2021 on account of ease of use, option to have contraception for long duration, less or no side effects, and capability of few devices to prevent sexually transmitted infections. Various tyres of contraceptive devices are used in the country, however condoms are the most popular contraceptive devices among Indian population.
"Government of India and various non-profit organizations have been taking various initiatives to increase the awareness about the contraceptives and their benefits to prevent unintended pregnancies and STIs. For instance, under Family Planning Programme, which is a government sponsored programme, IUDs, oral contraceptive pills, condoms and emergency contraceptive pills are provided to low income people at less prices or free of cost. Moreover, the anticipated launch of two new injectables, Vasalgel and Reversible Inhibition of Sperm Under Guidance (RISUG) for males, in 2017-18 is expected to have a positive impact on the country's contraceptives market over the next five years." said Mr. Karan Chechi, Research Director with Pharmaion Consultants, a research based global management consulting firm focused on pharma and healthcare industry.
"India Contraceptives Market Opportunities, 2011 - 2021" has analyzed the potential of contraceptives market in India and provides statistics and information on market sizes, shares and trends. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyzes the emerging trends along with essential drivers and key challenges faced by India contraceptives market.
Pharmaion is a research based management consulting firm focused exclusively on Healthcare & Pharmaceutical industry. Led by a team of dynamic industry experts, Pharmaion provides its customers with high value market research and advisory services that helps them identify new market opportunities, growth engines and innovative ways to capture the market share. As a result, Pharmaion's clients lead rather than follow market trends. Pharmaion has developed a proprietary database which focuses on identifying the unexplored opportunities in Healthcare and Pharmaceutical industry.
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SOURCE Pharmaion Consultants