Press Release / Health and Fitness / Contraceptives Market size to exceed $33 Billion by 2023: Global Market Insights, Inc.

Contraceptives Market size to exceed $33 Billion by 2023: Global Market Insights, Inc.

Contraceptives Market size is poised to touch USD 33.6 billion in revenue by 2023; as reported in the latest study by Global Market Insights, Inc. A number of government initiatives aimed at curbing unwanted pregnancies, as well as favorable regulatory framework coupled with heightened awareness level among the public will drive demand.
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Global contraceptives market size in 2015 was USD 19.8 billion and is projected to increase at 6.8% CAGR throughout the next seven year timeframe. Growing need for population control and increasing incidence of STDs are two of the highest impact rendering drivers of this industry. Moreover, implementation of activities aimed at controlling unwanted pregnancy associated healthcare spending, and the increasing awareness levels among the users should ensure positive market growth in the coming years.
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While there is increase in the proportion of women using contraception in the developing economies in the recent years, there is more number of women recorded to have not been using contraception due to the increasing population. With the increasing number of women entering into the reproductive age, health ministries of the nations are involved in increasing the awareness levels of their citizens and to improve the distribution channels
Despite of advancements in the contraceptive technology and the related spending per year, on contraception research and development, the rate of unplanned pregnancy in the U.S. has continued to stand unchanged over past years.
Approximately 3 million women in the nation experience an unplanned pregnancy and around 90% of the women use some method of contraception. This unplanned pregnancy resulted in abortions, therefore entailing unnecessary healthcare expenditure. With the aim of curbing healthcare expenses, government in the U.S. and Norway encourage contraceptive use among women.
Contraceptive pills is identified to be the most lucrative product segment in the contraceptive drugs market, estimated to grow at a CAGR of 5.3%, from 2016 to 2023. The industry is majorly driven by the presence of favorable government initiatives and regulatory framework. These initiatives help elevate patient awareness levels, as well as encourage research and development. For instance, the Chinese government has launched a program wherein, parents having single child would be eligible for tax payment exemption and free education to the child up to the age of 18 years

Increasing population in the developing APAC industries including China as well as India is anticipated to enhance contraceptive drugs and devices demand in the coming years.

Key insights from the report include:
• Global contraceptives market size was estimated to be valued at USD 19.8 billion in 2015, and forecast to grow at a CAGR of 6.8% up to 2023 and reach USD 33.6 billion.

• North America, with the U.S. contraceptives market share dominating demand, grabbed more than 30% of global revenue in 2015, followed by Asia Pacific, Europe, LATAM and MEA. Increasing child bearing population of women is expected to drive market growth throughout the forecast period.

• The overall contraceptive devices market was predominantly driven by condoms product segment, with revenue targeted to exceed over USD 7 billion in 2015.

• Industry rivalry level in the contraceptives market is expected to be moderately high, since the manufacturers are under constant pressure to launch new and technologically advanced products. Patent acquisition is a frequently adopted strategy by industry participants.

• Implementation of a number of regulatory initiatives and campaigns such as free distributions of samples in LATAM has led to the development of the contraceptive market in this region.

• The increasing occurrence of HIV infections in Africa has led to Joint United Nations Programme on HIV/AIDS (UNAIDS), public and private funding agencies and various NGOs across the globe to focus their attention on providing better and reliable methods of contraception, driving regional growth.