The intrauterine contraceptive device is a T-shaped birth control device which is placed inside a woman’s uterus to prevent pregnancy. Global intrauterine contraceptive devices market generated a revenue of $XX billion in 2018 & is projected to reach $5,253 million by 2027, at a CAGR of 3.87%. The base year considered for the study is 2018 & the estimated period is between 2019 & 2027.
The key factors favoring the use of IUD devices include the fact that these devices are safer and effective as compared to other methods and can be used on a long-term basis.
The global intrauterine contraceptive device market is mainly driven by increasing adoption of research activities coupled with the innovation of products is fueling the growth of this segment in the forecast period. The growth in the strategic initiatives by the company coupled with the low price of raw materials has further boosted the growth of the company. Also, the various government initiatives to curb the number of unsolicited pregnancies or abortions amongst the populace is hugely aiding the market expansion.
The global intrauterine contraceptive device market covers regions like North America, Asia-Pacific, Europe and the Rest of World. The Asia-Pacific region is expected to hold the largest share throughout the forecast period. China is predicted to be the major contributor to this market owing to the stringent government directives and raising awareness regarding the use of IUC devices.
Also, the Government of India is supporting research & development projects in IUD devices which will further fuel the market in the region. The increasing awareness among the woman population in the region is also boosting the growth of the Asia Pacific intrauterine contraceptive device market.
Most of the companies are looking for strategies such as merger & acquisition, partnership, contracts, agreements & new product launch, to gain a competitive edge over other companies. Pregna International Ltd. is a reputed medical device company which deals with products like intrauterine devices (IUDs), intra-uterine enablers, and tubal rings. The company’s product range includes various forms of IUDs, ex: spiral, copper coil, copper IUD, and loop. In another circumstance, the companies Medicines360 and Power partnered to help increase access to contraception for all women. Some of the major contending companies in the market are Merck & Co., HLL LifeCare Ltd., Meril Life Sciences Pvt. Ltd., Okamoto Industries Inc., Melbea, Medicines360, Pfizer, Pregna, DKT International, Medisafe Distribution Inc., Egemen International, Zhejiang Daji Medical Instruments Co., Ltd., Bayers AG, Krishco Medical Products Pvt. Ltd., Mona Lisa N.V., OCON Medical Ltd., SMB Corporation, Allergan PLC, Trimedic Supply Network Ltd., and Teva Pharmaceutical Industries Limited.