The contraceptives market is estimated to showcase robust expansion by 2027 owing to rising government initiatives to spread awareness about the increasing population. Moreover, increasing incidences of unwanted pregnancies across the globe are expected to further fuel market growth through the forecast period.
Contraception or birth control refers to any medicine, method, or device used to prevent pregnancies. Among the many different methods, the barrier method of contraception helps to protect against both pregnancy and sexually transmitted diseases (STDs). Certain oral contraceptives also offer various non-contraceptive health benefits, including preventing STDs and reducing the risk of ovarian cancer, ectopic pregnancies, and pelvic inflammatory disease, among others.
Rising consumer emphasis on planned pregnancies around the world has escalated product adoption in recent years. In addition, growing awareness among the young population about the benefits of contraception, aided by various educational programs, has driven contraceptives market expansion.
Furthermore, industry players have been employing lucrative strategies to fortify their position in emerging marketplaces, which has favorably impacted overall business outlook. For instance, in January 2021, Teva Pharmaceuticals USA, Inc., a U.S. affiliate of Teva Pharmaceutical Industries, Ltd., launched its generic version of NuvaRing, which is a progestin/estrogen combination hormonal contraceptive. The launch was intended to broaden Teva’s generic portfolio to expand its product offerings to customers.
To cite another instance, in January 2020, Bayer AG, a leading pharmaceuticals company, entered into a licensing agreement with Dar?(C) Bioscience, Inc., according to which Bayer is deemed to commercialize Dar?(C)’s novel contraceptive product, Ovaprene, in the United States post its FDA approval. Ovaprene is a hormone-free monthly vaginal contraception that is currently under clinical trials for the prevention of pregnancy. Post approval, it is expected to be the first non-hormonal contraceptive product available on a monthly basis.
The contraceptives market has been segmented on the basis of product and region. In terms of product, the market has further been divided into devices and drugs. The devices sub-segment held a substantial market share of around 73% in 2020 and is speculated to expand at a sturdy pace over 2021-2027. Growing awareness among consumers regarding the use of condoms and other measures taken to prevent HIV and other sexually transmitted diseases (STDs) are likely to boost product demand.
From the regional point of view, the Latin America contraceptives market attained a considerable valuation of more than USD 1.7 million in 2020 and is projected to garner significant gains over the forecast period. This growth is attributed to the rising prevalence of sexually transmitted infections (STIs) in LATAM. Moreover, increasing product adoption across various countries in the region is set to drive market expansion over the forthcoming years.