High Incidence of Unintended Pregnancies Steers Rise of Global Contraceptives Market, says TMR
Factors such as the implementation of Affordable Care Act and the Patient Protection Act, the rising rate of unintended pregnancies, and the rising awareness programs by NGOs to promote the use of contraceptives are expected to propel the global contraceptives market. According to the report, the market is predicted to progress from US$15.7 bn in 2013 to US$19.6 bn by 2020.
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Contraceptives, available in the form of drugs and devices, prevent sexually transmitted infections and unintentional pregnancy. Every year on 26th September, the World Contraception Day is celebrated by an alliance of 14 NGOs medical societies, and government organizations. This coalition is funded by Bayer Pharma AG. Such partnerships are predicted to spread awareness about reproductive health and sexually transmitted diseases among the masses.
The global contraceptives market is segmented on the basis of geography and product type. By geography, the global contraceptives market is divided into Asia Pacific, Europe, North America, and Rest of the World. In 2013, the global market was dominated by North America. Factors such as the high occurrence of unplanned pregnancies, favorable reimbursement policies, and the rising use of contraceptive pills are responsible for the dominance of the North America contraceptives market. Asia Pacific is projected to be the fastest-growing market for contraceptives owing to the growing use of contraceptive pills for pregnancy prevention.
By product type, the global contraceptives market is classified into drugs and devices. The analysts divide the drugs segment into oral contraceptive pills, topical contraceptives, and contraceptive injectable. The devices segment is sub-segmented into male contraceptive devices and female contraceptive devices. Low cost and ease of use make the female contraceptives the dominant segment in the global market. The growing number of unintended pregnancies, especially in rural areas, has propelled the demand for various contraceptives.
Leading companies such as Actavis, Inc., Church & Dwight, Co., Inc., Mayer Laboratories, Inc., Reckitt Benckiser plc, Teva Pharmaceutical Industries Ltd., CooperSurgical, Inc., and The Female Health Company are expected to introduce new male contraceptive devices and female contraceptives in the global market to maintain their dominance. Mergers and acquisitions are also likely to help leading companies spread awareness of using contraceptives.
Going forward, factors such as the presence of many contraceptive pipeline products and the entry of new companies can be held responsible for the growth of the global contraceptives market. However, a few factors may restrict the growth of the market, predict the analysts. As per the findings of the research, side effects of contraceptives encourage people to try natural contraceptive methods. Moreover, the rising occurrence of infertility amongst women is restricting the use of contraceptives. Social and ethical issues are also expected to restrict the use of contraceptive products in the near future.
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