The global hormonal contraceptives market size is expected to showcase considerable growth by reaching USD 24,330.1 million by 2027 while exhibiting a CAGR of 5.4% between 2020 and 2027. This information is published by Fortune Business Insights in its latest report, titled, “Hormonal Contraceptives Market, 2020-2027.” The report further mentions that the market stood at USD 17,620.9 million in 2019 and is likely to experience considerable growth during the forecast period. This is attributable to the increasing focus on catering to the unmet demand for these contraceptives across the globe.
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COVID-19 Impact: Market to Exhibit -4.3% CAGR in 2020
The market is expected to go through torrid times due to the seismic effects of the pandemic. The lockdown announced by the government agencies has led to closed stores and limited availability of contraceptives. This is likely to hamper the growth prospects and the market is projected to exhibit a -4.3% CAGR in 2020.
We have segmented the market on the basis of product, distribution channel, and region.
On the basis of product, the market is divided into Pills, Injectable, Vaginal Rings, Intrauterine Devices, Implants, and Others. Based on the distribution channel, the market is segregated into Hospital Pharmacy, Retail Pharmacy, Online Channel, Public Channel & NGOs, and Others.
- Based on the distribution channel, the hospital pharmacy segment is anticipated to experience significant growth backed by the increasing preference for irreversible contraception by women in emerging economies.
Lastly, based on region, the market is categorized into North America, Asia-Pacific, Europe, Latin America, and the Middle East and Africa.
What does the Report Include?
The global market for hormonal contraceptives report includes detailed analysis obtained by the research analyst using several research methodologies on several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, which are contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to introduce new products, announce partnerships, and collaboration that will further contribute to the market growth between 2020 and 2027.
Increasing Focus to Cater to Unmet Contraceptive Needs to Augment Growth
According to the report by NCBI, the rate of womens’ testing positive for pregnancy if they take hormonal contraceptives properly is only 1 out of 1,000. Moreover, these contraceptives are perceived to be more reliable than sponges/diaphragms and condoms. However, the unmet needs for contraction is propelling the manufacturers to focus their strategies on such regions. For instance, as per World Health Organization (WHO), around 24.2% of women of reproductive age in Africa have an unmet need for modern contraception. Therefore, the growing focus on catering to the unmet demand is expected to favor the global hormonal contraceptives market growth during the forecast period.
North America – The region stood at USD 6,877.6 million in 2019 and is expected to hold the largest global hormonal contraceptives market share in terms of revenue during the forecast period. This is attributable to the increasing prevalence of unwanted pregnancies in the region that will propel the demand for contraceptives.
Europe – On the other hand, the region is expected to hold the second position in the market in the forthcoming years. This is ascribable to factors such as the increasing number of research funding for startups that will boost the adoption of advanced hormonal contraceptives in the region.
Asia-Pacific – The region is expected to showcase considerable growth backed by the improving pharmaceutical industry in countries such as Japan and India between 2020 and 2027.
Partnership between Major Companies to Strengthen Their Market Positions
The market is consolidated by the presence of major companies that are establishing partnership with other companies to expand their product portfolio and maintain a stronghold. Additionally, other key players are striving to maintain their dominance by adopting strategies such as merger and acquisition, collaboration, and the introduction of new products that will favor the market growth in the forthcoming years.
- May 2018 – Aurobindo Pharma Limited introduced Mili and Tri-Mili lines of oral contraceptive tablets. The products are AB-rated generic equivalent to the reference listed drugs such as Ortho Tri-Cyclen and Ortho Cyclen.
List of the Companies Profiled in the Global Market:
- Allergan (Dublin, Ireland)
- Merck & Co., Inc. (New Jersey, United States)
- Janssen Pharmaceuticals, Inc. (Beerse, Belgium)
- Teva Pharmaceutical Industries (Petah Tikva, Israel)
- Pfizer, Inc. (New York, United States)
- Mylan N.V. (Pennsylvania, United States)
- Novartis AG (Basel, Switzerland)
- Other Prominent Players
NOTE: Our team is studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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