Recording the valuation of more than US$15 Bn in 2020, global hormonal contraceptives market is slated to demonstrate steady progress over the next few years. Asian markets are on the verge of developing highly attractive business opportunities for contraceptives manufacturing brands.
Hormonal Contraceptives Market Gains a Boost as the Number of Unintended Pregnancies Climbs up
Increasing number of unintended pregnancies are becoming a subject of concern and contributing towards global crisis. Owing to unintended pregnancies, several women and girls are propelled to drop out of workforce or schools, embossing a lifelong impact on their physical, mental, and economic health. Moreover, unintended pregnancies are associated with health risks for both the mother, and the baby. According to the United Nations Population Fund (UNFPA), about half of the pregnancies, totaling to around 121 million every year are unintended on the global front. In addition, more than 60% of women with unintended pregnancies adopt abortion off which 45% abortions are unsafe causing around 13% maternal deaths. Furthermore, during crisis, count of unintended pregnancies climbs. For instance, as per UNFPA, often, women lose access to contraceptions during war. In Afghanistan, by end of 2025, disruptions to health systems owing to war are poised to lead to approximately 4.8 million unintended pregnancies. To add, more than 20% of refugee girls and women face sexual violence, further complementing to the growth in such pregnancies. This has resulted in an increase in use of solutions to avoid unplanned pregnancies, which is expected to drive the growth of the hormonal contraceptives market.
Introduction of Easy to Use, and Effective Hormonal Contraceptives to Complement Hormonal Contraceptives Market Growth
On the back of rising need for contraceptives due to increasing unintended pregnancies, manufacturers of hormonal contraceptives are investing in research to develop new and effective solutions. Oral hormonal contraceptives have been one of the most used methods to control birth. Companies involved in the manufacturing of hormonal contraceptives are also applying for FDA (Food and Drug Administration) approvals to launch their solutions in the market and commercialise their production. For instance, in 2021, FDA gave approval to Mithra Pharmaceuticals and Mayne Pharma Group Limited for their oral hormonal contraceptive – Nextstellis. This contraceptive pill contains estetrol which is obtained from plant source. Likewise, same year in May, Pantarhei Bioscience announced that it received approval from European Commission for Estelle, its new oral contraceptive. With this approval, Estelle can be marketed and distributed across all European states. Introduction of such novel and easy to use solutions is expected to augur well for the hormonal contraceptives market.
Unmet Needs with Regards to Modern Contraception Fuel Hormonal Contraceptives Market Growth
An increasing number of women are inclined towards avoiding unplanned pregnancy but are not using safe methods. For instance, according to UNFPA, about 257 million women are not using safe contraception methods. Increasing unmet needs for safe hormonal contraceptives is expected to propel their demand, thus fuelling its supply worldwide. According to World Health Organization (WHO), in Africa approximately 24% women in their reproductive age have unmet needs apropos to modern hormonal contraceptions. Similarly, in Latin America and Asian countries, around 10.7% and 10.2% women have unmet need for contraceptions respectively. This gap in demand and supply is likely to create an opportunistic pathway of growth for manufacturers, in turn aiding the hormonal contraceptives market growth.
Pills Continue to Witness Ascending Sales in Hormonal Contraceptives Market
Adoption of contraceptive pills has been witnessing an upswing since the recent past and is expected to maintain status quo in the coming years. This is mainly owing to convenience in use of pills, easy availability of pills and approvals by regulatory authorities for combination pills along with cost effectiveness. These aspects have fuelled their use among women to control birth. For instance, according to the Centers for Disease Control and Prevention (CDC), in the US, around 12% women in the age range of 15-49 years use oral contraception methods such as pills to avoid pregnancy. In this background, increasing consumption of pills is expected to significantly trigger their value share in the hormonal contraceptives market.
Asia Pacific Likely to Spearhead Hormonal Contraceptives Market
Emerging economies in the Asia Pacific region are poised to reflect high lucrativeness for the hormonal contraceptives market. This can be attributed towards several factors such as increasing population, rising awareness regarding sexual health and presence of major pharmaceutical companies offering modern contraceptives. Moreover, stable economic growth of the region, and a consistently improving consumer lifestyle have been influencing decisions regarding planned childbirths. The trend is prominent across the major fast-emerging nations across Asia Pacific, which will remain the key factor generating demand for effective birth control measures such as hormonal contraceptives. This is expected to uphold hormonal contraceptives market here.
Hormonal Contraceptives Market Players
A few of the major players in hormonal contraceptives market include Teva Pharmaceuticals, Pfizer, Johnson & Johnson, Agile Therapeutics, Allergan, and Bayer AG.
The Global Hormonal Contraceptives Market Is Segmented As Below:
By Product Type
By End User
Key Elements Included In The Study: Global Hormonal Contraceptives Market
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