The rising prevalence of unwanted pregnancies is boosting the Global Contraceptive Drugs Market. In a report, titled “Contraceptive Drugs Market Size, Share and Global Trend By Product Type (Oral, Injectable, Patches), Distribution Channel (Hospital Pharmacy, Retail Pharmacy, Clinics, Online Channel, Public Channel & NGOs) and Geography Forecast till 2025” Fortune Business Insights identifies various factors enabling growth in the market.
According to the report, the global contraceptive drugs market is anticipated to rise at 5.8% CAGR and reach a value of US$ 20,200.5 Mn by 2025 from US$ 13,097.7 Mn in 2017. Remarkably improving access to contraceptive pills around the world is a key factor propelling growth in this market.
Rising Abortion Rates to Create Demand for Contraceptive Drugs
Under the Affordable Care Act (ACA) in the U.S., oral contraceptive pills are given free of cost to women in the U.S. Such regulations favor the growth of the contraceptive drugs market. Increasing government initiatives to reduce infant mortality due to early pregnancies will increase the demand for oral contraceptives. Contraceptive drugs not only help to control unwanted pregnancies but also reduce the number of abortion and complications associated with the procedure worldwide. As per the World Health Organization, there is an estimated 40 to 50 million abortions every year, corresponding to an approximate of 125,000 abortions per day. To avoid unwanted and unplanned pregnancies, an increasing number of women are opting for contraceptive drugs. This will in turn augment growth in the global market.
Contrary to this, the market for contraceptive drugs may face challenges posed by religious, ethical, and social barriers especially in more conservative regions. Social taboos often discourage the use of contraceptive drugs among women, subsequently adversely impacting the overall market.
Nevertheless, evolving lifestyle and rising awareness are enabling women mitigate aforementioned concerns, in turn supporting the expansion of the contraceptive drugs market. This, coupled with, government initiatives to create awareness around the world is expected to boost the global market in the coming years.
Government Initiatives to Promote Use of Contraceptive Medicines
Geographically, North America held dominance in the global contraceptive drugs market owing to the presence of leading players in the region. This, accompanied with easy availability of contraceptive drugs, has catapulted North America to the fore of the global market. However, Asia Pacific is most likely to emerge as the fastest growing region. This is owing to government initiatives adopted across emerging nations of this region. These initiatives are intended at promoting the use of contraceptive medicines as a convenient way of preventing unwanted pregnancy.
According to Fortune Business Insights, the global contraceptive drugs market has a highly fragmented vendor landscape. This is because of the presence of both regional and international players. Major players are focusing on expanding their footprint across the world to gain a strong foothold in the market. Manufacturers are also putting efforts to improve their product visibility especially in developing economies with new marketing strategies. This is likely to make the competition fiercer as manufacturers are investing huge sums into research and development.
Some of the players operating in the global contraceptive drugs market are Agile Therapeutics, Teva Pharmaceuticals Industry, Bayer AG, Mylan, Lupin Pharmaceuticals Ltd, Janssen Pharmaceutical Company, and Novartis AG.
Browse Complete Report Details @https://www.fortunebusinessinsights.com/industry-reports/contraceptive-drugs-market-100063
Fortune Business Insights offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.
At Fortune Business Insights we aim at highlighting the most lucrative growth opportunities for our clients. We therefore offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.
Fortune Business Insights Pvt. Ltd.
308, Supreme Headquarters,
Survey No. 36, Baner,
Pune – 411045, Maharashtra, India.
US: +1 424 253 0390
UK: +44 2071 939123
APAC: +91 744 740 1245
Email: [email protected]