A majority of the players have a strong presence across all types of contraception pills. However, companies are focusing on developing combination contraception pills as they are known to be effective, affordable, and is often the first line of treatment for ensuring birth control. The significant companies operating in the global oral contraceptive pills market are BayerAG, Teva Pharmaceutical, Actavis plc, and Janssen. “Companies must focus on meeting the mammoth demand for oral contraceptive pills in the developing regions to retain their dominating presence in the coming years,” states the lead author of this research report.
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High Awareness about Birth Control Encourages Growth of North America Market
According to the research report, the global oral contraceptive pills market is expected to be worth US$22.9 bn by 2023 as compared to US$13.1 bn in 2014. Analysts predict that the global market is expected to rise at a CAGR of 6.6% between the years of 2015 and 2023. Out of the various types of contraceptive pills, the combination contraceptives are expected to be popular demand in the coming years. The segment has been estimated to expand at a CAGR of 6.8% during the forecast period. Geographically, North America is projected to witness a CAGR of 6.3% from 2015 and 2023. The growth of contraceptive pills market in North America will be determined by growing awareness about contraception amongst women in the region.
Focus on Family Planning Benefits Players in Global Market
The rising incidence of unplanned and unintended pregnancies is the primary growth driver for the global oral contraceptive pills market. Women between the age brackets of 15 to 44 are the major consumers and users of oral contraceptive pills. Often, such pregnancies result in abortions, which has prompted NGOs along with private and public institutions to raise awareness about oral contraceptive pills. Owing to this reason there has been a considerable rise in the preventable healthcare solutions. Several countries such as Norway, India, Sweden, and the U.S. are urging women to use safe oral contraception methods to prevent an unnecessary medical emergency. Several married women are also opting for oral contraceptive pills in order to plan their pregnancies and also to avoid them, in case the couple decides not to have children.
Several market players have also been organizing family planning programs to spread awareness about oral contraceptive pills and their benefits in the long run. Back in 2012, Marie Stopes International and Bayer HealthCare agreed to provide oral contraception pills or implants to women in the developing regions of Africa at reduced prices. These efforts are aimed at ensuring a logical approach for population control and allowing the women to exercise their choice in procreation. Factors such as strengthening economies, improving disposable incomes, and rising awareness amongst the overall population are also projected to benefit the global market.
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Dangerous Side Effects of Oral Contraceptive Pills Dissuades Market Growth
Despite the several plus points of oral contraceptive pills, the market is being hampered due to the possible side effects they can cause. These pills have a potential to lead to breast cancer, stroke, and blood clots. These factors have been significantly discouraging women from consuming these pregnancy prevention pills. On the other hand, women have been opting for sterilization, tubal ligation, and vasectomy. Ethical and social issues toward contraception in regions such as the Middle East are also estimated to restrict the growth of the global market.
The review is based Transparency Market Research’s report, titled “Oral Contraceptive Pills Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015–2023.”
Global Oral Contraceptive Pills Market, by Types
Global Oral Contraceptive Pills Market, by Category
Global Oral Contraceptive Pills Market, by Geography
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