The Global Contraceptive Drugs Market is Expected to Exhibit a Strong CAGR of 6.5% over the Forecast Period from 2018 to 2023, According to the Latest Research Report from Market Research Future (MRFR).
Contraceptive Drugs Market: Highlights & Growth
The global contraceptive drugs market is examined in detail in the report, which provides a complete overview of the market’s current and historical conditions through a detailed assessment of the market’s historical figures and projected growth trajectory. The global contraceptive drugs market is expected to reach a valuation of USD 22.15 billion by the end of 2023, according to the report. The contraceptive drugs market is mainly driven by the growing interest among teenagers and youth demographics in having sex without being encumbered by pregnancies and children. The increasing economic liberation of youth demographics is responsible for the growing demand for contraceptive drugs.
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As the youth have become freer to exercise their growing economic muscle, various products and commodities have become the beneficiaries of a steady growth in demand. Contraceptive drugs are among the top products in this regard, as the growing demand from the increasingly financial powerful youth demographic has resulted in a steady rise for the contraceptive drugs market over the last few years. The growing financial clout of youth demographics is likely to be a major driver for the global contraceptive drugs market over the forecast period.
The increasing economic liberation of the female working class is also likely to be a major driver for the contraceptive drugs market. As women have become more able to purchase various products, contraceptive drugs have received growing demand. The increasing sexual liberation of women in developing areas such as Asia Pacific as well as traditional markets such as North America and Europe is likely to lead to a growing demand from the contraceptive drugs market over the forecast period.
Leading players in the global contraceptive drugs market include Cooper Surgical, Mayer Laboratories, The Female Health Company, Church & Dwight, Reckitt Benckiser plc, Piramal Enterprises ltd., Mankind Pharma Ltd., Janssen Global Services LLC, Allergan plc, Bayer AG, Teva Pharmaceutical Industries Ltd., Pfizer Inc., and Merck & Co., Inc.
In August 2019, 536 oral contraceptive drugs were switched from the class of prescription drugs to over the counter products in the Indian city of Hyderabad. This is likely to be a rising trend in the contraceptive drugs market over the forecast period, as more prescription contractive drugs get switched to OTP status all over the world. The rising awareness about the side effects of contraceptive drugs has led to this move, as consumers are now aware of the side effects and don’t need a consultation with a doctor to finalize their purchase.
The global contraceptive drugs market is segmented on the basis of category and end use.
By category, the global contraceptive drugs market is segmented into oral, injectable, and others. The oral contraceptives segment is further sub-segmented into combined and progestogen-only contraceptive drugs.
By end use, the global contraceptive drugs market is segmented into hospitals, clinics, and others. Over the counter medication is likely to take on an increasingly important role in the global contraceptive drugs market over the forecast period, driven by consumer demand and increasing regulatory support.
North America dominates the global contraceptive drugs market, followed by Europe. The sexual liberation of women in North America is the primary driver for the contraceptive drugs market, as this has created a significant consumer category in the region. The growing demand for protected sex from the growing female demographic in North America is likely to be a major driver for the contraceptive drugs market in the region.
Europe is the second largest regional market for contraceptive drugs and is likely to hold on to the position over the forecast period. Growing disposable income of the youth demographic is likely to be a key driver for the Europe contraceptive drugs market over the forecast period.
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