The Global Hormonal Implants Market: Increasing awareness programs for the importance of skin health is projected to boost the market growth at a healthy CAGR of ~5.0% during the forecast period of 2019 to 2025.Hormonal Implants Market Analyzed by Hormone (Levonorgestrel and Etonogestrel), by Type (One Rod Device and Two Rod Device), by Distribution Sector (Public Sector and Private Sector), by End User (Hospitals & Clinics and Academic & Research Institutes) and by Region (Americas, Europe, Asia-Pacific and the Middle East & Africa) – Forecast.
Hormonal Implants Market Overview
It is estimated that the global hormonal implants market is expected to register a CAGR of approx. 5.0% during the forecast period of 2019 to 2025.
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A majority of the contraceptive options available in the market have restricted efficiency in avoiding unplanned pregnancies. In such scenarios, hormonal implants are a breakthrough. It is reportable that hormonal implants have long-acting/permanent contraceptive effective with an efficiency of ~99.95% in comparison to that of the condoms having 79% to82% successful chances in avoiding pregnancies. Factors such as government support and the high efficiency of these contraceptives are the major driving factors for the market. Various government organizations have schemes of reimbursement for hormonal implants. Thus, high adoption of hormonal implants is being witnessed in the public sector, making it a major revenue-generating segment.
ALLERGAN is one of the major players in the market and is working with the US government for facilitating product sales. .In May 2016, ALLERGAN took an initiative to help the US military servicewomen access LILETTA at a Federal Supply Schedule (FSS) price of USD 55.83 Thus. It is estimated that such initiatives raise awareness among healthcare providers and target groups on the importance of hormonal implants as a form of contraception.
Hormonal Implants Market Regional Analysis
On the basis of region, the global hormonal implants market is segmented into the Americas, Europe, Asia-Pacific, and the Middle East and Africa. The market in the Americas is likely to lead the global hormonal implants market in 2018. Increasing expenditure on R&D, the high adoption rates and growing awareness drive market within the Americas.
Followed by Americas, Europe held the global hormonal implants market owing to the presence of a well-developed healthcare system and the growing adoption of hormonal implants in the medical device industry. Regionally, the Europe hormonal implants market is segmented into Western Europe and Eastern Europe. Western Europe leads the market due to the presence of developed economies like the UK, Germany, Italy, and others.
Asia-Pacific is projected to be the fastest-growing region. Increasing adoption rates, rising healthcare expenditure, and growing penetration of the products are some of the major driving factors for the market.
The Middle East & Africa holds the least market share in 2018. Factors such as the presence of stringent government policies and low product penetration are the major restraining factors for the market.
Hormonal Implants Market Segmentation
The global hormonal implants market has been segmented based on the hormone, type, distribution sector, and end user.
The market, based on the hormone, has been segmented into levonorgestrel and etonogestrel.
Based on type, the market has been segmented into one rod device and two rod device.
The market, by distribution sector, has been divided into the public sector and the private sector.
The market, by end user, has been classified hospitals & clinics and academic & research institutes.
Hormonal Implants Market Key Players
Some of the key players in the global hormonal implants market are Allergan, Merck & Co., Inc. Bayer HealthCare, Shanghai Dahua Pharmaceuticals Co., Ltd, and others.
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