The size of the global market for hormonal contraceptives in 2019 was USD 17,620.9 million. According to our analysis, the market showed a -4.3% decline in 2020 compared to the average annual growth between 2016 and 2018. The market is anticipated to increase at a CAGR of 5.4% between 2020 and 2027, rising from USD 16,866.1 million in 2020 to USD 24,330.1 million in 2027. When the pandemic is over, this market's demand and growth will resume to pre-pandemic levels, which explains the abrupt increase in CAGR. The COVID-19 pandemic's effects have been unprecedented and staggering on the world, with the market experiencing a negative demand shock in every region.
According to the World Health Organization, family planning and contraception services were disrupted in two-thirds of the 103 countries that were surveyed between mid-May and early July. There could be up to 7 million unintended pregnancies worldwide, according to the U.N. Population Fund. As a result, these factors indicate that the market for hormonal contraceptives will grow less.
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Drivers & Restraints-
Increasing Government Initiatives to Skyrocket Demand for Contraceptives
As the population is surging worldwide, governments are taking persistent initiatives to conduct awareness campaigns for lowering the risks of unwanted pregnancies, erotic disorders, and abortion. The Government of India, for instance, committed to delivering family planning services by the end of 2020 to 48 million new users at the London Summit on Family Planning. Similarly, the U.S. government developed an infant and maternal health initiative to promote the use of contraceptives effectively. However, contraceptives may cause multiple side effects, such as migraine, headaches, and nausea. This factor may hinder the contraceptive market growth.
Segment-
Contraceptive Drugs Segment to Dominate Fueled by Their High Efficiency
Based on product, the contraceptive drugs ices segment is set to grow with the highest CAGR in the near future on account of their high demand, as well as their increased efficiency in monitoring women’s health.
Competitive Landscape-
Key Companies Aim to Gain Fast-Track Approvals for Intensifying Competition
The market is fragmented owing to the availability of a large number of contraceptives. Most of the companies are frequently conducting elaborate studies to come up with state-of-the-art products to meet the growing demand. Some of the others are trying to bag FDA approvals for their newly discovered products.
Regional Analysis-
Rising Cases of Teenage Pregnancies to Boost Growth in Europe
In 2019, North America generated USD 9.71 billion in terms of revenue and would lead in the forthcoming years. This growth is attributable to the increasing cases of unwanted pregnancies in the region. Europe is set to exhibit considerable growth owing to the rising prevalence of teen pregnancies. Asia Pacific, on the other hand, is likely to exhibit a significant CAGR backed by the increasing entrance of new companies in the region.
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