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The global contraceptive market size was USD 24.61 billion in 2022 and is expected to reach USD 45.24 billion in 2032

NEW YORK , NY, UNITED STATES, May 8, 2023 /EINPresswire.com/ -- The global contraceptive market was valued at USD 24.61 billion in 2022. It is projected to reach USD 45.24 billion by 2032, with a compound annual growth rate (CAGR) of 7% during the forecast period. The growth in market revenue is primarily driven by several factors, including the increasing prevalence of Sexually Transmitted Infections (STIs), rising awareness about family planning and population control, and government investments in the development and distribution of contraceptives.

One of the key drivers of market revenue growth is the growing acceptance and understanding of family planning methods worldwide. There is a high demand for contraception due to the prevalence of unintended pregnancies and the increased focus on sexual and reproductive health education and awareness initiatives. Additionally, the need for contraception is fueled by the rising number of women joining the workforce and delaying pregnancy.

The demand for effective contraceptives that can also prevent the transmission of STIs, such as Human Immunodeficiency Virus (HIV), chlamydia, and gonorrhea, has led to an increased demand for barrier contraceptives like condoms.

Furthermore, the market is expected to experience revenue growth due to increased government programs and financing for the development and distribution of contraceptives. Governments worldwide are prioritizing family planning and population management, resulting in increased funding for the development of innovative contraceptive methods and improved accessibility through various programs.

The rising demand for Long-Acting Reversible Contraceptives (LARCs), such as Intrauterine Devices (IUDs) and contraceptive implants, is also expected to drive market revenue growth. These methods offer highly effective and long-lasting pregnancy prevention, particularly in developed countries.

However, certain factors may hinder revenue growth in the market. These include the high cost associated with some contraceptive methods, lack of awareness in certain developing countries, and cultural and religious beliefs that discourage the use of contraceptives.

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Segments Covered in the Report

The global contraceptive market can be segmented based on product type, end-use, and region. In terms of product type, the market includes oral contraceptives, condoms, intrauterine devices, subdermal implants, and vaginal rings. These segments are projected to contribute to the overall market revenue during the period from 2019 to 2032.

In the product type segment, oral contraceptives are expected to have a significant market share. Condoms, which serve as a barrier contraceptive method and provide protection against STIs, are also expected to contribute to market growth. Intrauterine devices, subdermal implants, and vaginal rings are other important segments in the market.

When considering the end-use outlook, the market can be divided into hospitals, clinics, and homecare settings. These segments play a crucial role in the distribution and usage of contraceptives. The demand for contraceptives in hospitals and clinics is expected to remain high, while the homecare segment is projected to witness steady growth.

Regionally, the global contraceptive market can be analyzed across various regions, including North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In North America, countries such as the U.S., Canada, and Mexico are key contributors to the market. Europe comprises countries like Germany, the U.K., France, Italy, Spain, Sweden, BENELUX, and the rest of Europe.

The Asia-Pacific region includes major markets like China, India, Japan, South Korea, and the rest of APAC. Latin America is represented by Brazil and the rest of LATAM. The Middle East & Africa region consists of countries such as Saudi Arabia, the UAE, South Africa, Israel, and the rest of MEA.

Understanding the market dynamics, trends, and demands in these regions is crucial for the growth and expansion of the contraceptive market. Factors such as population demographics, government initiatives, healthcare infrastructure, and cultural considerations can impact the adoption and usage of contraceptives in each region.

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Strategic development:

In a significant strategic move on April 1, 2021, Merck & Co., Inc. successfully completed the acquisition of Pandion Therapeutics, a leading biotechnology company specializing in the development of groundbreaking therapies for autoimmune diseases, with a particular focus on Type 1 diabetes. This strategic acquisition aims to bolster Merck's existing portfolio of treatments for autoimmune diseases, which includes contraceptive products. By incorporating Pandion Therapeutics' expertise and innovative therapies, Merck aims to enhance its offerings in the field of autoimmune diseases, including contraceptives.

In another notable development on January 14, 2021, Teva Pharmaceutical Industries Ltd. announced the introduction of its generic version of NuvaRing, a widely used contraceptive product. This strategic move by Teva Pharmaceutical Industries is expected to intensify competition within the contraceptive market, ultimately benefiting consumers by offering more cost-effective options for contraception. With the launch of the generic NuvaRing, Teva Pharmaceutical Industries aims to provide increased accessibility and affordability, allowing individuals to choose from a wider range of contraceptive options.

Competitive Landscape:

The competitive landscape of the global contraceptive market is characterized by the presence of several key players. These companies strive to maintain their market position by offering a diverse range of contraceptive products and implementing strategic initiatives. Some of the prominent players in the market include Bayer AG, Pfizer, Inc., Merck & Co., Inc., Teva Pharmaceutical Industries Ltd., Church & Dwight Co., Inc., Reckitt Benckiser Group plc, Mylan N.V., Allergan, Inc., Johnson & Johnson, and Ansell Ltd.

Bayer AG is a leading player in the contraceptive market, offering a wide portfolio of contraceptive products such as oral contraceptives and intrauterine devices. Pfizer, Inc. is another major player known for its contraceptive offerings, including oral contraceptives and emergency contraceptives. Merck & Co., Inc. has a strong presence in the market and focuses on developing innovative therapies for autoimmune diseases, including contraceptive products.

Teva Pharmaceutical Industries Ltd. is known for its generic contraceptive products, providing more affordable options for consumers. Church & Dwight Co., Inc. offers a range of contraceptive products under its brand, including condoms and emergency contraceptives. Reckitt Benckiser Group plc is a key player in the market with its contraceptive products, such as condoms and contraceptive gels.

Mylan N.V. is involved in the production and distribution of generic contraceptives. Allergan, Inc., a subsidiary of AbbVie Inc., offers a variety of contraceptive options, including oral contraceptives and intrauterine devices. Johnson & Johnson has a presence in the market with its contraceptive offerings, including vaginal rings. Ansell Ltd. is known for its range of condoms and other barrier contraceptive products.

These companies engage in strategies such as mergers and acquisitions, product launches, and collaborations to expand their product portfolios, strengthen their market presence, and gain a competitive edge. They also focus on research and development activities to introduce innovative contraceptive solutions to meet evolving consumer demands. The competitive landscape of the contraceptive market is dynamic, with players continuously striving to enhance their market share and cater to the diverse contraceptive needs of consumers worldwide.

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In conclusion, the global contraceptive market is highly competitive, with a few major players dominating the market. These companies are actively involved in developing new technologies and products, investing in research and development, and engaging in strategic partnerships and collaborations to maintain their market share and drive revenue growth.

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