Hormonal Contraceptives Market Growth Analysis: Key Factors Driving Expansion
The global hormonal contraceptives market, valued at more than US$15 billion in 2020, is set to witness continuous growth in the coming years. Asian markets, in particular, are emerging as attractive opportunities for manufacturers in the contraceptives industry.
Addressing the Unintended Pregnancy Crisis
The increasing number of unintended pregnancies is a growing global concern, with profound implications for womens physical, mental, and economic well-being. According to the United Nations Population Fund (UNFPA), approximately 121 million pregnancies worldwide each year are unintended, leading to significant health risks for both mothers and babies. Unsafe abortions, often resulting from unintended pregnancies, contribute to maternal mortality rates. Crises, such as conflict situations, can exacerbate this problem, as access to contraception may be disrupted. For instance, Afghanistan is expected to experience around 4.8 million unintended pregnancies by the end of 2025 due to health system disruptions caused by war. Additionally, sexual violence against refugee girls and women further compounds the issue. As a response, the demand for hormonal contraceptives is on the rise to prevent unplanned pregnancies.
Innovative Solutions Driving Market Growth
Manufacturers of hormonal contraceptives are investing in research to develop new and effective solutions to address the rising need for contraception. Oral hormonal contraceptives have long been a popular choice for birth control. Companies in the industry are actively seeking regulatory approvals, such as those from the Food and Drug Administration (FDA), to introduce their products to the market. Notably, in 2021, FDA granted approval to Mithra Pharmaceuticals and Mayne Pharma Group Limited for their plant-derived oral contraceptive, Nextstellis. Similarly, Pantarhei Bioscience received European Commission approval for Estelle, a new oral contraceptive. The introduction of such user-friendly solutions is expected to drive growth in the hormonal contraceptives market.
Meeting Unmet Needs for Modern Contraception
Despite the desire to avoid unplanned pregnancies, a significant number of women are not using safe contraception methods. According to the United Nations Population Fund (UNFPA), approximately 257 million women worldwide are not using safe contraception methods. This unmet need for safe hormonal contraceptives is expected to boost demand, driving supply on a global scale. The World Health Organization (WHO) reports that in Africa, approximately 24% of women of reproductive age have unmet needs for modern hormonal contraceptives. Similar trends are observed in Latin America and Asian countries, with around 10.7% and 10.2% of women, respectively, facing unmet contraceptive needs. Bridging this gap between demand and supply presents an opportunity for manufacturers to contribute to the growth of the hormonal contraceptives market.
Continued Dominance of Contraceptive Pills
Contraceptive pills have seen increasing adoption, driven by their convenience, easy availability, regulatory approvals for combination pills, and cost-effectiveness. According to the Centers for Disease Control and Prevention (CDC), approximately 12% of women aged 15-49 in the United States use oral contraception methods, such as pills, for pregnancy prevention. This trend is expected to continue, solidifying the position of contraceptive pills in the hormonal contraceptives market.
Asia Pacific Leading the Way
The Asia Pacific region, characterized by emerging economies, a rising population, increased awareness of sexual health, and the presence of major pharmaceutical companies offering modern contraceptives, is expected to lead the hormonal contraceptives market. The regions stable economic growth and improving consumer lifestyles are driving decisions regarding planned childbirth. This trend is especially prominent in fast-growing Asian nations, making them key drivers of demand for effective birth control measures like hormonal contraceptives.
Key Players in the Hormonal Contraceptives Market
Leading players in the hormonal contraceptives market include Teva Pharmaceuticals, Pfizer, Johnson & Johnson, Agile Therapeutics, Allergan, and Bayer AG.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/hormonal-contraceptives-market
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