Allied Market Research published a report, titled, “Hormonal Contraceptives Market by Product (Oral Contraceptive Pills, Injectable Birth Control, Emergency Contraceptive Pills, Vaginal Rings, and Transdermal Patches), Hormones (Progestin-Only Contraceptive and Combined Hormonal Contraceptive), Age Group (15–24 Years, 25–34 Years, 35–44 Years, and Above 44 Years) End User (Hospitals, Household, and Clinics): Global Opportunity Analysis and Industry Forecast, 2021-2030”. According to the report, the global hormonal contraceptive industry generated $15.02 billion in 2020, and is anticipated to generate $20.67 billion by 2030, witnessing a CAGR of 3.3% from 2021 to 2030.
Prime determinants of growth
Health issues associated with teenage pregnancies, an increase in awareness about modern contraception methods, and rise in the use of oral pills as a key method to prevent unplanned pregnancy drive the growth of the global hormonal contraceptive market.
However, the availability of alternate contraceptive methods, health risks associated with the use of contraceptives, and lack of social acceptance hinder the market growth. On the other hand, an increase in focus on family planning presents new opportunities in the coming years.
Covid-19 Scenario
The outbreak of the COVID-19 pandemic has had a slight negative impact on the growth of the global hormonal contraceptive market, especially during the initial phase. For instance, according to the UNFPAs, family planning activities were largely disrupted or declined by 3.6% in 2020 as compared to the previous year. Thus, the aforementioned factors led to declining in demand for hormonal contraception products.
The 15 to 24 years segment to maintain its leadership status throughout the forecast period
Based on technology, the 15 to 24 years segment held the highest market share in 2020, accounting for nearly half of the global hormonal contraceptive market, and is estimated to maintain its leadership status throughout the forecast period. This is due to an increase in awareness of oral pills among adults. However, the above 44 years segment is expected to portray the largest CAGR of 4.3% from 2021 to 2030.
The household segment to maintain its lead position during the forecast period
Based on end users, the household segment accounted for the largest share in 2020, contributing to more than two-thirds of the global hormonal contraceptive market, and is projected to maintain its lead position during the forecast period. Moreover, the same segment is expected to portray the largest CAGR of 3.6% from 2021 to 2030. This is attributed to the easy and simple mode of administration and ease in the availability of a wide range of products. The research also analyzes the segments, including hospitals and clinics.
North America to maintain its dominance by 2030
Based on region, North America held the highest market share in terms of revenue in 2020, accounting for nearly two-fifths of the global hormonal contraceptive market. This is due to high per capita income, the strong presence of key market players, higher awareness about sexual health, and large number of unintended pregnancies.
Moreover, the Asia-Pacific region is expected to witness the fastest CAGR of 4.5% during the forecast period. A large fertile population, the introduction of new female contraception devices, a rise in investment by market players, and strong economic growth are the major factors supplementing the regional growth.
Leading Market Players
Female Health Company Teva Pharmaceutical Industries Limited Bayer AG, Pfizer, Inc. Mylan N.V. Johnson & Johnson Ansell LTD. Mayer Laboratories Merck & Co., Inc., Church & Dwight, Co., Inc.
“We have also published a few syndicated market studies in a similar area that might be of your interest. Below is the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of a pandemic on short-term and long-term growth trends of this market.”
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