Increasing population and growing incidence of AIDS and STD are pivotal factors driving global contraceptives market size
Global Market Insights Inc. has announced addition of a new study based report on global contraceptives market. The market is expected to foresee significant growth and surpass USD 33 billion at a growing CAGR of over 6.8% by 2023. Population on rise, increased awareness of family planning, and growing prevalence of STDs (sexually transmitted diseases) are the prime factors contributing to the surge. The advent of new products with superior efficacy is projected to further the market growth over the estimated period. Furthermore, awareness programs held by NGOs and government, campaigns regarding sex education to encourage the use of contraceptives globally are also influencing the market positively.
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Contraception, also known as fertility or birth control, refers to the use of devices, drugs or methods to avoid pregnancy as a result of sexual intercourse. Contraception methods are available to both women and men. The methods can be permanent (female sterilization including hysteroscopic sterilisation or tubal occlusion, and male sterilization (vasectomy). Temporary methods can be non-hormonal (cervical caps, diaphragms, condoms, sponges, non-hormonal IUDs, withdrawal methods) and hormonal methods include vaginal implants, contraceptive transdermal patches, oral contraceptive pills, hormonal IUDs, and vaginal rings. Disposable, inexpensive and self inject contraceptives are also expected to transform the market growth.
The demand for contraceptive sponges and condoms is anticipated to propel market growth during the projected time frame. Condoms provide both effective birth control and prevention from STDs. They are expected to continue its dominance as the most preferred and lucrative segment worldwide owing to its low cost and widespread availability. Growing acceptance to female condoms is also likely to boost the growth in next few years. Rising demand for efficient and advanced contraceptive devices and methods is encouraging manufacturers to invest in research and development to introduce advanced devices and drugs in the Industry. Low-priced contraceptive implants also foresee wide acceptance globally.
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North America is expected to dominate the region segment and register high gains, especially due to U.S. market during the forecast period. APAC, particularly India and China, is anticipated to upsurge over 30% of global revenue by 2023 owing to favorable government initiatives regarding sex education. The surge is attributed to high disposable income, inventions in healthcare infrastructure, and growing awareness. The LATAM market is predicted to observe growth at a growing CAGR of 8.6% in the near future.
The market is highly competitive and major market participants include Mayer Laboratories, Inc. Pfizer, Inc. Merck & Co., Cooper Surgical, and Actavis PLCs. Product innovation to meet the rising demand for modern contraceptive methods is an important approach for market players.
Author Name : Dhananjay Punekar