With the presence of a large pool of participants, the global contraceptive market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). Amgen Inc., Bayer Healthcare Pharmaceuticals, Pfizer Inc., Sun Pharmaceutical Industries Ltd., Novartis AG, and Glenmark Pharmaceuticals are some of the key vendors of contraceptive across the world. These players across contraceptive market are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development, states the contraceptive market study.
For instance, in last week of August 2018, the U.S. FDA gave a nod of approval to TherapeuticsMD Inc.’s Annovera, a hormonal contraceptive product consisting synthetic progestin & estrogen. FDA stated that the new product is a combined hormonal woman contraceptive and is used to control pregnancy in women. Furthermore, it stated that it is the first vaginal ring contraceptive product that is reusable and can be used for almost a year.
As estimated in this report, the global contraceptive market stood at US$ 12.75 billion in 2015. Witnessing a tremendous rise during the period from 2015 to 2021, the revenue in this contraceptive market is expected to reach US$ 16.25 billion by the end of the forecast period. The key types available in this contraceptive market are contraceptive pills, male condom, female sterilization, intrauterine devices & systems, injectables, and emergency contraception. Among them, the demand for contraceptive pills is relatively higher and the trend is anticipated to remain so over the next few years, notes the contraceptive market research report.
Rise In Frequency Of Sexually Transmitted Diseases To Impel Market Growth
“Wide applications of contraception drugs & devices along with rising awareness about bringing improvement in maternal health is expected to drive the contraceptive market trends over the coming years,” says the author of this contraceptive market study. Apart from this, growing incidences of sexually transmitted diseases such as herpes simplex virus (HSV), human immunodeficiency virus (HIV), and human papillomavirus (HPV) are expected to generate more demand for the product over the coming years.
Occurrence of side-effects as a result of improper use of contraceptives and less use of contraception among the poor women in the emerging economies, can however, pose a threat to the expansion of contraceptive market in the near future. Nevertheless, exploring of untapped market potential and launching of new contraception products will generate new growth avenues for the business, thereby normalizing the impact of hindrances on the contraceptive market, reports the contraceptive market study. Furthermore, rising consciousness about improving women’s health & use of family planning procedures to control population explosion is projected to boost the scope of the business over the forthcoming years.
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Growing Awareness New Contraceptives To Help North American Dominance
Regionally, North America has been leading the worldwide contraceptive market and is anticipated to continue on the dominant position in the years to come, states the contraceptive market study. Enhanced awareness pertaining to women healthcare along with comprehensive knowledge about new contraceptives is the key factor behind the dominance of the North America contraceptive market. The rising demand for contraceptives in North America is another significant factor that is supporting the growth of this regional contraceptive market. Reportedly, North America contributed nearly 35% towards the overall contraceptive market share in 2015.