Condom segment generated highest revenue, accounted for $6,053 mn in the world contraceptive devices market and projected to retain its dominance during period
PUNE, MAHARASHTRA, INDIA, October 20, 2020 /EINPresswire.com/ — Initiatives taken by regulatory bodies and government organizations to mandate the use of barrier contraceptives such as condoms have significant impact on the growth of contraceptive market. Contraceptive methods for home use are effective and convenient, owing to the cost-effectiveness of these products.
A new report published by Allied Market Research titled, Contraceptives Market by Product, Age Group, Education, and End User – Global Opportunity Analysis and Industry Forecasts, 2019 -2025, projects that the global market for contraceptives would reach $43,812 million by 2022 from $28,175 million in 2015, growing at a CAGR of 6.4% from 2016 to 2025. Contraceptive drugs are expected to dominate the market throughout the study period. North America would continue its lead, accounting for more than one-third share of the world contraceptive market in 2018.
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Condoms is expected to dominate the overall contraceptives device market throughout the analysis period, due to the increase in demand in developed as well as developing economies. Male condoms are more popular than female condoms; thereby significantly boosting the growth of the overall contraceptive market.
The increase in popularity of male condoms is attributed to their easy accessibility, ease-of-use, and wide acceptance across various regions. Furthermore, intrauterine (IUD) segment is anticipated to exhibit the highest growth, registering a CAGR of 10.1% during the forecast period, owing to their effectiveness in prevention of unwanted pregnancies for almost 1012 years after insertion in the body and transmission of STDs.
Based on age group, women ranging between 15 and 24 years, are the major contributors to generate highest revenue in the world contraceptive market. This is owing to the increased usage of contraceptives among the teenagers and early maturity among the teenage girls, raising the demand for contraceptives. However, women aged above 44, are the least contributor to the market growth due to the menopause in women at the age 44 and above.
The key players in the contraceptives market are highly focused to expand their business operations in the fast-growing emerging countries and launched new products to increase their market shares. The key players profiled in this report include The Female Health Company, Teva Pharmaceutical Industries Limited, Allergan plc, Bayer AG, Pfizer, Inc., Cooper Companies, INC., Ansell LTD., Mayer Laboratories, Merck & Co., Inc., and Church & Dwight, Co., Inc. Other players in the value chain include Reckitt Benckiser Plc, BioSante Pharmaceuticals Inc., Warner Chilcott Company, Agile Therapeutics Inc., MANKIND Pharmaceuticals, HLL Lifecare Limited, TTK HealthCare, Watson Pharmaceuticals, Inc., Boehringer Ingelheim GmbH, V-Care Pharma Pvt. Ltd., Vardhman Life care pvt. Ltd., Cipla Limited and others.
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The North American region accounted for majority of the share of the world contraceptives market in 2015. The North American contraceptive market is expected to maintain its lead throughout the forecast period due to increase in awareness among the population, rise in adoption of modern contraceptives, and increase in prevalence of sexually transmitted diseases such as HIV/AIDS. The U.S. contraceptive market accounts for the largest share in the overall North America contraceptive market. Asia-Pacific region is expected to grow at the fastest pace during the study period, owing to high population base, and proactive governmental bodies that focus on birth control. Moreover, technological advancements and cost-effective contraceptive products in these regions offer lucrative opportunities to contraceptive manufacturers.
Allied Market Research (AMR) is a market research and business-consulting firm of Allied Analytics LLP, based in Portland, Oregon. AMR offers market research reports, business solutions, consulting services, and insights on markets across 11 industry verticals. Adopting extensive research methodologies, AMR is instrumental in helping its clients to make strategic business decisions and achieve sustainable growth in their market domains. We are equipped with skilled analysts and experts, and have a wide experience of working with many Fortune 500 companies and small & medium enterprises.
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Source: EIN Presswire