Hormonal Contraceptives Market Worth USD 24,330.1 Million at 5.4% CAGR by 2027 Backed by Increasing Prevalence of Unwanted Pregnancies in North America
The global hormonal contraceptives market size is expected to showcase considerable growth by reaching USD 24,330.1 million by 2027 while exhibiting a CAGR of 5.4% between 2020 and 2027. This information is published by Fortune Business Insights in its latest report, titled, “Hormonal Contraceptives Market, 2020-2027.” The report further mentions that the market stood at USD 17,620.9 million in 2019 and is likely to experience considerable growth during the forecast period. This is attributable to the increasing focus on catering to the unmet demand for these contraceptives across the globe.
List of the
Companies Profiled in the Global Market:
·
Allergan (Dublin,
Ireland)
·
Merck & Co.,
Inc. (New Jersey, United States)
·
Janssen
Pharmaceuticals, Inc.
(Beerse, Belgium)
·
Teva
Pharmaceutical Industries (Petah Tikva, Israel)
·
Pfizer, Inc. (New
York, United States)
·
Mylan N.V. (Pennsylvania,
United States)
·
Novartis AG
(Basel, Switzerland)
·
Other Prominent Players
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COVID-19 Impact: Market to Exhibit
-4.3% CAGR in 2020
The
market is expected to go through torrid times due to the seismic effects of the
pandemic. The lockdown announced by the government agencies has led to closed
stores and limited availability of contraceptives. This is likely to hamper the
growth prospects and the market is projected to exhibit a -4.3% CAGR in 2020.
DRIVING FACTORS
Increasing Focus to Cater to Unmet
Contraceptive Needs to Augment Growth
According
to the report by NCBI, the rate of womens’ testing positive for pregnancy if
they take hormonal contraceptives properly is only 1 out of 1,000. Moreover, these
contraceptives are perceived to be more reliable than sponges/diaphragms and
condoms. However, the unmet needs for contraction is propelling the
manufacturers to focus their strategies on such regions. For instance, as per
World Health Organization (WHO), around 24.2% of women of reproductive age in
Africa have an unmet need for modern contraception. Therefore, the growing
focus on catering to the unmet demand is expected to favor the global hormonal
contraceptives market growth during the forecast period.
COMPETITIVE LANDSCAPE
Partnership between Major Companies to
Strengthen Their Market Positions
The
market is consolidated by the presence of major companies that are establishing
partnership with other companies to expand their product portfolio and maintain
a stronghold. Additionally, other key players are striving to maintain their
dominance by adopting strategies such as merger and acquisition, collaboration,
and the introduction of new products that will favor the market growth in the
forthcoming years.
Industry
Development:
·
May 2018 – Aurobindo Pharma Limited introduced
Mili and Tri-Mili lines of oral contraceptive tablets. The products are
AB-rated generic equivalent to the reference listed drugs such as Ortho
Tri-Cyclen and Ortho Cyclen.
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