Global Contraceptives Market to Expand, Spurred by Rising Incidences of Unwanted Pregnancies
Most unwanted pregnancies occur among adolescents and young women. Such pregnancies are a major source of the prevalence of sexually transmitted diseases (STDs) such as HIV, chlamydia, genital herpes and hepatitis B.
Propelled by these abovementioned factors, the global contraceptives market is set to expand positively during the forecast period (2020-2025). The global contraceptives market is projected to reach a value of US$ 37,242.7 by 2025-end, expanding at a CAGR of 6.4%. Other developments such as introduction of innovative devices is also expected to boost market growth for contraceptives.
Mandatory social distancing amid the COVID-19 pandemic, however, is anticipated to generate tremors in the global contraceptives market supply chain, owing to limited production capacity due to less employee strength and avoidance of physical contact among adults.
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Key Takeaways of Global Contraceptives Market Study
• Contraceptive devices shall capture the maximum market share of the global contraceptives market (>50%). This is attributed to the major side effects of ingesting contraceptive drugs, such as nausea, headache, weight gain, increased bleeding, dysmenorrhea and menstrual changes, among women. The introduction of custom-fit condoms by key market players is equally expected to boost market share. Anticipated CAGR for the forecast period is pegged at 6.6%.
• Hospitals shall account for the maximum distribution of contraceptive devices among patients. Favorable reimbursement policies to hospitals is a key driver behind the growth of this segment. Projections indicate a market share of one-third during the forecast period.
• North America shall dominate the global contraceptives market, due to increased incidences of unwanted pregnancies and burgeoning demand for reversible contraceptives among the patients. The region is expected to surpass a valuation of US$ 12.9 Bn growing at a CAGR of 6.6% during the forecast period.
• Asia-Pacific shows high potential for growth of the global contraceptives market. The region shows staggering prospects, with a CAGR pegged at 6.8% throughout the forecast period.
• The COVID-19 pandemic is anticipated to initiate a decline in the sales of contraceptives globally. This is attributed to social distancing among young adults in order to contain the spread of the virus.
• Supply-chain disruptions are anticipated, attributed to limited production capacity of manufacturing plants. Condoms, the most popular contraceptive, are anticipated to register significant downturn in production.