Wilmington, Delaware, United States, March 13, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The forecasted market valuation of the global hormonal contraceptive market by 2031 is about US$ 33.8 billion. This market advancement is moderate at a CAGR of 5.0%. However, the previous market valuation was measured in 2022 at about US$ 21.8 billion. Various factors are responsible for the market being driven to reach the valuation mentioned above.
One key market driver for the subject market is the expansion of the E-commerce sector. Due to the expansion of this sector, there is easy availability of contraceptives to consumers. This results in lowering unwanted pregnancies and sexually transmitted diseases. Consequently, this proves to be one of the key market drivers.
Different governments of different countries have taken various initiatives to spread awareness regarding sex education and reproductive health. As a result, the knowledge regarding the same has been increasing among the population at their budding ages. Due to this, preventive actions to avoid STDs and other diseases have been taken, where contraceptives play a vital role in arresting these diseases. Consequently, this proves to be another crucial market driver for the subject market.
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Due to medical advancements, various key players in the subject sector have invested substantially in the market. This investment is related to improving the health of men and women. This plays the role of another market driver.
Key Findings from the Market Report
- The global hormonal contraceptive market can be segmented into various sectors, like the method of use, hormones fostered, and the distribution channel. In the context of the oral contraceptive market segment, the use of these contraceptives avoids unwanted pregnancy. They usually contain a combination of hormones called estrogen and progestin.
- Transdermal patches do not hamper the function of the liver. However, the medical treatment is required to be taken for a longer duration than traditional medication. This market segment avoids any side effects of contraceptives on the human body.
- In the context of the progestin-only market segment of the contraceptive market, the main advantage is considered from the perspective of its non-hindrance in physical intimacy. Hence, this market segment contributes to the market growth effectively.
- The distribution channel is the market segment, where contraceptives are delivered to consumers through different sources. Various drug stores are the foremost channels that offer contraceptives to consumers. The ease of availability increases the popularity of this segment.
Regional Profile
- In the case of North America, the awareness regarding sexual wellness and reproductive health is decent. Apart from this, the medical infrastructure in countries like Canada is robust.
- The demand for contraceptives in these countries is higher, and hence, it is the leading contributor to the global hormonal contraceptive market.
- The European market is also forecasted to advance steadily in the next decade. Due to the rising medical infrastructure in European countries, the demand for contraceptives will increase.
- Latin America, Asia Pacific, and the Middle East are some of the crucial contributors to the subject market.
Key Developments in the Hormonal Contraceptive Market
- In July 2022, Mayne Pharma Group Limited and Mithra Pharmaceuticals brought new oral contraceptives, including a combination of drospirenone, to the market. The contraceptive was called NEXTSTELLIS.
- In November 2023, AbbVie, Inc. acquired ImmunoGen. This is a strategic move made by the medical organization to expand the market and deliver better medical services related to cancer treatments.
- In December 2023, birth control pills were tried on men by a group of UK scientists. Due to this, the gender gap between the two genders can be minimized.
Competitive Landscape
The competitive landscape in the global hormonal contraceptive market is large. Various players clutter the market.
- AbbVie, Inc. is one of the key players offering a diverse range of contraceptives. Also, it provides different masks to patients.
- Afaxys Inc. is known for its emergency contraceptives. It also provides levonorgestrel and ethinyl estradiol tablets.
- Bayer AG is a key player that functions in diversified verticals, like digital farming, crop protection, human health, and many more.
Key Players
- AbbVie Inc.
- Afaxys Inc.
- Bayer AG
- Agile Therapeutics
- Merck & Co. Inc.
- Piramal Enterprises Ltd.
- Pfizer Inc.
- HLL Lifecare Limited
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Market Segmentation
Method
- Oral Contraceptives
- Transdermal Patches
- Injectable Contraceptives
- Intrauterine Contraceptives
- Vaginal Rings
Hormones
- Progestin Only
- Combined Hormones
Distribution Channel
- Drug Stores
- Gynecology/Fertility Clinics
- E-commerce
- Others
Region
- North America
- Latin America
- Asia Pacific
- Europe
- Middle East & Africa
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