Contraception is a form of birth control. To prevent unwanted pregnancy, a variety of contraceptives, including hormonal medications, physical barriers, and advanced contraceptive devices, have been developed. The global contraceptives market is anticipated to surpass US$ 2.7 Bn by 2028, advancing at a CAGR of 15.5% from 2021 to 2028 (forecast period).
Contraceptive methods aid in the prevention of sexually transmitted diseases (STD). The global rise in the incidence of sexually transmitted diseases (STD) is expected to drive the global contraceptives market. Many studies have been undertaken to determine whether contraceptives like pills, rings, patches, and so on are helpful in avoiding STDs. Moreover, the WHO is striving to improve and integrate contraception services and sexually transmitted infection control in order to minimize the frequency of these diseases. Numerous government and non-governmental groups are increasing investments in raising awareness and focusing on sexual health. In 2019, the Public Health England HIV Prevention Innovation Fund provided over USD 700,000 to 15 volunteer organizations striving to develop new HIV prevention measures and raise awareness in marginalized populations. The UK government has contributed approximately USD 1.5 billion to the worldwide AIDS fund.
Moreover, the increased emphasis on the importance of family planning and preventing unwanted pregnancy is boosting the sales of contraceptives market. Furthermore, the increased usage of contraceptives among young women and the surge in better education is propelling the global contraceptives market growth. Additionally, the health risks linked with teenage pregnancies, increased awareness of contemporary contraception, and rising usage of oral pills as a key technique to prevent unintended pregnancy all contribute to the expansion of the global contraceptives market.
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Contraceptives Market Witnessed Growth Amid COVID-19 Pandemic
The COVID-19 pandemic had a beneficial impact on the global contraceptives market. Since most individuals have been spending time indoors due to the COVID-19 pandemic, family planning has become even more important. Contraceptive manufacturers are seizing this chance to secure an uninterrupted supply of contraceptive injectables, oral contraceptives, and contraceptive devices. During the current pandemic, healthcare groups are emphasizing the benefits of birth spacing, as preventing pregnancy during such turbulent times is prudent for women not just on a personal level but also from a public health viewpoint. Moreover, manufacturers are stepping up efforts to avoid implant, oral contraceptive pill, and copper intrauterine device stockouts. These aspects are helping the global contraceptives market to expand.
North America to Spearhead Contraceptives Market
North America is projected to witness a massive growth in the global contraceptives market during the forecast period. The regional market growth can be attributed to the region’s rising rate of unwanted pregnancies. The United States is expected to be the largest revenue generator in contraceptives market in North America. The rising number of teenage pregnancies in the United States will fuel regional market growth. According to the CDC (Centers for Disease Control and Prevention), the pregnancy rate among women aged 15 and 19 rose to 19.8% per 1,000 women in 2017. Moreover, the presence of large firms operating in the region will boost the future market demand for contraceptives.
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The contraceptives market in Europe is expected to develop significantly due to increased financing for clinical testing of contemporary birth control drugs. Moreover, the rising number of teenage pregnancies in the European region will drive up product demand during the projection period.
Asia Pacific is likely to make considerable contributions to the contraceptives market due to rising public knowledge about the numerous advantages of birth control pills in preventing unplanned pregnancies and a rising number of firms entering the Asian market. Moreover, increased government awareness programs to educate the populace about family planning and women’s health will boost the regional market growth. In India, for example, the National Family Planning Program, known as ‘Hum Do,’ strives to give information and assistance on family planning methods and services to eligible couples.