The research study covers the present scenario and growth prospects of the global female contraceptivemarketfor 2016-2020. To calculate the market size, Technavio analysts have considered the overall retail sales of female contraceptive products globally.
The unregulated nature of this industry has raised concerns about the health implications related to the composition and use of these products. However, high investments and rapid advances in product categories are expected to minimize or eliminate the health concerns of the users. Vendors are trying to ensure easy availability and anonymous packaging of products, creating a favorable marketplace and leading to a high demand in the market. This has proven beneficial for controlling the population and STIs.
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Technavio analysts highlight the following four factors that are contributing to the growth of the global female contraceptivemarket:
Growing importance of family planning
Unprotected sexual intercourse, contraceptive failure, incorrect use of contraceptives, forgotten pills, and sexual assault can lead to unplanned pregnancies. About 60% of all pregnancies in developed regions such as North America, especially the US, are unplanned. It is followed by Europe with 44% and Asia with 38% unintended pregnancies. The use of effective contraception devices can prevent 90% of abortion-related and 20% of pregnancy-related morbidity and mortality cases in developing countries.
Amber Chourasia, a lead health and wellness analyst at Technavio, says, “Voluntary family planning has been widely adopted throughout the world through the efforts of social media and the governments. Organizations like the Asia Pacific Council on Contraception, European Society of Cardiology, and International Planned Parenthood Federation are conducting programs to spread awareness of contraceptive drugs and devices worldwide.”
Proliferation of strategic initiatives
Innovation and effectiveness of female contraceptives constitute the key to market growth. Several vendors are entering strategic alliances and investing in R&D for product innovation and better financial stability, thereby developing the latest products with better efficiency, safety, and protection. These strategic decisions help companies generate revenue and acquire a significant share of the market.
“Many market vendors are entering into joint ventures with small and domestic vendors to increase their market footprint. These joint ventures will also help domestic companies regarding growing product specialization and improve their distribution and sales channels,” adds Amber.
Rise in exploration of sexual fantasies
Sexual norms, behaviors, and attitudes are undergoing a transformation globally. There has been an increase in the exploration of sexual fantasies because of increased exposure to the internet and TV shows. The current generation is embracing changes in the perception toward experimentation regarding sex. They are also aware of the importance of protection during sex. IUDs and contraceptive pills help in preventing pregnancy for a longer duration of time if taken in the right way. Despite the economic slowdown, there are new as well as niche players entering the market.
High rate of unplanned pregnancies
Unplanned pregnancies result in high healthcare expenses, increased risk to mother and baby, and long-term negative health effects such as infertility and maternal death. The undesired pregnancy risk is almost three times greater among individuals who use traditional methods of contraception and 14 times greater among those who do not use any method at all. The optimal use of modern contraceptive methods can reduce unintended pregnancies by 70%, prevent newborn deaths by 77%, avoid maternal deaths by 67%, lower the burden of disability related to pregnancy and delivery by two-thirds, and eliminate the transmission of HIV from mothers to newborns through a 93% reduction annually.
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Last updated on: 10/11/2016
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