Oral Contraceptive Pills Market Grow at Exceptional Rate By Top Emerging Key Players
SummaryThe oral contraceptive pills market is expected to reach USD 24.0 Billion by 2025 from USD 13.8 Billion in 2016 at a CAGR of 6.4%.
The oral contraceptive pills market is expected to reach USD 24.0 Billion by 2025 from USD 13.8 Billion in 2016 at a CAGR of 6.4%. Oral contraceptive pills are drugs that prevent pregnancy upon its consumption in a stipulated time during the menstrual cycle. The drug component--estrogen and progesterone hormones prevent the ovary from releasing egg for fertilization.
Increase in favorable government policies and rise in awareness among consumers regarding unintended pregnancies are set to drive the market over the forecast period. Increasing population and various awareness initiatives that witness a good participation of women, adolescents, and young people, at all stages of planning, implementation, and evaluation helps in curbing the population as well as creates a demand for contraceptives resulting in increased sales.
Women are increasingly using oral contraceptive pills to prevent unwanted pregnancies
Women are increasingly postponing motherhood in order to prioritize their careers and maintain their job safety. Besides, increase in the number of unstable relationships and high costs involved in raising a child are several factors that are increasingly causing women to postpone pregnancy, thereby fueling this industry. In the developing countries, the supply of contraceptives is lesser than the increasing demand of these drugs. Particularly in Africa, diseases like HIV etc. have made usage of drugs that prevent pregnancy essential for women. Thus, net sales of contraceptive products in developing countries are anticipated to increase the market growth over the forecast period. However, concerns regarding the side effects of products can negatively impact the product demand in future.
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Combination oral contraceptive pills hold the largest share in the product segment of the market
The oral contraceptive pills market has been bifurcated into combination, progestin-only and others on the basis of product types. Combination pills are sub divided into monophasic pills, triphasic pills and others. The combination oral contraceptive pills pills in this segment is projected to register the highest growth rate over the course of the forecast period which can be attributed to easy availability, preference of consumers and higher efficiency in preventing pregnancies.
Generic oral contraceptive pills have witnessed widespread adoption and are the fastest growing segment in this industry
Categorically, the market is segregated into generic oral contraceptive pills and branded pills. The generic oral contraceptive pills lead this segment and are projected to record the fastest growth rate over the forecast period which can be attributed to ease of use and low prices leading to widespread adoption.
North America witnessed the fastest growing Oral contraceptive pills market due to favorable reimbursement policies in U.S.
Geographically, the market has been segregated into five major regions: North America, Europe, Asia Pacific, Middle East and Africa and Latin America. The North America region accounts for the highest unintended pregnancies in the region and thus ruled the oral contraceptive pills market. Based on a study conducted by The Centers for Disease Control and Prevention (CDC), 37% of the total pregnancies in the U.S during 2006 to 2010, were unintended. To this end, the governments of North American countries are encouraging women to opt for modern and more effective contraceptive options.
Obamacare, the enforcement of the Affordable Care Act and various other awareness programs by non-profit organizations have brought forth favorable reimbursement policies and thus, increased the sale of oral contraceptive pills in the region. The Asia Pacific region is also viewed as one of the most upcoming and attractive market for oral contraceptive pills in the course of the forecast period. This can be attributed to the massive population and rise in steady economic development in countries such as India, China, Singapore, Australia, and Philippines.
The key players in the global oral contraceptive pills market include Merck & Co., Inc., Reckitt Benckiser, Teva Pharmaceutical Industries Ltd., Bayer AG, Janssen Global Services, LLC, Allergan,plc (Actavis), Mankind Pharma Ltd., Actavis, Inc., Cooper Surgical, Pfizer, Inc., Piramal Enterprises Ltd., and Church & Dwight Co.
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