Oral Contraceptive Pills Market to Become Worth US$22.9 bn by 2023
Oral Contraceptive Pills Market: Snapshot
The highly competitive oral contraceptive pills market is marked by the presence of several generic product manufacturers, most of which resort to price reduction and free samples to sustain in the market. Oral contraceptive pills are the most common form of reversible contraception in most developed economies of the world, such as Western Europe, the U.S., Canada, and Australia. The adoption and prescription pattern for oral contraceptive pills varies by region, price, and level of awareness and companies have been taking these factors into consideration to up their share in the market.
The opportunity in the global oral contraceptive pills market was reported to be US$13.1 bn in 2014 and is anticipated to be worth US$22.9 bn by 2023, registering a steady CAGR of 6.6% therein.
Generic Oral Contraceptive Pills Enjoy Larger Share in Global Market
By type of product, the oral contraceptive pills market has been segmented into progestin-only, combination, and others. The combination oral contraceptive pills segment led the overall market in 2014 and is projected to register the highest growth rate over the course of the forecast period. This growth can be attributed to their higher efficiency in preventing pregnancies, their easy availability, and their rising preference among consumers.
On the basis of category, the market is bifurcated into generic oral contraceptive pills and branded pills. In 2014, generic oral contraceptive pills led the overall market and this segment is projected to record the fastest growth rate by 2023. The growth of this segment can be attributed to the widespread adoption of generic contraceptives facilitated by their low prices and ease of use.
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Favorable Reimbursement Policies in U.S. Spur Adoption of Oral Contraceptive Pills in North America
The global contraceptive pills market is geographically segmented into North America, Latin America, Asia Pacific, Europe, and the Middle East and Africa. North America led the global contraceptive pills market in 2014 primarily owing to a greater incidence of unintended pregnancies in the region. The Centers for Disease Control and Prevention (CDC) states in a study that between 2006 and 2010, a 37% of the total pregnancies in the U.S were unintended.
A significant proportion of these pregnancies led to abortions, which resulted in a massive yet preventable healthcare expenditure. In a bid to curb this avoidable healthcare expense, the governments of North American countries are encouraging women to opt for modern and more effective contraceptive options. The enforcement of the Affordable Care Act, or Obamacare, in the U.S. and various awareness programs by non-profit organizations have led to the availability of favorable reimbursement policies and the increased sale of emergency oral contraceptive pills in the region.
Asia Pacific is viewed as one of the most attractive market for oral contraceptive pills in the course of the forecast period thanks to the steady economic development in countries such as Singapore, India, China, Australia, and Philippines. This economic growth has resulted in the increasing disposable income of the people, surging awareness about family planning and contraceptives, and the desire for healthier living. This, in turn, has led to the rising adoption rate of oral contraceptive pills in the region.
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The leading players competing in the global oral contraceptive pills market include Bayer AG, Janssen Global Services, LLC, Allergan,plc (Actavis), Teva Pharmaceutical Industries Ltd., Piramal Enterprises Ltd., Pfizer, Inc., Merck & Co., Inc., and Mankind Pharma Ltd.