Contraceptive Drugs Market Predicted to Reach $24.42 Billion by 2027, Sector to Grow at a CAGR of 6.9%

According to the report published by Allied Market Research, the global Contraceptive Drugs Market was pegged at $14.32 billion in 2019, and is anticipated to garner $24.42 billion by 2027, manifesting a CAGR of 6.9% from 2020 to 2027. The report provides detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, competitive scenario, and regional landscape.

Key Takeaways:

The global contraceptive drugs market is expected to continue to grow, driven by factors such as increasing awareness of contraception, rising demand for family planning services, and technological advancements.

Combination oral contraceptives (COCs) remain the most popular type of contraceptive drugs, accounting for the majority of the market share.

Other types of contraceptive drugs, such as injectables, transdermal patches, and intrauterine devices (IUDs), are also gaining popularity due to their ease of use and efficacy.

North America and Europe are the largest markets for contraceptive drugs, but the Asia-Pacific region is expected to experience the highest growth in the coming years, driven by increasing population, rising awareness, and government initiatives to promote family planning.

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Market Drivers

Increasing Awareness: There is a growing awareness of the benefits of contraception, such as preventing unintended pregnancies and sexually transmitted infections (STIs). This has led to an increase in demand for contraceptive drugs.

Rising Demand for Family Planning: With increasing urbanization and the desire for smaller families, there is a growing demand for family planning services. Contraceptive drugs are an important component of these services.

Technological Advancements: The development of new and innovative contraceptive drugs, such as long-acting reversible contraceptives (LARCs) and non-hormonal options, is driving growth in the market. These options provide women with more choices and increased convenience.

Government Initiatives: Governments around the world are implementing initiatives to promote family planning and improve access to contraceptive drugs. This includes providing subsidies, increasing awareness campaigns, and expanding distribution networks.

Increasing Female Workforce Participation: As more women enter the workforce, the need for effective contraception becomes more important. Contraceptive drugs provide women with the ability to plan their families and continue their careers.

High Prevalence of Unintended Pregnancies: Unintended pregnancies continue to be a major public health issue. Contraceptive drugs provide an effective solution to reduce the number of unintended pregnancies and associated health risks.

Market Segmentation

Product Type: This includes combination oral contraceptives (COCs), progestin-only pills (POPs), injectables, transdermal patches, vaginal rings, intrauterine devices (IUDs), and implants.

Distribution Channel: This includes retail pharmacies, hospitals, clinics, and e-commerce.

End User: This includes women and men.

Geography: This includes North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.

Hormonal Vs. Non-hormonal: This includes hormonal contraceptive drugs that contain synthetic hormones and non-hormonal contraceptive drugs that do not contain hormones.

Prescription Vs. Over-the-Counter (OTC): This includes prescription drugs that require a doctor’s prescription and OTC drugs that can be purchased without a prescription.

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Regional Growth Dynamics

The market is studied across various regions including Asia-Pacific, Europe, LAMEA, and North America. The market across North America held the major share in 2019, with around one-third of the global contraceptive drugs market. Moreover, the market across Asia-Pacific is expected to showcase the fastest CAGR of 8.4% from 2020 to 2027.

Competitive Landscape

• Bayer AG
• Pfizer Inc.
• Merck & Co., Inc.
• Allergan plc
• Teva Pharmaceutical Industries Ltd.
• Mylan N.V.
• HLL Lifecare Limited
• Piramal Enterprises Ltd.
• Cipla Inc.
• Lupin Pharmaceuticals, Inc.

Recent developments:

New Product Launches: Several new contraceptive drugs have been launched in the market in recent years. For instance, in 2021, the FDA approved Slynd, a new progestin-only oral contraceptive pill. In 2020, the FDA also approved Twirla, a new transdermal contraceptive patch.

Non-Hormonal Options: Non-hormonal contraceptive options are gaining popularity in the market due to concerns over the potential side effects of hormonal contraceptives. In 2019, the FDA approved the first non-hormonal contraceptive gel, Phexxi, which works by changing the acidity of the vagina to prevent sperm from reaching the egg.

Expansion of Distribution Channels: Companies are expanding their distribution networks to reach more customers. For instance, in 2020, HLL Lifecare Limited, a government-owned company in India, launched a new e-commerce platform to sell its contraceptive products.

Digital Health Solutions: Digital health solutions are being developed to improve access to and use of contraceptive drugs. For example, in 2019, Bayer launched a new app, called Maya, which helps women track their menstrual cycles and reminds them to take their contraceptive pills.

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