Contraceptives Market is Expected to Reach USD 23.3 Billion Globally in 2018: Transparency Market Research
Albany, NY (PRWEB) May 22, 2013
The growing prevalence of unwanted pregnancies across the globe especially in developed countries such as the U.S. will serve the market as a high impact rendering driver. This is principally due to the fact that governments of countries experiencing a rise in the prevalence of unwanted pregnancies are rigorously promoting the use of contraceptives to curb unnecessary healthcare expenditures associated with abortions.
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Some of the other drivers of the market include implementation of the Affordable Care Act in the U.S. which has accelerated the growth of the contraceptives market by widening the reimbursement options, rising number of initiatives undertaken by WHO, governments and other NGOs to elevate contraceptive related user awareness and rising global prevalence of sexually transmitted infections. The presence of a strong contraceptives product pipeline and the presence of large unmet contraceptive needs in emerging Asian and African economies will serve the global contraceptives market with future growth opportunities.
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In the global contraceptives market by product types (drugs and devices), the contraceptive devices market held majority of the market share in 2011. Moreover, it is expected to exhibit the fastest growth rate during the forecast period owing to its high usage rates and the introduction of new and technologically advanced products such as Bayer's Skyla/Jaydess (a hormonal IUD) in 2012 in Europe and in 2013 in the U.S.
The male contraceptive devices (male condoms) market held majority of the market share in 2011 at over 45% owing to its high usage rates induced by its easy-to-use features, cheap prices and high effectiveness. The subdermal contraceptive implants is one of the fastest growing segments in the global contraceptive devices market due to the rising popularity of cheap implants such as Sino-implant (II) and the price reduction of Bayer's Jadelle.
Oral contraceptive pills are the most popular form of temporary birth control and it held majority of the market share in 2011. The global topical contraceptives market is the second fastest growing market after contraceptive pills. Its growth rate is justified by the possible introduction of new products such as AG200-15 by Agile Therapeutics in 2014.
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The North American contraceptives market held majority of the market share in 2011 on account of high contraceptive drug usage rate in the region. In addition, the Asian contraceptives market is the fastest growing one due to presence of high unmet contraceptive needs in this region coupled with the rapidly developing economies of India and China.
Some of the key players in the market include Bayer, Church & Dwight Company, Warner Chilcott Company, Agile Therapeutics, BioSante Pharmaceuticals, Mayer Laboratories and others.
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