Healthcare

Hormonal Contraceptives Market Estimated To Witness a Phenomenal Growth by 2026

The global hormonal contraceptives market is expanding at a significant rate, owing to increase in awareness, worldwide, about population growth. The global hormonal contraceptives market was valued at US$ 19,500 Mn in 2017 and is estimated to reach more than US$ 30,930.5 Mn by 2026, expanding at a CAGR of over 5% from 2018 to 2026. The global hormonal contraceptives market is witnessing expansion at a relatively significant growth rate owing to increase in technological advancements, high prevalence of obesity, and rise in PCOS across the globe.

Contraceptives can be defined as a drug or device that can prevent pregnancy. Contraceptives can be of various types such as hormonal and non-hormonal. Hormonal contraceptives are the type of contraceptives that act on the endocrine system for birth control. Hormonal contraception regulates the hormonal changes in a female’s menstrual cycle by using different hormones that are analogue of progesterone and estrogen. Demand for hormonal contraceptives is rising owing to the increase in prevalence of women’s health related problems such as PCOS, delayed child bearing, and rise in awareness about population control.

The global hormonal contraceptives market is projected to expand at a steady CAGR during the forecast period. Increase in infertility rate across the globe is an important factor that is expected to drive the market during the forecast period. Other factors such as rise in lifestyle-related diseases, high prevalence of PCOS, obesity, and delayed child-bearing due to financial instability are expected to boost the global market from 2018 to 2026. Furthermore, rise in awareness about population control in developed countries and various government programs for family planning in several developing countries are other important factors that are likely to propel the global hormonal contraceptives market during the forecast period. However, alternative contraceptive methods, side effects of the hormonal drugs, and lack of social acceptance in several developing countries are some factors that are likely to restrain the global hormonal contraceptives market during the forecast period.

The global hormonal contraceptives market has been segmented based on method, hormones, distribution channel, and region. In terms of method, the market has been classified into oral contraceptives, transdermal patches, injectable contraceptives, intrauterine contraceptives, and vaginal rings. The oral contraceptives segment is expected to hold a significant share of the global market since they are easier to use, effective, and results are readily available.

Based on hormones, the global hormonal contraceptives market has been divided into progestin only and combined hormones. The combined hormones segment held a prominent share of the market, in terms of revenue, in 2017. Increase in prevalence of PCOS and fewer side effects and effective results, as compared to progestin contraceptives, are some factors that are anticipated to propel the segment during the forecast period.

In terms of distribution channel, the global market has been segregated into drug stores, gynecology/fertility clinics, E-commerce, and others. The drug stores segment accounted for a major share of the market in 2017, in terms of revenue. Rise in trend of OTC sales is a key factor that is likely to drive the market during the forecast period.

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North America held a significant share of the global hormonal contraceptives market, in terms of revenue, in 2017, followed by Europe. Rise in obesity, high awareness of people about population control, prevalence of infertility, and PCOS in the region are key factors boosting the market in North America. Developed countries such the U.K. and Germany exhibit higher awareness about hormonal contraceptives and their applications. This is expected to boost the market in the region. The market in Asia Pacific is expanding at a rapid pace. Countries such as China, India, and Japan offer significant opportunities to the market due to increase in population, rising prevalence of lifestyle-related diseases, rise in infertility, PCOS, and government programs for family planning.

Key players in the global market are adopting strategies such as mergers and acquisitions, technological development, and geographic expansion in order to capture significant position in the global market. Major players operating in the global hormonal contraceptives market include ALLERGAN, Afaxys, Inc., Bayer AG, Agile Therapeutics, Inc., Merck & Co., Inc., Pfizer Inc., HLL Lifecare Limited, and Piramal Enterprises.

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