Global Contraceptive Devices Market to Rise at 6% CAGR On Account of Rising Government Initiatives, Says Fortune Business Insights
May 3, 2019
"Some of the key players present in the global contraceptives devices market are Janssen Pharmaceutical Company, Allergan plc, Veru Inc., Pfizer Inc., Teva Pharmaceuticals Industry, Mylan, Medisafe Distribution Inc., and Reckitt Benckiser plc.
Pune, India - May 3, 2019 /MarketersMedia/ —
Several private institutions and government organizations are actively participating to spread awareness on the use of contraceptives. This, as per Fortune Business Insights is the chief driver of the global Contraceptives Devices Market. Fortune Business Insights in a new report, titled “Contraceptives Devices: Global Market Analysis, Insights and Forecast, 2018-2025” predicts the market to exhibit a CAGR of 6.0%. The report further calculated the value of the contraceptives devices market as US$ 7013.8 Mn in the year 2018 and expected the market to reach US$ 11166.4 Mn by 2025.
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Contraceptives devices for female are expected to lead the contraceptives devices market during the forecast period. Contraceptive devices for female are available in different types, among which the report emphasizes on the rising uptake of intrauterine contraceptive devices. Some of these include diaphragms & sponges, vaginal rings, sub-dermal implants, and female condoms. Consequently, the sales of female contraceptive devices are accelerating at an exponential rate. As per Fortune Business Insights, the female contraceptive devices segment held nearly 54.8% of the overall market in the year 2017 and is expected to remain dominant over the forecast years.
With the advent of advanced technology, hormonal contraceptives are likely to lead the contraceptive devices market. This is mainly on account of their enhanced efficiency and rising preference among consumers. Governments in several countries are actively participating in the distribution of contraceptive devices across several hospitals. This further makes hospital pharmacies one of the leading source for birth control devices.
Lack of Proper Family Planning Will Fuel Demand for Contraceptive Devices
“The demand for contraceptive devices and drugs is likely to increase owing to the rising prevalence of STDs,” stated a lead analyst at FBI. These include injectable contraceptives, hormonal oral pills, and topical contraceptives. “This, coupled with the lack of family planning, drives the contraceptive devices market,” he added. Furthermore, unwanted pregnancies can have widespread implications. This is further expected to increase the requirement of fertility control devices over the upcoming years. In addition to this, the rapid growth in population across the world is anticipated to enable contraceptives market witness accelerated gains. Several companies are increasing awareness on the use and safety of contraceptive devices. This is also considered as a growth factor driving the contraceptive devices market. These devices are preferred more as they offer a safer course of action. All the above factors are anticipated to witness promising growth in the contraceptive devices market between 2018 and 2025.
Among regions, North America is expected to remain dominant in the global contraceptive devices market throughout the forecast period. The rate of awareness among the population is high and healthcare industry is well-established, thus making North America a leading region. On the other hand, Asia Pacific is also anticipated to offer considerable growth opportunities owing to large population base and rising disposable income. In addition to this, the region is expected to witness significant growth with the rising awareness regarding the usage and benefits of contraceptives.
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Adverse Effects of Contraceptives and their Limited Supply May Restrict the Market’s Growth
Although the use of contraceptives is increasing, there are some risks associated with the use of the same. These risks include infections which compe people to opt for permanent contraception methods. Also, there are millions of men and women who don’t use contraceptive devices owing to their limited supply. Not all countries have access to contraception, which limits the growth of the contraceptive devices market.
Initiatives by Several Players Aimed at Sustaining Competitive Advantage to Bode Well
Some of the key players present in the global contraceptives devices market are Janssen Pharmaceutical Company, Allergan plc, Veru Inc., Pfizer Inc., Teva Pharmaceuticals Industry, Mylan, Medisafe Distribution Inc., and Reckitt Benckiser plc. Several companies are taking initiatives to sustain in their competitiveness in the market for contraceptive devices. Furthermore, companies are creating awareness programs to encourage the use of contraceptives. These companies also provide different types of birth control devices at affordable rates to maintain their market share. For instance, Tera Pharmaceuticals in November 2017 signed an agreement with another company called CopperSurgical with an aim to acquire an intrauterine copper contraceptive called Paragard. Such strategies adopted by the leading players are expected to boost the global contraceptive devices market in the coming years.
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