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IN THE NEWSFebruary, 2021: Sandoz announced the acquisition of cephalosporin antibiotics business of GSK, to expand its portfolio to production of antimicrobial drugs.
September, 2020: Mylan and Pfizer received approval from European Commission for consolidation of Mylan and Upjohn for distribution of Mylan’s medical products in Europe.
Global Contraceptive Devices Market Highlights over 2022 – 2031
The global contraceptive devices market is estimated to grow at a CAGR of ~7% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the increasing awareness regarding the growing population, and drawbacks of population explosion. According to the data by the World Bank, the global population reached 7.762 billion in 2020. The increasing government concerns and awareness amongst the people is estimated to primarily drive the market growth. Moreover, growing acceptance of concepts, such as, nuclear family, and family planning, are further anticipated to boost the market growth. Along with this, various government initiatives, such as, one-child an two-child policies in various over-populated countries, are projected to encourage the market growth. Furthermore, the use of contraceptive devices is foreseen to increase on the back of the increasing awareness about sexually transmitted diseases (STDs), and unwanted pregnancies.
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The market is segmented by device type into condoms, diaphragms, cervical caps, vaginal rings, intra uterine device (IUD), and others out of which, the condoms segment is anticipated to hold the largest share in the global contraceptive devices market over the forecast period on account of easy availability, higher acceptance, ease of use, and zero complications with condoms. Moreover, condoms provide additional protection from STDs, which is not provided by other devices. Such factors are estimated to boost the segment growth.
Major Macro-Economic Indicators Impacting the Market Growth
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Global Contraceptive Devices Market Regional Synopsis
On the basis of geographical analysis, the global contraceptive devices market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of increasing population in the region. For instance, as per the report by the World Bank, 1.38 billion people live in India, and 1.411 billion in China, as of 2020. Moreover, government initiatives to promote family planning, is also estimated to boost the market growth.
The market in the North America region is anticipated to gain substantial market share throughout the forecast period on the back of the high health awareness, and presence of major pharmaceutical companies in the region.
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The global contraceptive devices market is further classified on the basis of region as follows:
Market Segmentation
Our in-depth analysis of the global contraceptive devices market includes the following segments:
By Device Type
By Distribution Channel
Growth Drivers
Challenges
Top Featured Companies Dominating the Market
FREQUENTLY ASKED QUESTIONS
The increasing awareness regarding population control, unwanted pregnancy, and family planning, is estimated to boost the market growth.
The market is anticipated to attain a CAGR of ~7% over the forecast period, i.e., 2022 – 2031.
The North America region is anticipated to provide more business opportunities over the forecast period owing to the efficient healthcare sector in the region.
The major players in the market are Merck & Co., Mylan Laboratories, Church & Dwight Co., Inc., Pregna International Limited, CooperSurgical, Inc., Pfizer Inc., Reckitt Benckiser Group PLC, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by device type, distribution channel, and by region.
The condoms segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
Various side effects of contraceptive devices are estimated to hamper the market growth.
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