Contraceptive Drugs Market Size to Surpass USD 31.30 Billion by 2030, exhibiting a CAGR of 7.7%

As per the report by Fortune Business Insights, the global contraceptive drugs market size is projected to reach USD 31.30 Billion by 2030, at a CAGR of 7.7% during the forecast period

Contraceptive Drugs Market

Pune, India, Sept. 25, 2023 (GLOBE NEWSWIRE) — The contraceptive drugs market size was valued at USD 17.50 billion in 2022 and is slated to reach a valuation of USD 18.57 billion in 2023 and it is expected to reach USD 31.30 billion by 2030, with a CAGR of 7.7% over the projected period. Market growth is attributed to the increasing adoption of modern contraceptive methods over traditional methods due to rapid innovations and increased awareness about contraceptive techniques. Regional and international organizations are launching over-the-counter contraceptive drugs, driving the market expansion.

Key Industry Development

July 2022 – Mithra Pharmaceuticals, SA and Mayne Pharma Group Limited announced that NEXTSTELLIS – an oral contraceptive with a novel estrogen, is now available in Australia.

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Key Takeaways:

• The growth of the contraceptive drugs market is being driven by the increasing demand for effective and safe contraception, the rising prevalence of sexually transmitted diseases (STDs), and the growing awareness about the importance of family planning.
• The contraceptive drugs market is segmented by product type, distribution channel, and region.
• The key players in the contraceptive drugs market are Bayer AG, Teva Pharmaceutical Industries Ltd., Merck & Co., Inc., Johnson & Johnson, and Church & Dwight Co., Inc.
• These companies are investing in research and development, new product development, and marketing to maintain their competitive edge in the market.
• The contraceptive drugs market is facing some challenges, such as the rising cost of healthcare, the increasing regulation of contraceptive drugs, and the need for more effective contraception.

Discover the Leading Players Featured in the Report:

Major players in the contraceptive drugs market are Piramal Enterprises Ltd. (India), Agile Therapeutics (U.S.), Johnson & Johnson Services, Inc. (U.S.), AbbVie Inc. (U.S.), Pfizer Inc. (U.S.), Teva Pharmaceutical Industries Ltd. (Israel), Viatris Inc. (U.S.), Amneal Pharmaceuticals, Inc. (U.S.), Bayer AG (Germany).

Report Scope:

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Drivers and Restraints

Supportive Reimbursement Policies to Drive Market Growth

The emergence of novel products by key market players and the accessibility to supportive reimbursement policies in developed countries are fostering market growth. Increasing government initiatives to boost awareness about contraceptive drugs are driving market expansion.

On the other hand, the main elements restraining the market growth are the severe side effects on health due to the high usage of birth control pills, the dearth of knowledge, and social stigma about contraception procedures.

Report Scope & Segmentation

By Product

• Oral
• Combined Contraceptives
• Progestin-only Pills
• Injectable
• Patches

By Distribution Channel

• Hospital Pharmacy
• Retail Pharmacy
• Clinics
• Online Channels
• Public Channels & NGOs
• Others

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

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Oral Segment to Lead Due to its Easy Availability in Pharmacies and Hospitals

Based on product, the global market is classified into oral, injectable, and patches.

The oral segment held the highest market share. Oral medicines are preferred over other forms due to their clinical benefits. Convenient administration of oral pills and the presence of a wide range of these drugs in hospitals and pharmacy stores are surging the demand for oral medicines. A rise in product approvals is also supporting the segment expansion.

Retail Pharmacy is Gaining Traction with Growing Sales of Over-the-Counter Birth Control Pills

Based on distribution channel, the market is divided into hospital pharmacies, retail pharmacies, clinics, online channels, public channels & NGOs, and others.

The retail pharmacy segment led the global market in 2022 due to increasing sales of over-the-counter birth control drugs in several countries. The growing inclination of consumers toward retail pharmacies for purchasing birth control medicines and supportive regulatory measures are boosting the retail pharmacy segment growth.

Report Coverage

The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market’s key players.

Regional Insights

North America Dominates Market Share due to Rising Population of Childbearing Women

North America holds the highest global contraceptive drugs market share due to the rapid growth in the population of childbearing women and the rising fertility rate in the region. The growing popularity of advanced contraceptive methods among women population makes Europe the second-largest regional market.

The market in Asia Pacific is predicted to rise at a prominent CAGR over the projected period. Market growth in the region is driven by a surge in government efforts to enhance the availability of contraceptives and a rising focus on family planning. Growing unintended pregnancy rates are boosting the sale of birth control medicines.

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Competitive Landscape

Major Market Players to Maintain their Dominance by Introducing Advanced Drug Molecules

The presence of Amneal Pharmaceuticals LLC and Agile Therapeutics is boosting the market expansion. To enhance their product offerings and improve their brand visibility, top market participants are focusing on launching innovative contraceptive drugs and patches.

FAQ’s

How Big Is The Contraceptive Drugs Market?

Contraceptive Drugs Market Size Is USD 18.57 billion in 2023.

How Fast is the Contraceptive Drugs Market Growing?

The Contraceptive Drugs Market will exhibit a CAGR of 7.7% during the forecast period, 2023-2030

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