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Hormonal Contraceptives Market to Reach USD 26.6 billion with 5.8% CAGR by 2026, Rising Prevalence of Sexually Transmitted Diseases to Help Market Gain Impetus, says Fortune Business Insights™

Pune, India, Nov. 24, 2020 (GLOBE NEWSWIRE) — Global hormonal contraceptives market size is projected to reach a value of USD 26.6 billion by 2026, with a notable CAGR of 5.8% during the forecast period 2019 to 2026. This is owing to the unmet needs for contraceptives worldwide, especially in developing nations. The market was valued at USD 16.7 billion in 2018. The World Health Organization estimated a rise in the utilization of modern contraceptives from 54% in 1990 to about 57.4% in 2015. America accounted for the largest hormonal contraceptives market share with a revenue generation of US$ 5.8 Bn in 2018. This is attributed to the presence of major manufacturing companies coupled with the rise in awareness about different birth-control methods in the U.S.This is attributable to the easy availability and user reliability of contraceptive products all over the world. Such factors are likely to add impetus to the hormonal contraceptives market size in the forecast duration.INDUSTRY DEVELOPMENT:October 2019: USFDA approved six-year duration for Liletta, a hormonal IUD manufactured by Allergan. The device is known to be the long-lasting and least-expensive approved hormonal IUD. Also, the IUD is available at the lowest Wholesale Acquisition Cost (WAC) of any IUD in the U.SDecember 2019: Prasco Laboratories launched generic version of NuvaRing, the etonogestrel/ethinyl vaginal ring manufactured by Merck & Co., Inc.
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Cost-efficiency and Easy Availability of Contraceptive Products to Promote Market GrowthThe increasing cases of sexually transmitted diseases such as HIV/AIDS is a prime factor promoting the hormonal contraceptives market growth. Besides this, the cost efficiency and easy availability of contraceptives products such as pills, is also helping the market gain traction.Moreover, the fact that contraceptives are a better and reliable way of controlling unwanted pregnancy as compared to diaphragms/sponges or condoms is also expected to help increase the overall hormonal contraceptive market size in the forecast period.Furthermore, the advent of new user-friendly and cost-efficient products into the market, such as contraceptive implants, vaginal rings, and injectable, are likely to help increase the overall hormonal birth control market revenue in the coming years.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/hormonal-contraceptives-market-102078
Increasing incidences of Unwanted Pregnancies Among Teenagers – Reason behind North America’s DominanceFrom a geographical perspective, the global hormonal birth control market is widespread in Latin America, North America, Asia Pacific, North America, and Europe. Among these, NorthAmerica accounted for the largest hormonal contraceptives market share with a revenue generation of US$ 5.8 Bn in 2018. This is attributed to the presence of major manufacturing companies coupled with the rise in awareness about different birth-control methods in the U.S.Besides this, the rising incidences of unwanted pregnancies among teenagers are also anticipated to help North America earn a promising hormonal contraceptive market share in the forecast duration as well.
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Companies Offering Range of Contraceptive Products to Intensify Market CompetitionCurrent hormonal birth control market manufacturers are focusing on the launch of new and user-friendly products to gain a competitive edge in the overall market. For this, players are investing huge sums into research and development of novel contraceptive products.Currently, Merck & Co, is dominating the market on account of two of their supernova products, namely Nexplanon/Implanon and Nuvaring. Following Merck & Co. is Bayer AG, which is famous for its range of intrauterine devices apart from the range of contraceptive pills. As per a lead analyst at Fortune Business Insights™, the range of products from Mirena, consisting of 3 intrauterine devices, earned a revenue of USD 1,143 million in the year 2018.
Significant Players of the Hormonal Contraceptives Market Include:Piramal Enterprises LtdNovartis AGTeva Pharmaceutical IndustriesJanssen Pharmaceuticals, Inc.AllerganMerck & Co., Inc.Pfizer, Inc.Mylan N.V.
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Global Hormonal Contraceptives Market Segmentations:By Product•              Pills•              Injectable•              Implants•              Vaginal Ring•              Intrauterine Devices•              OthersBy Distribution Channel•              Hospital Pharmacy•              Retail Pharmacy•              Online Channel•              Public Channel & NGOs•              OthersBy Geography•              North America (the U.S. and Canada)•              Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and the Rest of Europe)•              Asia Pacific (Japan, China, India, Australia, Southeast Asia, and the Rest of Asia Pacific)•              Latin America (Brazil, Mexico, and the Rest of Latin America)•              Middle East and Africa (South Africa, GCC, and the Rest of Middle East & Africa)
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SECONDARY DATA SOURCES THAT WE REFER TO:Annual reports, investor presentation, SEC filings, and press releases of companies operating in the marketStudies published by relevant associations MedTech Europe; American College of Radiology; Cancer Council Australia; Japan Hospital Association, etc.), government sources (Centers for Disease Control & Prevention, Ministry of Health, Labour & Welfare, Japan; National Health Service, England, etc.), international organizations (World Health Organization, The Organization for Economic Co-operation and Development, Eurostat, etc.), and articles published by Research Gate, NCBI, etc.Website, reports, and press releases of end user facilities – Hospitals, Ambulatory Surgery Centres, ClinicsIndustry journals and paid databasesSECONDARY RESEARCH IS CONDUCTED TO DERIVE THE FOLLOWING INFORMATION:Details such as revenues, market share, strategies, growth rate, product & their pricing by region/country for all major companiesDetails in relation to prevalence, incidence, patient numbers, distribution of patients, average price of treatment, etc.Number of end user facilities by region/country and average annual spending or procurement of devices by type of end user facilityNumber of procedures and average price of proceduresReplacement rate and pricing of capital equipmentMarket dynamics in relation to the market under focus – Drivers, restraints, trends, and opportunitiesMarket & technological trends, new product developments, product pipeline.
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About Us:Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.At Fortune Business Insights™ we aim at highlighting the most lucrative growth opportunities for our clients. We, therefore, offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.
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