PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1364687
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1364687
Contraceptive Drugs Market size was valued at USD 16,908.1 Million in 2022, expanding at a CAGR of 8.1% from 2023 to 2030.
Drugs used to prevent conception and limit the number of births are known as contraceptive drugs. They are made synthetically using progestin and estrogen, two female hormones that stop ovulation.
The growing number of regulatory approvals is expected to propel the market growth during the forecast period. For instance, In July 2023, the first daily oral contraceptive to be authorized for use in the United States without a prescription is the Opill (norgestrel) tablet from the U.S. Food and Drug Administration. The approval of this progestin-only oral contraceptive pill gives people the opportunity to buy oral contraceptives without a prescription from pharmacies, quick-service restaurants, grocery shops, and online. Additionally, In August 2023, the first generic version of Balcoltra®, Joyeaux® (levonorgestrel and ethinyl estradiol tablets USP and ferrous fumarate tablets USP), has been approved by the US Food and Drug Administration (FDA), according to a statement from Xiromed LLC.
The Global Contraceptive Drugs Market is segmented based on product, age group, end user and Region.
Based on the product, the global Contraceptive Drugs market is segmented into oral, injectable and topical. The oral segment is expected to hold a significant market share over the forecast period. The most used reversible method of contraception worldwide is oral pill usage. Over the past several years, they have been a favoured method of contraception due to their increased efficacy and simplicity. The market's expansion has also been aided by a sizable customer base and concerted government actions to address the unmet demand for contraception.
Based on the end user, the market is segmented into homecare, hospitals and clinics. The homecare segment is expected to dominate the market over the forecast period due to the widespread use of oral tablets to prevent STIs and unintended pregnancy. Oral tablets, topical contraceptives, and contraceptive patches are the contraceptives most frequently used at home. These contraceptives aid in lowering STI risk as well as pregnancy risk. An increase in the usage of contraceptives at home has benefited family economic results as well as health-related outcomes including lower risk of STIs like HIV, hepatitis B, syphilis, and gonorrhea.
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. North America is expected to dominate the market over the forecast period due to increased use of contemporary contraceptive drugs, increased knowledge of birth control tablets, and the alarming rise in the prevalence of STDs like HIV/AIDS. For instance, according to the report by the Centers for Disease Control and Prevention, in the US, Chlamydia, gonorrhea, and syphilis cases were more than 2.5 million in 2021.
On the other hand, the Asia Pacific is expected to grow at the highest CAGR over the forecast period owing to the vast population base and proactive birth control and awareness campaigns by government departments in emerging nations. Additionally, the availability of affordable contraceptive medications in this region offers lucrative potential to the producers of contraceptive medications. Market expansion in the Asia-Pacific region is driven by the introduction of awareness campaigns by government agencies and other regulatory organizations to boost the homecare use of contraceptive medications.
The key players operating in the market are: Pfizer Inc., China Resources Zizhu Pharmaceutical Co., Ltd. (CR Zizhu), Agile Therapeutics, Helm AG, Church & Dwight, Organon Group of Companies, Bayer AG, Viatris (Mylan), Abbvie, Inc., Afaxys, Inc., Veru, Inc., Cupid Ltd. and Janssen Pharmaceuticals, Inc. among others.
In July 2022, pharmaceutical firm HRA Pharma, with headquarters in Paris, declared that it would apply for FDA approval for an over-the-counter birth control tablet. Because it only includes progestin and no estrogen, the pill is referred to as a small pill. It would be the first oral contraceptive offered in the US without a prescription if approved.
The scope of this report covers the market by its major segments, which include as follows: