The global hormonal contraceptives market 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. 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.
Fortune Business Insights™ presents a comprehensive overview of the hormonal birth-control market in their recently published study titled, “Hormonal Contraceptives Market Size, Share & Industry Analysis, By Product (Pills, Injectable, Vaginal Rings, Intrauterine Devices, Implants, and Others), By Distribution Channel (Hospital Pharmacy, Retail Pharmacy, and Online Channel, Public Channel & NGOs, and Others) and Regional Forecast, 2019-2026.”
An Overview of the Impact of COVID-19 on this Market:
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Cost-efficiency and Easy Availability of Contraceptive Products to Promote Market Growth
The 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.
Increasing incidences of Unwanted Pregnancies Among Teenagers – Reason behind North America’s Dominance
From a geographical perspective, the global hormonal birth control market is widespread in Latin America, North America, Asia Pacific, North America, and Europe.Among these, North 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. 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.
Companies Offering Range of Contraceptive Products to Intensify Market Competition
Current 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.
