Contraceptive Drugs and Devices Market to Surpass US$ 35.7 Billion by 2024Posted:
The Global Contraceptive Drugs and Devices Market was valued at US$ 18,273.2 million in 2015 and is projected to expand at a CAGR of 7.8% during the forecast period (2016–2024), as highlighted in a new report published by Coherent Market Insights. Better accessibility to contraceptives and growing awareness among the populace about the various benefits and ease of use of such contraceptive is contributing towards the growth of contraceptives drugs and devices market.
Preference of contraceptive methods greatly varies by region. For instance, of the overall contraceptives available, the use of oral contraceptive pills is higher in Europe, while the use of IUD was higher in Asia. High rate of sterilization (15 yrs-49 yrs) in North America (33%), Asia and Latin America is limiting the growth of contraceptive drugs and devices. Sterilization is the preferred method of contraception in India, while condoms are in the preferred choice in Japan according to the study by the United Nations in 2015. Change in demographics is driving a shift in the demand for contraceptive methods, especially in the European region where there is a paradigm shift in the demand from tampons to coil, implant or progestin only pill that non-regularizes the menstrual cycle.
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In the U.S., contraceptives are covered under the commercial health insurance policies through Affordable Care Act (ACA). This has significantly reduced out-of-pocket expenses on oral contraceptive pills from 21.8% in 2011 to 3.6% in 2014. The newly formed Trump government has stated to ensure the coverage of contraceptives and all essential abortion related services without any co-pays, co-insurance or deductibles.
The U.S. FDA approved Liletta, a hormonal IUD, in 2015. Liletta was already being marketed in the Europe before being approved in the U.S. The product is marketed in collaboration between the manufacturers – Allergan Plc and Medicines 360. The product is also promoted by Women's Health Alliance, an organization engaged in promoting high-quality affordable healthcare for women, making it affordable or even free to low income women groups.
Plethora of products are available for female contraception compared to male contraception. Research is underway to develop and commercialize male contraceptive products. Vasalgel—a long acting non-hormonal contraceptive—is one such male contraceptive product in the research phase, funded by the Parsemus Foundation, which works to advance the innovative but neglected medical research. Vasalgel demonstrated successful results in pre-clinical studies and is expected to enter clinical trials in the near future.
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Reversible Inhibition of Sperm Under Guidance (RISUG) is another male contraceptive product under development and is currently in the phase 3 study in India. RISUG, invented by Prof. Sujoy K. Guha, Indian Institute of Technology (IIT), involves blocking the vas deferens with a gel that can be flushed out when contraception is no longer needed. Launch of new effective products is expected to benefit the global contraceptive drugs and devices market.
Around 15 million of the 16.7 million unwanted pregnancies could be averted in 35 low and middle income countries on using the modern contraceptive methods by women, according to finding of a study published by the World Health Organization (WHO) in 2015. Various philanthropist and social organizations associated with them are proactively working towards reducing such instances of unplanned pregnancies. The global partnership program called the Family Planning 2020, led by Melinda Gates, is committed to provide easy access to contraceptive to 120 million women across the globe by 2020. Such global initiatives are contributing significantly to the bulk revenues in the contraceptive drugs and devices market.
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Key takeaways of the market:
- The contraceptive drugs and devices market is dominated by North America, followed by Europe in terms of value. With more patent expirations expected in the near future, the market of oral contraceptive pills, injectables and IUDs is projected to be flushed with generics, especially in the oral pills market.
- Contraceptive pills is the most preferred contraception method except in the Asian region, where IUD leads the market.
- Launch of Twirla, a contraceptive patch, would be a threat for oral pills owing to convenience of drug administration through transdermal route
- Based on the number of potential users of contraceptives globally, there is still a huge untapped market which market players need to address through creating awareness and increasing market access
- Products are extensively promoted through social media by manufacturers to directly connect with the users. Market penetration will generate targeted return on investments on promotion in the global contraceptive drugs and devices market
- The availability of contraceptive drugs and devices through online channels, essentially in the developed regions, has eased the purchase and increased reach of contraceptive products.
About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
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