The worldwide contraceptives market was estimated at about USD 15.7 billion in 2013. It is anticipated to attain around USD 19.6 billion by 2020. The market is predicted to record a CAGR of around 3.1 percent during 2014 to 2020. Contraceptives refer to devices and drugs which help avoid pregnancies and also protect from sexually transmitted illnesses. Governmental initiatives to take care of population growth and endorse safer sex are the two main elements driving the contraceptives market further.
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Also, different consciousness initiatives by participants of the market are another prime factor, driving further growth of contraceptives. The market is projected to rise profitably through the forecast phase. This is on account of increased demand for population control and rising sexually transmitted diseases. Additionally, enforcement of initiatives intended at curtailing medical expenses connected with unplanned pregnancies and consequent increasing consciousness levels are also anticipated to drive the contraceptives market ahead.
The worldwide contraceptives market is segmented on the basis of two sectors. These include products and geographical regions. The products market consists of drugs and devices. Drugs contain injectables, topical contraceptives and oral contraceptive pills.
Devices encompass female condoms, male condoms, vaginal rings, sub-dermal implants, intrauterine devices, diaphragms, and non surgical permanent contraception devices.
On a geographical basis, the contraceptives market is fragmented on account of Asia Pacific, Europe, rest of the world and North America.
Devices occupied the biggest share in the products market in 2013. They accounted for nearly 60 percent of the entire contraceptives market that year. The lucrativeness of this sector is credited to wide acceptance of male and female condoms, copper IUDs and sino implants. Condoms are great means of preventing unwanted pregnancies and HIV infections. This factor propels their use in men. Also, augmented consciousness regarding sexually transmitted diseases increases the use of contraceptive devices.
Subdermal implants possess massive prospectives to meet the demands of women in family planning. The IUD segment occupied one of the biggest shares in the products devices contraceptives market in 2014. This was due to escalated demand for these devices in Asia Pacific and Europe. Amplified gynecologists choosing such devices for their patients are also a major factor, driving this segment forward during the forecast phase.
Out of the four regions in the worldwide contraceptives market, North America occupied the biggest share in 2014. The region accounted for more than 30 percent share. This was because of growing abortion cases, augmented women population in the age group of 15-44 years and high patient consciousness in the region. The European contraceptives market also occupies a major share. This share is with respect to subdermal implants and IUDs.
The Latin American contraceptives market is anticipated to rise quickly in the coming years. This is owing to huge unexplored prospects and continually improving medical infrastructure. Rising patient consciousness and fiscal growth are also responsible for enhancing the status of the Latin American market. Supportive governmental initiatives in relation to sex education are a vital success component, expanding the contraceptives market further during the coming years.
Information Source: Grand View Research