12 April 2018 - - According to a new report by San Francisco, California-based market research and consulting company Grand View Research, Inc., the global hormonal contraceptive market size is expected to reach USD 26.2bn by 2025, registering a CAGR of 4.0% during the forecast period, the company said.
Introduction of innovative products in the market and growing awareness about reproductive and sexual health in emerging regions are likely to drive the market in the coming years.
Intrauterine devices, injectable, vaginal rings, implants, pills, and patches are various methods used for hormonal contraception, which acts on the endocrine system to prevent ovulation.
Increasing number of women in developing economies are using contraceptives due to rise in government initiatives and programs, which is anticipated to accelerate market growth.
In the US, programs have been established to promote use of effective methods of contraception and to help women avoid pregnancies.
Increasing demand for contraceptive methods can be attributed to growing awareness about pills and devices, increasing significance of family planning, and supportive government regulations improving access to these products
The IUD segment is expected to witness the fastest growth during the forecast period. This can be attributed to entry of new devices in the market over the recent past, availability of long-acting reversible birth control methods, and more than 99.0% effectivity.
The Asia Pacific region is estimated to witness the fastest growth during the forecast period due to high unmet need, expected increase in coverage during the next 15 years, and increasing number of women of reproductive age.
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