The contraceptives market offers a broad range of products, with each product offering a set of benefits. Contraceptives can help in prevention of pregnancy. Some contraceptives can also help to prevent sexually transmitted diseases (STDs) to a certain degree. Barrier methods of contraception provide protection from pregnancy and STDs both.
Contraceptive Market Trends – Statistics
According to a market intelligence organization, during 2011, the global contraceptives market value was estimated USD 16 billion. In the same year, the contraceptives devices sector stood out as the largest market sector. The contraceptives devices sector according to the same market intelligence organization, will witness the fastest growth through 2018. During 2011, male condoms held a major 45% of share in the total contraceptives devices industry.
On the other hand, in the drug contraceptives market, oral contraceptives pills held the largest segment. The global market for contraceptives is projected to grow at a compound annual growth rate of 5.4% in the coming few years, and will estimate to USD 23.25 billion in the year 2018. This means the USD 7.25 billion difference from the 2011 figures will be noted in just 7 years.
Insights on the Prominent Factors Influencing the Market
There are many factors which are responsible for the growth of the market by billions in just 7 years.
- The major factor which contributes to the development of the contraceptives market is the growing prevalence of unwanted pregnancies.
- Also, the high rate of prevalence of women with unmet contraceptive needs worldwide supports the development of contraceptives market.
- Apart from the above factors, many governments around the world and NGO agencies promote contraceptive products. Many countries around the world provide contraceptive products for free.
- Contraceptives tend to offer protection against STDs to a certain degree. Hence, increasing cases of sexually transmitted diseases around the world also support the growth of the market.
The above elements drive the growth of the market for contraceptives. However, there are two primary restraints which prevent the market’s development. Certain side effects are associated with the use of contraceptive devices and contraceptive drugs. Due to such complications, the growth of the market is hampered. The rapidly aging population and increasing cases of infertility also discourage the development of the market.
Product Segmentation in the Contraceptives Market
The global contraceptives market is divided into two main segments according to the products which are contraceptive drugs and contraceptive devices. These two segments are divided further into sub-segments, which include a host of products.
Under the contraceptive drugs, the types of products are oral contraceptive pills, topical contraceptives, and contraceptive injectables. The contraceptive devices segment is further divided into male contraceptive devices (male condoms) and female contraceptive devices. The female contraceptive devices sector includes devices such as female condoms, sponges, diaphragms, IUDs (intra uterine devices), vaginal rings, and subdermal contraceptive implants.
Competition in the Market of Contraceptives
Geography-wise, the global contraceptive market is divided into North America, Asia Pacific, Europe, and Rest of the World. The majority of market share held by contraceptive devices in 2011 can be attributed to the high usage rates in the Asian and European regions. The Asia-Pacific region is the fastest growing segment, because of the rapid economic growth of nations such as China and Asia. Also, the huge population base in South-East Asian nations encourages the users to opt for STD-protecting contraceptive devices such as condoms.
The leading key players in the global contraceptives market include Merck, Church & Dwight, Bayer HealthCare, Warner Chilcott Company Inc., Agile Therapeutics, Pfizer, Biosante Pharmaceuticals, Pantarhei Bioscience, Mayer Laboratories, and Teva Pharmaceuticals. The competition in the market is stiff, and companies compete with each other to provide the consumers the best advanced contraceptives at a low cost.
Even though, the market for contraceptives is growing in both the sector - devices and drugs, it still faces many challenges. Some of the concerns for contraceptives market are threat from new entrants and substitute products.