The coronavirus outbreak is projected to cause a slump in the sales of contraceptive products owing to lockdowns and social distancing practices being used extensively among users. In addition, a drop in production rates of condoms, IUDs, and more along with trade restrictions will impact the global market. These trends are likely to hamper the growth of the contraceptives market through the end of the pandemic.
However, a high rate of unwanted pregnancies among the younger consumer demographic is likely to help in resurgence of demand, post the pandemic. Also, rising awareness about STDs and birth control awareness programs will help in recovery of the industry once lockdown restrictions are eased in the coming months. Consequently, the contraceptives market is estimated to surpass a valuation of 37 Bn by the end of the projection period in 2025.
“A significant number of women around the globe are delaying childbirth, as careers gain priority. In addition, issues associated with the costs of raising children, uncertainties over job security and standard of living are resulting in a higher adoption rate of contraceptive products, among young adults, which will help with sustained growth for the foreseeable future,” says the FACT.MR study.
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Contraceptives Market- Key Takeaways
- IUDs are projected to contributed significantly to revenue owing to high demand in Asia Pacific and Europe, supported by favorable reimbursement policies.
- Contraceptive pills dominate the industry owing to a large base of consumers and government promotion initiatives.
- Hospital pharmacies are anticipated to remain the primary distribution channel, driven by superior reimbursement programs.
- Driven by high abortion rates and high patient awareness, North America will account for a major market share. New government-run awareness initiatives are providing opportunities in Asia Pacific.
Contraceptives Market- Key Driving Factors
- The increasing incidences of sexually transmitted diseases are a key factor driving the demand for contraceptives.
- Public and private initiatives to curb unwanted pregnancies, and rise in user awareness is bolstering adoption.
- A rise in investments from the healthcare sector, supports the growth of the contraceptive industry.
- Wide-ranging product options for contraception are helping industry growth in the projection period.
Contraceptives Market- Key Restraints
- Side effects such as skin problems, headaches, and breast sensitivity are associated with some kinds of contraceptives. This will hold back market growth.
- Poor user awareness, particularly in the rural regions are set to hinder market development.
COVID-19 Impact on Contraceptives Market
Following the coronavirus outbreak, the contraceptive industry has been struck by lockdowns and associated disruptions to supply chains. Also, the extensive practice of social distancing has limited the adoption of contraceptive products in the short term. Also, doctor appointments for contraceptive procedures have been temporarily shut down. These trends are anticipated to have a notable impact on the market.
On the other hand, concerns of sexually transmitted diseases, and unwanted pregnancies, will aid a strong resurgence of sales after lockdown relaxations are eased. Also, government programs associated with population control will aid in the recovery.
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Major players are increasingly investing their resources in the development and production of technologically advanced offerings, to keep up with a highly competitive market. For instance, Evofem Biosciences Inc. developed a non-hormonal contraceptive gel, which has now been approved by the FDA. The product works similarly to a spermicide. Researchers have also come up with microneedle patches for slow release of contraceptive hormones.
Merck & Co., Teva Pharmaceutical Industries, Actavis plc, The Female Health Company, Cooper Surgical, Reckitt Benckiser plc, Mayer Laboratories, Pfizer Inc., and Church & Dwight are some of the leading contraceptives producers in the global market.
About the Report
This study offers readers a comprehensive market forecast of the contraceptives market. Global, regional and country-level analysis of the latest industry trends impacting the contraceptives market is covered in this FACT.MR study. The report offers insights on the contraceptives market on the basis of product type (contraceptive drugs and contraceptive devices), and distribution channel (hospital pharmacy, independent pharmacy, online platform, clinics, and others), across five regions (North America, Latin America, Europe, Asia Pacific, and MEA).