Contraceptive Market Expected To Fuel Industry Growth With $45.1 Billion By 2030: Grand View Research Inc.

 

The global contraceptive market size is expected to reach USD 45.1 billion by 2030, registering a CAGR of 6.01% from 2022 to 2030, based on a new report by Grand View Research, Inc. The growing prevalence of Sexually Transmitted Infections (STIs), especially HIV, and the introduction of new products exhibiting improved efficacy is expected to drive the industry growth during the forecast period. The presence of high unmet contraceptive needs coupled with the implementation of favorable government policies is expected to significantly contribute to market growth. The government spending on contraceptives is growing rapidly.

This is expected to drive the growth of the market over the forecast period. According to the Family Planning 2020 Women at the Center report, Australia provided USD 22.2 million in bilateral family planning funding for the 2017 - 2018 fiscal year. The U.S. provided USD 630.6, the U.K. provided USD 292.2, Canada provided USD 81.8, and Germany provided USD 51.3 in bilateral family planning funding for the 2017 - 2018 fiscal year. The COVID-19 pandemic has negatively impacted the global industry. The negative impact can be attributed to the supply-chain disruption, and decline in demand for sexual and reproductive health services globally.

As per the Impact of COVID-19 on access to contraceptives in the LAC region by UNFPA, in Brazil, around 195,658 public-sector users were unable to access contraceptives with moderate disruption for six months during the pandemic, and around 97,829 public-sector users were unable to access contraceptives with low disruptions for three months, and around 391,316 public-sector users were unable to access contraceptives with high disruptions for twelve months. The industry is highly competitive with the presence of many major players. Companies are majorly investing in R&D and are adopting other strategies including M&As and expanding product pipelines. For instance, in April 2021, FDA approved a combination tablet of estetrol and drospirenone.

The growing prevalence of Sexually Transmitted Diseases (STDs) and the rising number of women with unmet contraceptive drugs & device demands are expected to propel the industry growth during the forecast period. According to the World Health Organization, among 1.9 billion reproductive-age women (15 - 49 years) globally in 2022, around 1.1 billion women require family planning. Among them, around 842 million women are using contraceptive methods for family planning and around 270 million women have an unmet demand for contraception.

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The implementation of programs targeted at reducing unwanted pregnancies and related healthcare costs and increasing user awareness levels are anticipated to propel the growth of the industry during the forecast period. Moreover, the rising number of unintended pregnancies is expected to contribute to the growth of the market during the forecast period. According to The Lancet Global Health, on average, around 121 million unintended pregnancies occurred from 2015  -  2022 globally, which accounts for about 64 unintended pregnancies per 1000 reproductive-age women. Several initiatives, such as Every Woman Every Child, Millennium Development Goals, the 2030 Sustainable Development Goals (SDGs), and Family Planning 2020 (FP2020), have been launched by governments and healthcare organizations for family planning, which is promoting the use and manufacturing of contraceptives.

Contraceptive Market Report Highlights

• The contraceptive device segment held the largest market share in 2021 owing to higher success rates and the single-use nature of the devices
• Based on products, the contraceptive drugs segment is expected to witness the fastest CAGR during the forecast period owing to the affordability, easy accessibility, and significant success rates pertaining to these medications
• North America accounted for the largest revenue share in 2021. The presence of sophisticated healthcare infrastructure, high user awareness levels, and easy product availability are key factors responsible for the region’s high share
• Asia Pacific is expected to witness substantial growth during the forecast period owing to rapidly rising population levels and the consequent rise in demand for contraception
• The presence of government initiatives in countries, such as India, China, Sri Lanka, Pakistan, and Bangladesh, aimed at slowing down population growth and the prevalence of STDs are expected to promote market growth

For instance, Family Planning 2020 was the initiative launched in 2012 and ran up to 2020, which offered global partnerships to share knowledge and offer a right-based, person-centered approach to family planning. The initiative was further expanded to 2030 to ensure the accessibility of contraceptives and other family planning resources globally. Both the private sector (pharmacy/drug shop; general store/market; private clinics; and NGOs or Faith-based organizations) and public sector are the key providers of contraceptives globally. The private sector is primarily utilized for short-acting resupply contraceptive methods, such as condoms and contraceptive pills, and has captured and maintained a relatively stable share of the industry.

According to the article published in 2022 in Global Health: Science and Practice journal, around 41% of females who use contraceptives in Asia obtain contraceptives from private-sector sources, and around 56% of females use public sources. In the total average of 36 countries evaluated in the Low- and Middle-income Countries (LMIC), around 63% of women obtain it from private-sector sources, and around 34% of women use public-sector sources. Governments in various countries have been conducting extensive campaigns and sex education programs to enhance awareness among youth and promote the usage of contraceptives against STDs and unwanted pregnancies. International and government healthcare bodies, such as World Health Organization (WHO) and the Centre for Disease Control and Prevention (CDC), are playing a significant role in raising awareness regarding safe sex by using condoms.

List of Key Players in Contraceptive Market

• Bayer AG
• China Resources Zizhu Pharmaceutical Co., Ltd. (CR Zizhu)
• Cupid Limited
• Helm AG
• Church & Dwight
• Organon Group of Companies
• Pfizer Inc.
• Viatris (Mylan)
• Abbvie, Inc.
• Afaxys, Inc.
• Agile Therapeutics
• Janssen Pharmaceuticals, Inc.