Market Size of Global Hormonal Contraceptives Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 4.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Hormonal Contraceptives Market Analysis
The hormonal contraceptives market is poised to grow at a CAGR of 4% over the forecast period.
COVID-19 impacted the studied market. For instance, the article titled "Did COVID-19 Impact Contraceptive Uptake? Evidence from Senegal, West Africa" published in Studies in Family Planning in April 2022 stated that during the first wave of COVID-19 in March 2020, there was an immediate decrease in the number of new acceptors overall, and for new users of implants and injectables and oral contraceptive pills (OCPs). The overall trend in monthly new family planning acceptors increased from March - December 2020. Hence COVID-19 had an adverse impact in the beginning but as the situation worldwide normalized, the hormonal contraceptive market started to pace up.
In addition, increasing focus on family planning, favorable regulations by the government, and advancements in hormonal contraception are actively affecting the growth of the studied market.
The need to prevent unintended pregnancy and urbanization coupled with user awareness is projected to boost market growth over the forecast period. For instance, The Department of Economic and Social Affairs, World Fertility and Family Planning 2020 report, stated that globally, women have fewer babies, but fertility rates were high in some parts of the world. The 2030 Agenda for Sustainable Development has a goal that is pertinent to family planning and fertility under objective, which comprises a number of aims to protect the population's health and well-being. In accordance with Target 3.7, all people is likely to have access to family planning, informational and educational materials, and programs that incorporate reproductive health into national policies and plans by the year 2030. Thus, the awareness and government initiatives on family planning is likely to results in an increased demand of contraceptives, which is ultimately projected to boost the market.
Furthermore, the article titled "The United States Government and International Family Planning & Reproductive Health Efforts" published in Kaiser Family Foundation in November 2021 stated that worldwide, 218 million women have an unmet need for modern contraception. The high demand of contraceptive worldwide is anticipated to boost the market during the forecast period.
The company's efforts in producing innovative hormonal contraceptives and enhanced efficiency are anticipated to boost the usage of hormonal contraceptives in the near future. For instance, in April 2021, the Food and Drug Administration approved a combination of drospirenone and estetrol tablet Nextstellis marketed by Mayne Pharma for preventing pregnancy, one of the first combination pills containing naturally occurring estrogen. Such approvals are projected to augment the market growth.
Therefore, owing to the aforementioned factors the studied market is anticipated to witness growth over the analysis period. However, the availability of alternative contraceptive methods and health risks associated with hormonal contraception are likely to impede market growth.
