Market Trends of Global Hormonal Contraceptives Industry
This section covers the major market trends shaping the Hormonal Contraceptives Market according to our research experts:
Oral Contraceptive is Expected to Witness Growth Over The Forecast Period.
An oral contraceptive is a pill also called a birth control pill. Oral contraceptive contains hormones that block the release of eggs from the ovaries and prevent pregnancy. Most oral contraceptives include estrogen and progestin.
Oral contraceptive hormonal pills are expected to have a significant share owing to ease of use and availability. In addition, companies focusing on new product launches and advancing the combination of hormonal contraceptives are likely to bolster segment growth. For instance, in July 2022, Perrigo Company Plc submitted its application to the United States Food and Drug Administration for one of the first over-the-counter (OTC) birth control pills in the United States. The company has applied for an Rx-to-OTC switch for Opill, a progestin daily birth control pill. The increasing innovations in oral contraceptives are projected to boost market growth.
According to the United Nations Contraceptive Use by Method, 2019 study, a single method accounts for 50% or more of all contraceptive use in at least one out of every five nations or regions. The dominant technique in 2019 included using the contraceptive pill in 13 of the 37 countries or regions where it accounted for 50% or more of all uses. The high usage of oral contraceptive is projected to augment the segment growth during the forecast period.
North America Expected to Dominate Hormonal Contraceptive Market Over The Forecast Period.
North America is expected to dominate the market owing to factors such as the high adoption of hormonal contraceptives, the strong presence of industry players in the region, and better healthcare infrastructure.
The article titled "The United States Government and International Family Planning & Reproductive Health Efforts" published in Kaiser Family Foundation in November 2021 stated that the United States is one of the largest purchasers and distributors of contraceptives internationally. In FY 2020, United States Family planning and Reproductive health funding totaled USD 608 million, including funding for the United Nations Population Fund (UNFPA). It highlights the initiatives taken by the government and awareness among the people for family planning which is ultimately projected to boost the market growth in the region.
Furthermore, in 2019, the Government of Canada made a 10-year commitment to reach an average of USD 1.4 billion in funding annually by 2023 to support women's, children's, and adolescents' health worldwide. USD 700 million of this funding is dedicated to sexual and reproductive health and rights (SRHR). The initiative is expected to work on the awareness of the use of contraceptives and reproductive health services.
Therefore, owing to the above-mentioned factors, the growth of the studied market is anticipated in the North America Region.
