The global contraceptives market is growing at a fast pace in the last few years, thanks to the ardent efforts that are being taken by the private as well as public organizations for creating an awareness for using contraceptives. The introduction of several contraceptives drugs and the devices is estimated to accelerate the market growth in the coming few years. In addition to this, the enhanced distribution network of the global contraceptives market is likely to further enhance the development of the market in the near future.
As per the market study by Transparency Market Research, in 2016, the global market for contraceptives was worth US$ 22,050 mn. The market is predicted to reach a value of US$ 37,242.7 mn by the end of 2025, registering a healthy 6.10% CAGR between 2017 and 2025
The rise in the prevalence of sexually transmitted diseases and the growing focus on technological advancements are considered to encourage the growth of the global contraceptives market in the next few years. In addition to this, the rise in the NGO and government initiatives in order to promote the use of contraceptives are further anticipated to supplement the development of the market in the next few years. On the flip side, there are several side effects that are related to the use of contraceptives drugs and the growing prevalence of infertility are estimated to restrict the development of the contraceptives market in the near future. Nonetheless, the rising research activities and innovations in this field are likely to offer strong growth prospects for the key players in the near future.
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From a geographical viewpoint, North America is anticipated to account for a massive share of the global contraceptives market in the next few years. The increasing prevalence of unintended pregnancies and the increasing use of contraceptives among the teenagers are the most important factors that are estimated to enhance the growth of the contraceptives market across North America. In addition to this, the rise in the trend of delayed child bearing is another aspect, which is likely to boost the demand for contraceptives in the next few years. Europe is estimated to remain in the second position, thanks to the enhanced distribution network that allows easy availability of contraceptives for consumers. Furthermore, the rising consumer awareness and the rising population, especially in China and India predicted to support the growth of the contraceptives market in Asia Pacific.
At present, the global contraceptives market is characterized with a high level of competition with a presence of a large number of players operating worldwide. The market is expected to witness an entry of several new entrants in the coming few years, thus strengthening the competitive landscape of the market in the near future. In order to enhance the market penetration, the leading players are focusing on creating an awareness among people related to the benefits of contraceptives. In addition to this, the rising expenditure on advertising strategies and marketing activities is predicted to encourage the development of the global contraceptives market in the next few years. The key players engaged in the global contraceptives market are Merck Co. Inc., Bayer AG, Teva Pharmaceutical Industries Ltd., Pfizer Inc., Allergan plc, Janssen Pharmaceutical Company, Mankind Pharma, Mithra Pharmaceuticals, Cipla Inc., HLL Lifecare Limited, and Reckitt Benckiser plc.
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