The world population has rampantly grown in the past few years, becoming one of the major issues pressurizing the worldwide governments and several organizations in recent times. However, as science and technology are progressing simultaneously, there is availability and innovation of contraceptive methods for checking uneven birth occurrences. Digital intervention has also upheaved the utilization of contraception among female generations throughout the world. As there is a surge in demand for the contraceptive technology, the incidence of sexually transmitted infection (STI) have reduced thereby elevating the global contraceptive market. Contraceptive method uptake has significantly introduced the concept of “male pill” in the market which is seen as the next breakthrough innovation facilitating the birth control measures in the male community. Correspondingly, a new non-hormonal contraceptive has been developed by the researchers at KTH Royal Institute of Technology in Stockholm for women. This novel innovation derived from chitin is claimed to naturally restrict the fertilization process and offer a no side effect solution technique. Resultantly, these accomplishments and developments will produce a better scope of opportunity for the contraceptive market in the forecasted years. The global contraceptive market gained a revenue of $4.2 billion in the year 2018 owing to the huge demand which is projected to grow at a CAGR of 5.1% during the forecasted period of 2019-2025.
The current global population of 9.1 billion is expected to cross 11.7 billion by the year 2030, 15.9 billion by 2050, and 22.6 billion by 2100.
This statistic highlights the expanding population growth by the year 2100. This poses a huge rise in the global food consumption rate consequently exploiting the limited crop cultivated across the world. Additionally, this offers serious concern of land occupying and urban infrastructure construction at the cost of removing rural scenario and forest properties. As a result, there is a large requirement for effective contraceptive methods to avoid associated global economic and environmental havoc. Furthermore, as the rate of STIs has increased in recent years, people are getting more conscious and aware of sexual health habits. Nearly one million people are affected by STIs every day across the world as per the World Health Organization (WHO). Furthermore, unwanted pregnancy incidences are upsurging in several countries and as per the United Nation projections, approximately 41% of the 208 million pregnancy occurrences in a tear are unplanned. As the figure anticipated is huge which is generally associated with unintended pregnancy and STI contamination, people are more often drawn towards the application of contraceptives significantly pushing forth the niche market.
Geographically, North America is contributing a major portion of the profit to the global contraceptive market and held a regional share of 35% for the year 2018. This large contribution influenced by several causative factors such as market innovations, growing health awareness about sexually transmitted diseases, and the availability and application of digital and medical aids. The United States population is dominated by the female race with accounting for 51% of the overall populace which eventually contributes to the birth rate in this region. Additionally, as knowledge discovery of contraceptive technology and methods is spreading among the older population, millennial, and generation X, the revenue generation for the contraceptive market is also flourishing North American countries.
Among other contraceptive methods and product usage, oral consumption is procuring huge demand all over the world. This is facilitated by the safe product application and results and newer solutions offered by innovative launches. Also, the advent of emergency contraception has generated demand-pull inflation among the female generation throughout the world owing to the precision birth solution provided by it. This application of oral contraceptives is likely to upsurge the demand for the global contraceptive market which is estimated to grow at 5.4% CAGR through to 2025.
Rise In FemTech Innovation And Start-Ups:
The global market is experiencing a surge in modern technological innovation in terms of the growing feminine concerns across the world. As the global population is growing overwhelmingly, people are becoming more aware of the usage of fertility tracking apps in modern society. A new revolution of feminine technology is on the rise providing menstrual-related information for maintaining a record and better tracking of the fertility period every month. With a surge in effective campaigns run across the world, the new femtech apps are gaining huge demand which is likely to aid the usage of contraception among the adult people. Consequently, this fast-track modern technology is disrupting the global contraceptive market demand and will eventually leverage better economic profit in the forthcoming years. Some of these digital apps assistance for fertility tracking includes MyFLO, Natural Cycles, and many more. Concurrently, various female entrepreneurs and medical experts have successfully established new start-ups for supporting the global cause of reducing STIs and unwanted pregnancy. Some of their imperative offerings such as home delivery and hassle-free easy access to prescription medication and testing kits include Eve-Kit, Nurx, Prjkt Ruby, and so on. As a result, this trend of medical and associated products for women developed by women is upheaving the contraceptive market growth scopes significantly.
Effective Contraceptive Vaginal Rings And Injections:
Novel innovation and advanced research have expanded birth control solutions through the production of suitable and effectual options such as vaginal rings and self-injectable contraceptives. These next-gen contraceptives are gradually transforming the modern family-planning concepts, also delivering effective service to the female community worldwide. The availability of a variety of contraceptive options is positively supporting and benefiting a wide section of the population. Also, the implantation of the Annovera vaginal ring has been recently approved a safe and effective birth control measure by the U.S. Food and Drug Administration (FDA). This marks as a major boost to the growth of the contraceptive market whereby making scope for demand surge in the forthcoming years.
Key Companies And Their Product Portfolio:
The leading competitors in the global contraceptive market include Insud Pharma, Gedeon Ritcher, Merck & Co., Inc., Bayer AG, Therapeutics MD, Endoceutics, Mithra, Allergan plc, Evestra, Alvogen, and others. With continual investment in R&D activities to innovate newer birth control methods along with precision solutions, these key players are acquiring huge demand from the
customers across the world.
Insud Pharma, a global leader in the healthcare industry delivering innovative pharmaceutical solutions, is also credited to offer the latest contraceptive products to promote women's health. Also, recently FDA approved its pregnancy prevention drug, Drospirenone, which is a revolutionary estrogen-free oral contraceptive. Similarly, Gedeon Richter and Pantarhei Bioscience BV announced to supply a novel combined oral contraceptive (COC) which will eventually acquire a huge demand opportunity for the contraceptive market in future years.
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