The market is expected to register a CAGR of nearly 9%, during the forecast period. The key factors leading to the development of the contraceptive pills market is the increasing unplanned pregnancies and their consequences particularly among the teenage women.
Unwanted pregnancies are on the rise, globally. Government bodies of various countries have been taking measures, like promoting the use of contraceptive pills, in order to reduce the number of unwanted pregnancies. It is estimated that among the number of pregnancies that occur in the United States, nearly 76% are unwanted and occur in women under the age of 30.
According to the data published in the Medical Journal of Australia, almost half of all the pregnancies in Australia are unplanned. As per a survey published in the Medical Journal of Australia, in 2018, among 1,390 women who reported pregnancies over the past 10 years, more than a quarter (362) said they had an unintended pregnancy, while 94 women said that their pregnancies were unwanted. Therefore given the widespread implications of unwanted pregnancies, the market for contraceptive pills is expected to experience a surge during the forecast period.
In addition, the governments of various countries are found doing family planning programs and contraception awareness programs to expand the knowledge about contraceptives and their advantages in preventing unwanted pregnancy.
Key Market Trends
Generic Segment is Expected to Hold the Largest Share of the Market
The generic segment has the largest share in the market, due to the widespread adoption of generic contraceptives, owing to their low prices and ease of use. Furthermore, the increasing need for population control and rising incidence of abortion have driven the growth of generic contraceptive pills in the market.
There has also been a dramatic increase in the availability of various birth control pills in the United States, as a result of implementation of the Drug Price Competition and Patent Term Restoration Act of 1984 (Hatch-Waxman Act), which set up the modern system of generic drug approval and regulation. Physicians, pharmacists, and women can choose pills based on price, as the action of these contraceptives, or their therapeutic equivalence, was essentially the same. Major manufacturers in the market are finding ways to make their products stand out from the crowd. Hence all these initiatives are expected to propel the growth of the market during the forecast period.
North America is Expected to Holds the Largest Share in the Market
North America dominates the contraceptive pills market, owing to rapid developments in the healthcare infrastructure and high awareness about contraceptive pills in the region. In 2017, there were approximately 60 million women in the United States in their child-bearing age (age: 15 - 44). Around 70% of these women were at the risk of unintended pregnancy. More than 99% of women aged between 15 - 44 years have used at least one contraceptive method.
Hence this indicates the high awareness about and demand for contraceptives pills for avoiding unintended pregnancies, in the United States. Additionally, contraceptive pills account for the largest share of expenditure on contraceptive methods in the United States.
The competition in the market is set to intensify, as several key players in are focusing on the expansion of their product portfolios, through acquisitions and collaborations. The contraceptive pills market is expected to open up several opportunities for the new players, as well as the currently established market leaders. The key players in the market include Bayer Healthcare, Amgen Inc., Pfizer, Teva among others.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support