Hormonal Contraceptives Market is anticipated to Display Substantial Growth in the Forecast period 2021-2028

 

Hormonal Contraceptives Market

Hormonal contraceptives contain either a progestin (progesterone medication) or an oestrogen. Both progestin and oestrogen are synthesised in a laboratory and are comparable to the hormones produced naturally by all women. These two hormones, or the progestin alone, are used to prevent pregnancy in a variety of ways, including preventing ovulation (egg release), thickening the mucus around the cervix (uterine mouth), preventing sperm from entering the uterus (uterus), and thinning the inner wall of the uterus (uterus) to prevent the attachment of fertilised eggs.

Over the projected period, the rising number of unwanted pregnancies is likely to fuel market growth. During the projected period, the increasing number of unwanted pregnancies is likely to drive the growth of the worldwide hormonal contraceptives market. According to a PubMed publication, the number of unwanted pregnancies in the United States is roughly three million each year. As a result, the Center for Medicaid and CHIP Services (CMCS) launched a Maternal and Infant Health Initiative for the Medicaid and Children's Health Insurance Program (CHIP) to encourage the use of effective contraceptive methods and assist women in avoiding such pregnancies.

According to Coherent Market Insights, The global Hormonal Contraceptives Market is estimated to be US$ 15,232.2 Million in 2021 and is expected to reach US$ 18,577.6 million by 2028, at a CAGR of 2.9% during the forecast period (2021 –2028).

The worldwide hormonal contraceptives market is divided into product, hormone, age group, end user, and geographic segments. Oral contraceptive pills, injectable birth control, emergency contraceptive tablets, vaginal rings, and transdermal patches dominate the market. It is classified as progestin-only contraceptive or combination hormonal contraceptive based on hormones. It is separated into four age groups: 15-24 years, 25-34 years, 35-44 years, and over 44 years. It is classified according to end user into hospitals, households, and clinics. It is divided into four regions: North America, Europe, Asia-Pacific, and Latin America and the Caribbean.

Because of the existence of significant market participants, the high incidence of unwanted pregnancies, high per capita income, and rising government efforts, North America is expected to dominate the worldwide market throughout the projection period. The wealthy nations of Europe, such as the United Kingdom and Germany, have a strong healthcare infrastructure and a high level of knowledge of hormonal contraception, which is predicted to increase regional growth. Asia Pacific is expected to increase rapidly in the next years due to a rising number of women of reproductive age and significant unmet requirements.

Because of the increased emphasis on family planning and the need to avoid unwanted pregnancy, the hormonal contraceptive market is likely to rise significantly over the forecast period. Primary drivers driving market expansion include health risks connected with adolescent pregnancies, increased knowledge of contemporary contraceptive techniques, and an increase in the usage of oral tablets as a key tool to prevent unexpected pregnancy, all of which fuel market growth. However, the availability of other contraceptive techniques, the health hazards connected with contraceptive usage, and a lack of societal acceptance are projected to limit the expansion of the hormonal contraceptives industry.

Major Companies Listed are- Mayer Laboratories, Merck & Co., Inc., Church & Dwight, Co., Inc., Afaxys, Inc., Allergan plc., Agile Therapeutics, Apothecus Pharmaceutical Corporation., Novartis AG, Sun Pharmaceutical Industries Ltd., and Cipla Limited.

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