Market Overview The global market size for hormonal contraceptives reached USD 22.64 Billion in 2022 and is anticipated to reach USD 37.93 Billion by 2032, exhibiting a robust compound annual growth rate (CAGR) of 5.9% throughout the forecast period. Factors such as heightened awareness regarding family planning, urbanization, and an increasing incidence of unintended pregnancies are pivotal drivers propelling the revenue growth in the market. Hormonal contraceptives, which manipulate the endocrine system using hormones like Estrogen and Progesterone to prevent ovulation and, consequently, pregnancy, play a crucial role in addressing these challenges.
Furthermore, the growing demand for effective birth control methods, particularly in developing countries, is a key contributor to market expansion. Unintended pregnancies disproportionately affect women in these regions, impacting their health, education, and economic well-being. Consequently, there is an escalating need for hormonal contraceptives in these areas.
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The diverse forms of hormonal contraceptives, including pills, patches, injections, and vaginal rings, contribute to the increased adoption of these methods. Offering women a spectrum of options aligned with individual preferences and needs, coupled with the continuous development of new products boasting enhanced efficacy and safety profiles, serves as a significant catalyst for market growth.
However, challenges such as the high cost of hormonal contraceptives, the availability of alternative birth control methods, and associated side effects like weight gain and mood changes pose potential restraints on market revenue growth.
Key Highlights Type Insights: The global hormonal contraceptive market is categorized into pills, injections, vaginal rings, transdermal patches, and others. In 2022, the pills segment held the largest revenue share, attributed to the widespread use and popularity of oral contraceptive pills worldwide. The pills offer advantages such as ease of use, high efficacy, and reversibility, with various formulations catering to individual preferences. The injections segment is projected to witness the fastest growth, driven by the increasing preference for long-acting and reversible contraceptive methods among women.
The vaginal rings and transdermal patches segments are also expected to contribute significantly to the market. These non-oral contraceptive methods offer ease of use, convenience, and long-acting effects, attracting women who prefer alternatives to traditional barrier methods.
Hormone Insights: The hormonal contraceptive market is segmented into combination hormonal contraceptives and progestin-only hormonal contraceptives. Combination hormonal contraceptives, containing both estrogen and progestin, are expected to dominate the market due to their high efficacy rates and additional benefits such as menstrual cycle regulation and reduction in cramps and acne. The progestin-only hormonal contraceptives segment is anticipated to experience moderate growth, driven by increasing awareness and availability.
Regional Insights: The Asia Pacific region led the hormonal contraceptive market in 2022, fueled by a rising middle class, increased awareness of family planning, and government initiatives to reduce unplanned pregnancies. North America is expected to witness the fastest growth, driven by heightened awareness of contraception, the availability of over-the-counter hormonal contraceptives, and government initiatives for free access to birth control. Europe is projected to account for a considerable share, with factors such as a high prevalence of STDs, the trend of using Long-Acting Reversible Contraceptives (LARCs), and government initiatives promoting family planning contributing to market growth.
Competitive Landscape: The global hormonal contraceptive market is highly competitive, with key players including Bayer AG, Merck & Co., Inc., Pfizer, Inc., Allergan plc, Agile Therapeutics, Inc., Mylan N.V., Afaxys, Inc., Reckitt Benckiser Group plc, CooperSurgical, Inc., Teva Pharmaceutical Industries Ltd., Janssen Pharmaceuticals, Inc., Ferring Pharmaceuticals, Inc., Mithra Pharmaceuticals S.A., HRA Pharma, Syzygy Healthcare plc, among others. These companies employ various strategies, including mergers & acquisitions, strategic agreements & contracts, and the development of more effective products to maintain a competitive edge.
Strategic Developments:
- On November 4, 2021, Bayer AG announced a collaboration with Evotec SE to develop a new non-hormonal contraceptive option for women.
- On July 21, 2021, Pfizer, Inc. and BioNTech SE collaborated to develop a potential COVID-19 vaccine for pregnant women.
- On February 14, 2020, Agile Therapeutics, Inc. received FDA approval for its new contraceptive patch, Twirla, designed to deliver a low dose of hormones through the skin on a weekly basis.
Segments Covered in the Report: The report segments the global hormonal contraceptive market based on type, hormone, and region:
- Type Outlook: Pills, Injections, Vaginal Rings, Transdermal Patches, Others
- Hormone Outlook: Combination Hormonal Contraceptives, Progestin-Only Hormonal Contraceptives
- Regional Outlook: North America, Europe, Asia Pacific, Latin America, Middle East & Africa
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