Covid-19: Impact on Hormonal contraception market is expected to reach $ 16,018 million by 2023
According to a new report released by Allied Market Research, the hormonal contraceptive market worldwide accounted for $13,924 million in the Hormonal Contraceptive Market by Product, Hormone, Age Group and End User: Global Opportunity Analysis and Industry Forecast 2017-2023. It is expected to reach $16,018 million by 2016 and 2023, with an annual CAGR of 1.9% from 2017 to 2023. North America has the highest contribution in the hormonal contraceptive market in 2016, but Asia Pacific has the highest growth rate. It is expected to be visible during the forecast period.
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Hormonal contraception acts on the endocrine system to prevent unwanted pregnancy. Synthetic forms of naturally occurring hormones such as progestin and estrogen are used to prevent ovulation and avoid fertilization. This form of contraception also changes the uterine environment, making it undesirable for fertilization. Hormonal contraceptives are available in various forms such as patches, pills, injections and rings, which are safe and reliable hormonal contraceptives to prevent pregnancy.
The main driving factors in the hormonal contraceptive market are focusing on family planning, health problems associated with teenage pregnancy, increased awareness of modern contraception, and increased use of oral pills as the main way to prevent unplanned pregnancy. The development of hormonal contraception with better efficacy and fewer side effects further promotes market growth. However, the availability of alternative birth control methods, the health risks associated with the use of contraceptives, and the lack of social acceptance have a negative impact on market growth.
Oral contraceptives dominate the product, as these contraceptives are readily available and have a high success rate of up to 99% to prevent pregnancy. However, vaginal ring is the easiest to use and has the lowest growth rate due to side effects.
Complex hormonal contraception is the dominant part in the hormonal contraception market, and it is the dominant part in the hormonal contraception market due to the broad availability of combined hormonal contraceptives along with better efficiency to prevent pregnancy.
In 2016, North America has become a major source of income, with increased awareness of the benefits of hormonal contraception, unwanted prevalence, and favorable regulatory scenarios. However, the Asia-Pacific region is expected to show the highest CAGR during the analysis period due to population countries such as India and China that need to control the growing population.
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The main results of the hormonal contraception market:
• Jill Ring is expected to grow at the highest rate during the analysis period.
• North America dominated the global hormonal contraceptive market in 2016 and is expected to continue to dominate.
• China is expected to grow at the highest rate in the Asia Pacific region during the forecast period.
• Hospitals made the biggest contribution in the end-user sector in 2016.
• The highest income in the age group of 15-24 years old and expected to continue to dominate.
Key players in the global hormonal contraceptive market include women's health companies, Teva Pharmaceutical Industries Limited, Bayer AG, Pfizer, Inc., Mylan NV, Johnson & Johnson, Ansell LTD., Mayer Laboratories, Merck & Co., Inc. Etc. And Church & Dwight, Co., Inc.
Other key players in the value chain include Reckitt Benckiser Plc., Warner Chilcott Company, BioSante Pharmaceuticals Inc., HLL Lifecare Limited, Boehringer Ingelheim GmbH, Watson Pharmaceuticals, Inc., V-Care Pharma Pvt. Ltd., Vardhman Life Care Pvt. Ltd. Ltd., Cipla Limited, etc.