Several private institutions and government organizations are actively participating to spread awareness on the use of contraceptives. This, as per Fortune Business Insights is the chief driver of the global contraceptives devices market.
Fortune Business Insights in a new report, titled “Contraceptives Devices Market: Global Market Analysis, Insights and Forecast, 2018-2025” predicts the market to exhibit a CAGR of 6.0%. The report further calculated the value of the contraceptives devices market as US$ 7013.8 Mn in the year 2018 and expected the market to reach US$ 11166.4 Mn by 2025.
Contraceptives devices for female are expected to lead the contraceptives devices market during the forecast period. Contraceptive devices for female are available in different types, among which the report emphasizes on the rising uptake of intrauterine contraceptive devices. Some of these include diaphragms & sponges, vaginal rings, sub-dermal implants, and female condoms.
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Consequently, the sales of female contraceptive devices are accelerating at an exponential rate. As per Fortune Business Insights, the female contraceptive devices segment held nearly 54.8% of the overall market in the year 2017 and is expected to remain dominant over the forecast years.
With the advent of advanced technology, hormonal contraceptives are likely to lead the contraceptive devices market. This is mainly on account of their enhanced efficiency and rising preference among consumers. Governments in several countries are actively participating in the distribution of contraceptive devices across several hospitals. This further makes hospital pharmacies one of the leading sources for birth control devices.
The Global Contraceptive Devices Market derives growth from a number of factors such as increasing focus on research and development (R&D), increasing investment from leading companies towards R&D. Besides this, increasing regulatory approvals from organizations such as the Food and Drug Administration (FDA) have contributed significantly to the global Contraceptive Devices Market.
Furthermore, newer drug discoveries as a result of emphasis on R&D have favored the growth of the global Contraceptive Devices Market and are likely to boost the market in the coming years. Backed by contributions from government as well as private organizations, the global Contraceptive Devices Market is likely to gain traction in the coming years.
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Lack of Proper Family Planning Will Fuel Demand for Contraceptive Devices
“The demand for contraceptive devices and drugs is likely to increase owing to the rising prevalence of STDs,” stated a lead analyst at FBI. These include injectable contraceptives, hormonal oral pills, and topical contraceptives. “This, coupled with the lack of family planning, drives the contraceptive devices market,” he added. Furthermore, unwanted pregnancies can have widespread implications.
Among regions, North America is expected to remain dominant in the global contraceptive devices market throughout the forecast period. The rate of awareness among the population is high and the healthcare industry is well-established, thus making North America a leading region. On the other hand, Asia Pacific is also anticipated to offer considerable growth opportunities owing to sthe large population base and rising disposable income. In addition to this, the region is expected to witness significant growth with the rising awareness regarding the usage and benefits of contraceptives.
Adverse Effects of Contraceptives and their Limited Supply May Restrict the Market’s Growth
Although the use of contraceptives is increasing, there are some risks associated with the use of the same. These risks include infections which compe people to opt for permanent contraception methods. Also, there are millions of men and women who don’t use contraceptive devices owing to their limited supply. Not all countries have access to contraception, which limits the growth of the contraceptive devices market.