The rising government concerns and knowledge amongst the people are anticipated to play a crucial role in fostering the growth of the contraceptive devices market

calendar_today 22 August, 2022 person_outline Growth Plus Reports

According to the deep-dive market assessment study conducted by Growth Plus Reports, the global contraceptive devices market was pegged at US$ 12.9 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 7.0% from 2022 to 2030.

The rising government concerns and knowledge amongst the people is projected to primarily drive the market growth. Furthermore, it is projected that rising acceptability of ideas like the nuclear family and family planning will accelerate market expansion. Along with this, a number of government efforts, including one-child and two-child policies in a number of overpopulated nations, are anticipated to promote market expansion. In addition, as people become more aware of sexually transmitted diseases (STDs) and unexpected pregnancies, it is expected that more people will use contraceptive techniques.

The expansion of the worldwide contraceptive market is fueled by a high absorption rate, an increase in reproductive women's labor force participation, and high population awareness of contraceptive products. The population in developing nations like India, Brazil, Africa, and others has more disposable income, which has led to an increase in the uptake of contraceptive products, fueling the expansion of the worldwide contraceptives industry. For instance, between 2019 and 2021, the Indian population's disposable income increased by 1.8 %.

Despite the market having a variety of contraceptive medications, contraceptive devices are more popular due to their safer mode of operation. Condoms for both sexes, contraceptive vaginal rings, intrauterine devices, sub-dermal contraceptive implants, contraceptive sponges, and contraceptive diaphragms are examples of contraceptive devices. The global market is also seeing the introduction of new product variations at a promising rate that require less invasive surgeries for implantation and offer the highest level of assurance of safety against infections and unplanned pregnancies. Contraceptive products like condoms help stop the spread of sexually transmitted diseases like HIV, in addition to birth control. For instance, 37.7 million persons worldwide were estimated to be HIV/AIDS positive in 2020 based on information published by the WHO. By utilizing contraceptive items like condoms, this can be minimized.

Contraceptives market growth could be negatively impacted by health hazards related to their use, the availability of alternative contraceptive techniques, and a lack of societal acceptance. Additionally, the market growth for contraceptive devices is significantly impacted by COVID-19. The lack of access to contraception is mainly to criticise for this. According to the WHO, COVID-19 has caused health services for family planning and contraception to be disrupted in 7 out of 10 countries. The manufacturing and supply chain for contraceptive pills are severely disrupted, which is slowing the market's expansion.

The North America is predicted to have rapid growth due to the rising STD prevalence, the elevated rate of contraceptive device uptake, and the growing number of government measures that support market expansion. It was projected that 62 million American women used contraceptives during their childbearing years, per the research report "Contraceptive Use in the United States" that was released in 2018. (15 years to 44 years). 43 million of them, have been shown to be at risk of unplanned pregnancy. This means that even though they are sexually active and do not wish to get pregnant, they could still do so if they and their partners do not use a contraceptive technique appropriately and regularly. The US government has launched numerous campaigns to increase public awareness of contraceptives as a result. The "Contraceptive Action Plan Project (CAP)" was a program that the US Department of Health and Human Services introduced in 2014. The major goals of the CAP are to lower financial barriers to contraception, advocate for the best birth control options, and decrease unwanted pregnancies in the US. The major mission of CAP is to inform women of improved contraceptive options and birth control methods. Because of this, the market during forecasted period is anticipated to rise due to an increase in unwanted pregnancies and an increase in government initiatives.

The contraceptive device market globally is crowded with competitors. some of the big competitors now control most of the market in terms of market share. Additionally, a few major organizations are actively acquiring other businesses and forming joint ventures with them in order to strengthen their market positions in the nation. Some of the key players operating the market global contraceptive devices market include Pfizer, Inc., Merck & Co Inc, AbbVie, Inc., Teva Pharmaceutical Industries Limited, Ansell Ltd, Bayer AG,The Cooper Companies Inc., Veru Inc., Mayer Laboratories Inc., Church & Dwight Co Inc. among others.

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