Unmet family planning needs lead to increased demand for hormonal contraceptives

calendar_today 02 September, 2022 person_outline Growth Plus Reports

According to the deep-dive market assessment study conducted by Growth+ Reports, the global hormonal contraceptives market was pegged at ~US$ 18.21 million in 2021. The market is expected to witness a CAGR of ~4.3% from 2022 to 2030.  

The primary reasons influencing the growth of the global market for hormonal contraceptives are the growing emphasis on family planning brought on by rising urbanization, which influences people's lifestyle preferences. Particularly in industrialized economies, many governments are implementing population control measures to lessen the burden of disease and its damaging effects on the environment. This disparity between supply and demand for hormonal contraceptives is likely to accelerate the market's expansion. The unmet needs of family planning is influencing the demand for hormonal contraceptives amongst females, because of the reliability. 
However, certain side effects associated with the excessive consumption of these drugs may lead to adverse health effects like breakthrough bleeding or the formation of blood clots, cardiovascular diseases, ovarian cancer, etc. Also, the presence of other non-hormonal contraceptive methods may be a challenge for the hormonal contraceptives market growth.  

To achieve population stabilization goals and promote reproductive health and reduce infant & child mortality rates, governments of emerging economies are taking initiatives of family planning. India is the first country to launch a national program for family planning in 1952. Many contraceptive methods are available at various levels of public sector facilities. Out of various programs, “Anatara Program”, the ministry of health and family welfare has launched two contraceptives, injectables and pills,  to meet the needs of couples. Such initiatives, therefore, tend to boost the growth of the hormonal contraceptive market. Even, the proportion of women with family planning needs has increased gradually over the years, owing to the limited access to health services, particularly in rural areas. This in turn has increased the demand for hormonal contraceptives. 

The rising unmet need for contraceptives in the niche regions globally significantly propels the demand for hormonal contraceptives. According to the World Health Organization, 2020 report, around 270 million women of reproductive age globally have an unmet need for contraception. This gap in demand and supply of hormonal contraceptives is expected to augment the market in the forecast period. 

The expansion of the market is also being fueled by developments in hormonal contraception, such as the introduction of hormonal patches, implants, and other novel drug-device combination solutions. For instance, a research team at the Massachusetts Institute of Technology has developed an oral contraceptive releasing levonorgestrel, which can be taken once a month, with slow-release technology. Bayers manufactures hormonal IUDs under the brand name Mirena, which is effective for around five years. 

North America holds the majority of the revenue share in the hormonal contraceptives market, due to the region's high prevalence of hormonal contraceptive use, established healthcare system, and presence of major industry participants. In addition, government programs aimed at raising public awareness of birth control and making it more affordable are supporting market expansion.

Europe ranks second in the global hormonal contraceptives market. The well-established healthcare infrastructure, increased awareness of hormonal contraception, and huge government spending on sexual and reproductive health (SRH), as a part of family planning initiatives, in developed parts of Europe such as the United Kingdom and Germany are expected to boost the regional hormonal contraceptives market. 

The Asia -Pacific region is projected to have substantial growth in the forecast period owing to the rising unmet needs, increased focus on family planning and government initiatives and the presence of major key players with innovative products in the market. . 

Some of the prominent players operating in the global hormonal contraceptives market are Novartis AG, Allergan plc., Apothecus Pharmaceutical Corporation, Pfizer, Inc., Bayer AG, Merck & Co. Inc., Teva Pharmaceuticals Industries Ltd., Afaxys, Inc., Lupin Pharmaceuticals, Mylan N.V. , CooperSurgical Inc. and Johnson & Johnson Services, Inc./Janssen Pharmaceuticals Inc among others. 

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