Number of pages: 100 | Report Format: PDF | Published date: August 22, 2022
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
The global contraceptive devices market was pegged at US$ 12.9 billion in 2021 and is expected to witness a CAGR of 7.0% during the forecast period.
Contraceptive devices are used to stop unwanted pregnancies from happening. The devices alter the female reproductive system's ovulation mechanism by acting as a barrier between the sperm and the ovum. There are many different methods of birth control, including contraception, such as intrauterine devices (IUDs), condoms, diaphragms, sponges, patches, implants, vaginal rings, and other methods. Other names for contraception include "fertility control" and "birth control," which both refer to methods of preventing pregnancy. These devices and medications need to change the ovulation process or function as a physical barrier between the sperm and the ovary in order to be effective. A variety of contraceptive methods also serve the vital purpose of limiting the spread of sexually transmitted diseases or infections while avoiding unintended births remains one of the most important reasons for using contraceptive methods, which are prime factors for growth of the market.
The government, multiple private organisations, and several businesses operating in the market are all making efforts to increase public understanding of population control techniques and safer sex. People who are in severe need of family planning services frequently use it. Numerous pharmacies and fertility centres across the nation carry these products. These programmes are frequently viewed as the most significant growth factors for the worldwide contraceptive market.
Several businesses in the global contraceptives market were compelled to temporarily halt operations because of the COVID-19 pandemic in order to adhere to new laws enacted to stop the disease's spread. The worldwide contraceptives market's revenue flow is directly impacted by this suspension of operations. Additionally, a halt in industrial product production was seen as a result of a shortage of labourers and raw supplies during the COVID-19 epidemic.
The global contraceptive devices market has been analysed from four perspectives: by product type, technology, application, and region.
Contraceptive Devices Market by Product Type
On the basis of product type, the global contraceptive devices market has been segmented into female and male contraceptive devices. Due to the availability of a wide range of female contraceptive devices, including diaphragms, intrauterine devices, subdermal implants, vaginal rings, and others, the female contraceptive devices are anticipated to have the highest share in the market for contraceptive devices market.
Contraceptive Devices Market by Technology
On the basis of technology, the global contraceptive devices market has been segmented into hormonal and barrier contraceptive devices market. Hormonal contraceptive is sub segmented into implant, vaginal ring, contraceptive patches and others. On the other hand, barrier contraceptive includes condoms, diaphragms, cervical caps, sponges, intra uterine device (IUD), and other types. Due to increased preferences and efficiency, hormonal contraceptives led the category during the anticipated period.
Contraceptive Devices Market by Distribution Channel
On the basis of distribution channel, the global contraceptive devices market has been segmented into hospital pharmacies, retail pharmacies, online pharmacies, public channel & NGOs. Hospital pharmacies is a major source for the contraceptive devices, owing to the increased uptake of implantable contraceptive devices by healthcare professionals and active government support for distribution of contraceptive through government aided hospitals across the globe.
Contraceptive Devices Market by Region
The North American market currently makes up a large portion of the global contraceptive devices market and has enormous potential going forward. Over the course of the report's forecast period, it is anticipated that North America will continue to be a strong regional market for contraceptive devices due to the region's well-established healthcare sector, high rate of population awareness, and the presence of several top medical device manufacturing companies.
Asia Pacific is anticipated to experience the fastest growth in the contraceptive device market over the forecast period. During the projection period, it is estimated that factors such as the region's huge population, rising disposable income, increased knowledge of contraceptives' benefits for preventing pregnancy and STDs, and India & China's robust economic growth would accelerate the market's expansion.
Some of the key players operating the market global contraceptive devices market include
To sustain competitiveness in the market, major businesses including Cooper Companies, Veru Inc., Pfizer Inc., and others are implementing the acquisition strategy. For instance, in order to expand the market for contraceptives, Cooper completed the acquisition of a privately held medical device firm in March 2021. This company had created and developed an innovative obstetric product for use in urgent obstetrics to lower risks connected with birthing.
The high acceptance rate of contraceptive devices, and the rising frequency of STDs are prime factors for expansion of the market.
Some of the key players operating the market global contraceptive devices market include Pfizer, Inc., Merck & Co Inc, AbbVie, Inc., Teva Pharmaceutical Industries Limited among others.
The female contraceptive devices are anticipated to have the highest share in the market for contraceptive devices market.
North America will strongly dominate the regional market for contraceptive devices due to the region's well-established healthcare sector, high rate of population awareness, and the presence of several top medical device manufacturing companies.
The availability of alternative contraceptive techniques, and a lack of societal acceptance can negatively influence the market growth.
*Insights on financial performance is subject to availability of information in public domain