Hormonal Contraceptives Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Hormonal Contraceptives Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Hormonal Contraceptives Market

The Hormonal Contraceptives Market size was valued at USD 17.62 billion in 2023, and the market is now projected to grow to 24.33 USD billion by 2032, exhibiting a CAGR of 5.4% during the forecast period of 2023-2030.

As a result of the government's lockdown and other steps to stop the coronavirus from spreading, all supply activities were postponed, which decreased the amount of product related to this domain. This has affected the overall supply and demand chains of the particular market. It is anticipated that demand for hormonal contraceptives would decline significantly. Due to the COVID-19 pandemic, contraceptives are not easily accessible. Two-thirds of the 103 nations polled by the World Health Organization between mid-May and early-July stated that family planning and contraception services were disrupted. Worldwide, the U.N. Population Fund issues a warning about unwanted pregnancies. The market growth for hormonal contraceptives is therefore expected to shrink as a result of these reasons. These factors affected the Hormonal Contraceptives Market growth.

This is the major factor attributing the growth of this particular market. This factor is majorly involved in taking the revenue numbers above the skies and soaring greater heights and also the sales and demands have been proliferation and increased its value to greater extent. In comparison to condoms and sponges/diaphragms, hormonal contraceptives are seen to be more dependable. Only one in a few women who take these contraceptives correctly become pregnant, per an NCBI research. In specialized places across the globe, the growing unmet need for contraceptives greatly increases demand for its supply. African women of reproductive age have an unmet need for modern contraception, according to the World Health Organization (WHO). There are a lot of unmet needs in Asia and Latin America & the Caribbean, according to data. Over the course of the projection period, this enormous supply and demand mismatch is expected to support market expansion. These particular growth driving factors have been recorded to attribute the Hormonal Contraceptives Market share. A lot of growth has been observed in the recent times because of this particular factor that contributed and also acted as a catalyst to the overall development of the product market.

A latest trend has been witnessed to proliferate the market growth. This particular trend has been recorded to be the most profiting trends that have been upgraded to augment the overall market growth. Numerous important firms are actively investing in the research and development of innovative and efficient ways of contraception. The hormonal contraception market has undergone a transformation since the advent of vaginal rings and hormonal contraceptive implants. This can be explained by the fact that both items have been quite popular in industrialized nations like the United States ever since they were introduced. One of the most popular hormonal contraceptive methods among women is nuvaring, a vaginal ring that is just as effective as contraceptive tablets. After three weeks of use, the product can be swapped out for a fresh one. One of the main reasons for Nuvaring's increasing adoption in industrialized nations is its painless insertion made possible by its user-friendly design. A lot of specifications have been made to this particular product which has benefited the market growth. This specific trend has influenced the market growth so much so that the revenue and share numbers of this particular product is touching the skies and soaring over.

Comprehensive Analysis of Hormonal Contraceptives Market

The segmentation of this particular market has been divided and then further subdivided into various categories. Pills, injectables, vaginal rings, intrauterine devices, implants, and other products are the several product categories that make up the hormonal contraception market. In the market, the hospital pharmacy category held the largest share in terms of distribution channel.

This particular region has augmented a lot in the past few years in this particular product market. This specific region held the biggest revenue share. Because of new hormonal contraceptive products, Europe is becoming the second most lucrative continent. Germany is expected to expand at a comparatively high rate over the course of the projection period. The country's introduction of funding for contraception is to blame for this. This particular region has experienced immense proliferation in the market shares and has attributed to the global market revenue.

Global markets are fiercely competitive and highly fragmented. Due to their creative packaging solutions, a few group of large market companies hold a fair amount of market share. Some of the major Companies includes Allergan (Ireland), Merck & Co., Inc. (U.S.), Janssen Pharmaceuticals, Inc. (U.S.), Teva Pharmaceutical Industries (U.S.), and Pfizer, Inc. (U.S.).

In May 2021, This particular company has attributed the market growth in terms of revenue and shares system. The business announced that the European Commission had approved Pantarhei Bioscience's novel oral contraceptive, Estelle. The marketing of contraceptives is permitted in every European state with Estelle's agreement. This particular development and investment the global market has been recorded to be a boon for the market growth.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2016-2027

Base Year 2019

Forecast Period 2020-2027

Historical Period 2016-2018

Unit Value (USD Million)

Segmentation Product; Distribution Channel; and Region

By Product

Pills

Injectable

Vaginal Rings

Intrauterine Devices

Implants

Others

By Distribution Channel

Hospital Pharmacy

Retail Pharmacy

Online Channel

Public Channel & NGOs

Others

By Geography

North America

By Product

By Distribution Channel

By Country

USA

Canada

Europe

By Product

By Distribution Channel

By Countries/ Sub-regions

UK

Germany

France

Italy

Spain

Scandinavia

Rest of Europe

Asia Pacific

By Product

By Distribution Channel

By Countries/ Sub-regions

Japan

China

India

Australia

Southeast Asia

Rest of Asia Pacific

Latin America

By Product

By Distribution Channel

By Countries/ Sub-regions

Brazil

Mexico

Rest of Latin America

The Middle East & Africa

By Product

By Distribution Channel

By Countries/ Sub-regions

GCC

South Africa

Rest of the MEA