Hormonal Contraceptive Market To Witness A Significant Growth Of USD 21.21 Billion By 2030

Posted by Neha Bora on August 21st, 2024

San Francisco, 21 Aug 2024: The Report Hormonal Contraceptive Market Size, Share & Trends Analysis Report By Method (Pill, IUD), By Hormone (Combination Hormonal Contraceptives, Progestin-only), By Region (North America, Europe), And Segment Forecasts, 2024 - 2030

The global hormonal contraceptive market size is anticipated to reach USD 21.21 billion by 2030, growing at a CAGR of 4.01% from 2024 to 2030, according to a new report by Grand View Research, Inc. The growth of the market is expected to be driven by the introduction of innovative products and increasing awareness about reproductive health in emerging regions. More women in developing economies are using contraceptives due to the rise in government initiatives and programs, which is anticipated to accelerate market growth. For instance, according to the UN World Fertility and Family Planning 2022, in 2021, 1.9 billion women of reproductive age received some form of contraception to avoid pregnancy with 77% of women among them using modern contraceptive methods including implants, patches, IUDs, and others.

According to the State of World Population 2022, by UNFPO, globally, approximately 50% of all 121 million pregnancies each year are unwanted. As per the Seeing the Unseen report: The case for action in the neglected crisis of unintended pregnancy, more than 60% of unwanted pregnancies result in abortion and the projected 45% among them are unsafe. Hence, to avoid unsafe abortions, countries are spreading awareness about contraceptives, which is expected to propel industry growth.

Due to the highly competitive nature of the market, companies are making significant investments in research and development. They are also adopting various strategies such as mergers and acquisitions and expanding their product pipelines. For instance, in February 2022, Organon Group of Companies acquired rights of Mercilon and Marvelon, combined oral hormonal daily contraceptive pills from Bayer AG in the People’s Republic of China, including Macau and Hong Kong. In addition, it has agreed to acquire rights in Vietnam to these products. This acquisition aims to provide global ownership rights of these brands, except in South Korea.

Access Research Report of Hormonal Contraceptive Market @ https://www.grandviewresearch.com/industry-analysis/hormonal-contraceptive-market

Hormonal Contraceptive Market Report Highlights

• Based on method, the pill segment dominated the market in 2023 owing to the efficient and straightforward administration, readily accessible products, enhanced market awareness due to early introduction compared to long-acting reversible devices, and an approximate 99% effectiveness with proper usage, and the presence of many players contribute to the segment growth.
• Based on hormone, the combination hormonal contraceptive segment dominated the market in 2023 owing to the fewer side effects and lower chances of developing acne and related symptoms.
• North America region held the largest market share in 2023. This can be attributed to the existence of major players, a high proportion of unwanted pregnancies, high per capita income, and supportive government initiatives.
• In June 2023, Gedeon Richter UK Limited, a pharmaceutical company, acquired full distribution and marketing rights of a contraceptive range of branded generics from Consilient Health Ltd. for USD 35.17 million (Euro 32.5 million). This acquisition aims to provide this product at affordable prices across the UK.

Hormonal Contraceptive Market Report Scope

List of Key Players in the Hormonal Contraceptive Market

• AbbVie Inc.
• Afaxys, Inc.
• Teva Pharmaceuticals Industries Ltd.
• Bayer AG
• Organon Group of Companies
• Pfizer
• Agile Therapeutics
• Janssen Pharmaceuticals Inc.
• Lupin Pharmaceuticals Inc.
• Pregna International Ltd.

Access Press Release of Hormonal Contraceptive Market @ https://www.grandviewresearch.com/press-release/global-hormonal-contraceptive-market

About Grand View Research

Grand View Research is an India & U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services.

For More Information: https://www.grandviewresearch.com/horizon