(MENAFN- GlobeNewsWire - Nasdaq) The rising awareness about family planning and reproductive health and growing emphasis on women's health and empowerment has led to increased adoption of hormonal contraceptives.New York, USA, Nov. 13, 2024 (GLOBE NEWSWIRE) -- market Overview:
According to Polaris Market Research's latest analysis, the market for hormonal contraceptives is on a growth trajectory. The hormonal contraceptive market size was valued at USD 16.73 billion in 2023 and is projected to grow to USD 24.60 billion by 2032. It is anticipated to exhibit a CAGR of 4.4% from 2024 to 2032.
Market Introduction:
What Are Hormonal Contraceptives?
Hormonal contraceptives are birth control methods that act on the endocrine system of the body. They usually work by preventing ovulation, which is stopping eggs from being released from the ovaries. Also, hormonal contraceptives can work by thickening the cervical mucus, which makes it harder for the sperm to reach an egg. Besides, they can act on thinning the uterus lining so that it's hard for the fertilized egg to get attached. Hormonal contraceptives consist of either the hormone progestin or both progestin and estrogen.
Hormonal contraceptives are available in various forms, including oral contraceptives, patches, rings, birth control shots, intrauterine devices, and implants. Oral contraceptives, which are consumed orally, must be taken every day to prevent pregnancy. Contraceptive patches, which are attached to the skin, need to be changed every week in order to get the full effect. Intrauterine devices are a newer hormone-based method inserted in the uterus to prevent pregnancy. With the growing adoption of hormonal contraceptives as a reliable form of birth control, the hormonal contraceptive market demand is anticipated to rise.
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Market Report Scope and Attributes
| Report Attribute | Details |
| Market Value in 2023 | USD 16.73 billion |
| Market value by 2032 | USD 24.60 billion |
| CAGR | 4.4% |
| Base Year | 2023 |
| Historical Data | 2019–2022 |
| Forecast Period | 2024–2032 |
Key Report Highlights:
Various factors, including the increasing awareness about family planning and the introduction of favorable government initiatives and policies, drive the hormonal contraceptive market growth. The market segmentation is primarily based on product, hormone, distribution channel, and region. The key regions covered in the research report are North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
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Competitive Landscape:
The market for hormonal contraceptives is characterized by a fragmented yet competitive landscape. A few established players dominate the market with their extensive portfolios and strong brand recognition. The competition in the market is set to intensify with the introduction of generics and biosimilars from other companies.
The hormonal contraceptive market key players are:
Bayer AG Johnson & Johnson AbbVie Inc. GlaxoSmithKline plc Teva Pharmaceutical Industries Ltd. Novartis AG Allergan plc Procter & Gamble Co. Reddy's Laboratories Ltd.
Market Drivers and Opportunities
Shift Towards Convenience : The hormonal contraceptive market is witnessing a significant shift towards convenient and personalized hormonal contraceptive options. Innovations such as rings, hormonal patches, and combination oral contraceptives have gained increased traction among individuals owing to their convenience and ability to suit individual lifestyles and preferences. Rising Demand for LARCs : long-acting reversible contraceptives (LARCs), which include hormonal contraceptives and intrauterine devices, provide effective contraception and need minimal maintenance. The increasing awareness about the numerous benefits offered by LARCs is driving their adoption across the globe. Expanding Market Reach : With emerging economies experiencing economic development and enhanced healthcare access, there is increased demand for modern contraceptive methods. The key players in the hormonal contraceptive market are expanding their presence in these regions through strategic alliances and localized marketing efforts.
Regional Landscape
North America : North America dominates the market for hormonal contraceptives. The region's dominance can primarily be attributed to its advanced healthcare infrastructure and high awareness of family planning. Also, government policies and comprehensive insurance coverage contribute to the increased adoption of hormonal contraceptives in the region. Asia Pacific : Asia Pacific is anticipated to witness significant growth in the hormonal contraceptive market from 2024 to 2032. Countries like India and China are major contributors to the market growth in APAC due to their large population and improving access to healthcare services. Additionally, government support and increasing focus on women's health further contribute to the regional market growth.
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Market Segmentation
By Product Outlook:
Pills Skin Patches Intrauterine Devices Hormonal Implants Vaginal Rings Others
By Hormone Outlook:
Progestin Only Combined Hormone Contraceptives
By Distribution Channel Outlook:
Hospital Pharmacies Retail Pharmacies Others
By Regional Outlook:
North America Europe Germany France UK Italy Spain Netherlands Russia Rest of Europe
Asia Pacific China Japan India Malaysia South Korea Indonesia Australia Vietnam Rest of Asia Pacific
Middle East & Africa Saudi Arabia UAE Israel South Africa Rest of Middle East & Africa
Latin America Mexico Brazil Argentina Rest of Latin America
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About Polaris Market Research & Consulting, Inc:
Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR's clientele spread across different enterprises. We at Polaris are obliged to serve PMR's diverse customer base present across the industries of healthcare, technology, semiconductors, and chemicals among various other industries present around the world. We strive to provide PMR's customers with updated information on innovative technologies, high-growth markets, emerging business environments, and the latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced, and extremely qualified team of experts comprising SMEs, analysts, and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR's customers.
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