ALBANY, New York, October 11, 2018 /PRNewswire/ --
Contraceptive Devices Witness Increased Global Demand
According to the report, the global contraceptives market will exhibit a 6.1% CAGR from 2017 to 2025, rising from a valuation of US$ 22,050 mn in 2016 to a revenue opportunity of US$ 37,242.7 mn by 2025. Of the key product varieties in the market, the segment of contraceptive devices accounted for the dominant share of nearly 53% of the overall market in 2016. Geographically, the market in North America is presently the dominant regional market and is likely to continue to hold a significant share in the market over the forecast period as well. High awareness among population and the increased focus of companies in the market on the region will allow the North America market remain at the top spot in the near future.
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Rising Awareness among Couples to Drive Usage of Contraceptives
One of the key factors working in favor of the global contraceptives market is the rising awareness regarding the various methods and products available to avert unplanned pregnancies. As today's young generation gains greater interest in establishing family planning programs, especially across developing and less-developed economies across the globe, and increasingly adopts voluntary family planning actions, the demand for a variety of contraceptives has been escalating. Several awareness activities and programs undertaken by governments and public bodies across the globe are also working well for the contraceptives market.
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Rising Number of Women in Workforces and Late Pregnancies to Drive Market
Moreover, a palpable rise in the number of females across workforces and preference to late pregnancies across a number of emerging economies across the globe are driving the increased demand for effective contraceptive measures. Contraceptives for men are also gaining increased popularity as rising awareness regarding the vast side-effects of popular female contraceptives, such as oral pills, on the health of the consumer compels men across the globe to adopt precautionary measures themselves that could help limit the need for female contraceptives for their partners. Moreover, rising prevalence of sexually-transmitted diseases is also encouraging the global population to adopt contraceptive measures.
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The global contraceptives market features a large number of small and large companies across a number of product sectors and thus the highly fragmented vendor landscape has been rendered intensely competitive, observes Transparency Market Research in a recent report. Nevertheless, Bayer AG emerged as the leading company in the market in terms of valuation in 2016 owing to the vast geographical outreach and an expansive product portfolio.
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As companies focus on alleviating the level of competition through strategic collaborations and increased focus on R&D activities aimed at the development of new product varieties, especially the ones carrying lesser health risks for female consumers, the market is expected to achieve a degree of consolidation and feature better products. Companies are also adopting innovative marketing strategies to improve consumer awareness regarding the need for adopting proper contraceptive measures to limit cases of unwanted pregnancies and sexually-transmitted diseases. Some of the leading companies in the market are Teva Pharmaceutical Industries Ltd., Allergan plc, Cipla Inc., Janssen Pharmaceutical Company, Mankind Pharma, Merck Co. Inc., Pfizer Inc., HLL Lifecare Limited, and Mithra Pharmaceuticals.
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This analysis of the global contraceptives market is based on a recent market research report by Transparency Market Research, titled "Contraceptives Market (Product - Contraceptive Drugs (Oral Contraceptives (Combined Contraceptives and Mini-pills), Contraceptive Injectable, and Topical Contraceptive Patch) and Contraceptive Devices (Male Contraceptive Devices and Female Contraceptive Devices (Female Condoms, Contraceptive Diaphragms, Contraceptive Sponges, Contraceptive Vaginal Rings, Intrauterine Devices, Sub-dermal Contraceptive Implants, Non-surgical Permanent Contraception Devices)); Distribution Channel - Hospital Pharmacy (Public and Private), Independent Pharmacy, Online Platform, and Clinics) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017-2025."
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