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Several private institutions and government organizations are actively participating to spread awareness on the use of contraceptives. This, as per Fortune Business Insights is the chief driver of the global contraceptives devices market. Fortune Business Insights in a new report, titled “Contraceptives Devices Market: Global Market Analysis, Insights and Forecast, 2018-2025” predicts the market to exhibit a CAGR of 6.0%. The report further calculated the value of the contraceptives devices market as US$ 7013.8 Mn in the year 2018 and expected the market to reach US$ 11166.4 Mn by 2025.
Lack of Proper Family Planning Will Fuel Demand for Contraceptive Devices
“The demand for contraceptive devices and drugs is likely to increase owing to the rising prevalence of STDs,” stated a lead analyst at FBI. These include injectable contraceptives, hormonal oral pills, and topical contraceptives. “This, coupled with the lack of family planning, drives the contraceptive devices market,” he added. Furthermore, unwanted pregnancies can have widespread implications.
This is further expected to increase the requirement of fertility control devices over the upcoming years. In addition to this, the rapid growth in population across the world is anticipated to enable contraceptives market witness accelerated gains. Several companies are increasing awareness on the use and safety of contraceptive devices. This is also considered as a growth factor driving the contraceptive devices market. These devices are preferred more as they offer a safer course of action. All the above factors are anticipated to witness promising growth in the contraceptive devices market between 2018 and 2025.
Adverse Effects of Contraceptives and their Limited Supply May Restrict the Market’s Growth
Although the use of contraceptives is increasing, there are some risks associated with the use of the same. These risks include infections which compe people to opt for permanent contraception methods. Also, there are millions of men and women who don’t use contraceptive devices owing to their limited supply. Not all countries have access to contraception, which limits the growth of the contraceptive devices market.
Initiatives by Several Players Aimed at Sustaining Competitive Advantage to Bode Well
Some of the key players present in the global contraceptives devices market are Janssen Pharmaceutical Company, Allergan plc, Veru Inc., Pfizer Inc., Teva Pharmaceuticals Industry, Mylan, Medisafe Distribution Inc., and Reckitt Benckiser plc. Several companies are taking initiatives to sustain in their competitiveness in the market for contraceptive devices. Furthermore, companies are creating awareness programs to encourage the use of contraceptives. These companies also provide different types of birth control devices at affordable rates to maintain their market share. For instance, Tera Pharmaceuticals in November 2017 signed an agreement with another company called CopperSurgical with an aim to acquire an intrauterine copper contraceptive called Paragard. Such strategies adopted by the leading players are expected to boost the global contraceptive devices market in the coming years.
Source: https://www.fortunebusinessinsights.com/industry-reports/contraceptive-devices-market-100062
