According to TMR, the global contraceptives market pegged the value of US$22,050 mn in the year 2016 and is expected to attain a value of US$ 37,242.7 mn by the end of the year 2025. The market is anticipated to swell with a CAGR of 6.1% over the forecast period from 2017 and 2025.
Based on product type, the preventative gadgets segment accounted for 53.2% market share in the global contraceptive market in the year 2016. By distribution channel, the healthcare medical store segment dominated the global contraceptive market. Based on the geography, North America dominated the global contraceptive market. However, Asia Pacific is expected to expand with the impressive CAGR over the forecast period.
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Growing Awareness Level Benefiting Growth of the Contraceptives Market
Growing awareness about using the contraceptive in order to avoid unwanted or unplanned pregnancies is boosting its adoption. Additionally, growing knowledge about the availability of wide-ranging contraceptive in both developed as well as developing regions is propelling the growth of the global contraceptive market. Numerous initiatives by NGOs, government, and non-governmental offices for promoting the use of contraceptives with the help of popular people especially for young crowd as the generation is generally influencing by the popular people. These initiatives are supporting the growth of the global contraceptive market.
Growing urbanization in the developing countries coupled with increasing living standards is boosting adoption of the contraceptives. In addition, the rise in the number of nuclear families and raising awareness about the use of contraceptives for avoiding pregnancies among women is boosting the adoption of contraceptives. The aforementioned factors are some of the important factors propelling the growth of the global contraceptives market.
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Growing Importance of Family Plans to Propel Contraceptives Market Growth
Couples are increasingly looking for preventing the unplanned pregnancies and trying to direct their lives with respect to family plans that are convenient for them. Moreover, growing awareness about the effects of frequent sexual action and pregnancy on women’s health is boosting the adoption of the contraceptives. This factor is resulting in high adoption of contraceptives and in turn, is fuelling the growth of the market.
Additionally, growing awareness about the benefits of contraceptives for avoiding the sexually transmitted infections and diseases are encouraging usage of contraceptives. Furthermore, improvement in the products and introduction of novel products is resulting in the high demand for the contraceptives and acting as a key growth-driving factor for the contraceptive market.
Transparency Market Research (TMR) witnesses the global contraceptives market has a highly competitive vendor landscape. Some of the companies dominating the global contraceptives market are Merck Co. Inc., Teva Pharmaceutical Industries Ltd., Bayer AG, Pfizer Inc., Janssen Pharmaceutical Company, Allergan plc, and Mankind Pharma. These companies are increasingly supporting for the wariness campaigns for increasing awareness level especially in the developing and underdeveloped countries, which is expected to be beneficial for the growth of the companies operating in the region.
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