The hormonal contraceptives market is experiencing significant growth, driven by increasing awareness, technological advancements, and supportive governmental policies. This article delves into the market's current landscape, highlighting key players, recent developments, market drivers, segmentation, regional insights, and future prospects.
The global hormonal contraceptives market size was valued at USD 16,866.1 million in 2020 and is projected to reach USD 24,330.1 million by 2027, growing at a compound annual growth rate (CAGR) of 5.4% during the forecast period from 2020 to 2027
Top Companies in the Market
- Allergan (Dublin, Ireland)
- Merck & Co., Inc. (New Jersey, United States)
- Janssen Pharmaceuticals, Inc. (Beerse, Belgium)
- Teva Pharmaceutical Industries (Petah Tikva, Israel)
- Pfizer, Inc. (New York, United States)
- Mylan N.V. (Pennsylvania, United States)
- Novartis AG (Basel, Switzerland)
- Other Prominent Players
Key Industry Development
May 2021 - Pantarhei Bioscience announced the approval of a new oral contraceptive, Estelle, by the European Commission. This approval allows Estelle to be marketed across all European states, marking a significant milestone in contraceptive options available to women.
Market Drivers & Restraints
The hormonal contraceptives market is propelled by several factors:
- Unmet Needs: Significant unmet needs for contraceptive measures in developing countries are driving market growth. The lack of awareness and access to contraceptive services has fueled demand for effective hormonal contraceptive methods.
- Technological Advancements: Innovations in contraceptive technologies, such as long-acting reversible contraceptives (LARCs), are gaining popularity due to their convenience and effectiveness.
- Government Initiatives: Supportive governmental policies and programs promoting family planning and reproductive health are contributing to market expansion.