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The global contraceptives market size is projected to reach USD 30.15 billion by 2027. The increasing government initiatives to reduce the risks of sexual disorders, abortions, and unwanted pregnancies would help the market to grow. This information is given by Fortune Business Insights™ in a new study, titled, “Contraceptives Market Size, Share & COVID-19 Impact Analysis, By Product (Contraceptive Drugs and Contraceptive Devices), By Gender (Male & Female) By Distribution Channel (Hospital Pharmacy, Retail Pharmacy, Online Channel, Clinics, Public Channel & NGOs, and Others), and Regional Forecast, 2020-2027.” The study further declares that the market stood at USD 22.49 billion in 2019. It would exhibit a CAGR of 5.5% during the forecast period between 2020 to 2027.
TherapeuticsMD Receives FDA Approval for ANNOVERA™
In August 2018, TherapeuticsMD, Inc., a specialty pharmaceutical organization headquartered in Florida, the U.S., declared that the U.S. Food and Drug Administration (FDA) approved its prescription birth control named ANNOVERA™. It is reversible, procedure-free, and patient-controlled. The latest contraceptive vaginal system is a soft and small flexible ring that is capable of preventing ovulation up to 13 cycles.
As per one of the company officials, “ANNOVERA™ will be able to meet the surging demand from women who are frequently counselled not to use long-term contraceptives and from those who have never given birth. It represents a new entrant for healthcare providers and women by delivering the first long-acting and procedure-free product. Women can take control of both her menstruation and fertility.”
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Rising Number of Unwanted Pregnancies Globally to Augment Growth
The increasing cases of unwanted pregnancies across the globe are one of the major drivers for the contraceptives market growth. The Centers for Disease Control and Prevention (CDC) declared that in the U.S., out of 6.1 million annual pregnancies, approximately 45% of them are unwanted. Also, the rising research studies on contraceptive methods to gain better efficiency would aid growth. However, these products can often cause several side-effects. This factor may hamper growth.
Key Players Focus on Strengthening Distribution Networks to Gain Competitive Edge
The market consists of numerous manufacturers who possess remarkable distribution networks to cater to the needs of their large consumer bases. Merck & Co., Inc., Bayer, and Pfizer, Inc. are the dominant players because of their engagement in expansion strategies across several developed and emerging economies.
Fortune Business Insights™ lists out the names of all the reputed manufacturers operating in the global market. They are as follows:
A Significant Industry Development-
Further Report Findings-
The global market can be segmented in the following way:
Value (USD billion)
By Distribution Channel