Global Hormonal Contraceptive Industry to Generate $20.67B by 2030
North America accounted for two-fifths of the global hormonal contraceptives market in 2020 due to higher awareness of sexual health and key market players.
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By - The global hormonal contraceptive industry generated $15.02 billion in 2020 and is anticipated to generate $20.67 billion by 2030, according to a recent Allied Market Research report.
The COVID-19 pandemic had a negative impact on the hormonal contraceptive market growth. For example, family planning activities were disrupted or declined by 3.6% in 2020 compared to 2019.
But North America had the highest market share in 2020, accounting for two-fifths of the global hormonal contraceptives market due to high per capita income, strong presence of key market players, higher awareness about sexual health, and a large number of unintended pregnancies.
Specifically, the high market share was seen in the 15–24-year-old age group, making up nearly half of the global hormonal contraceptive market. However, individuals aged 44 and older are expected to portray the largest CAGR of 4.3% from 2021 to 2030.
On the other hand, the Asia-Pacific region may see the fastest CAGR (4.5%) during the forecast period. The key factors supplementing this regional growth are a large fertile population, new female contraceptive devices, a rise in investment, and strong economic growth.
Overall, health issues associated with teenage pregnancies, an increase in awareness about modern contraception methods, and the rise of oral pills as a key method to prevent unplanned pregnancy drive the growth of the global hormonal contraceptive market.
But experts believe that the availability of alternate contraceptive methods, health risks associated with contraceptives, and lack of social acceptance hinder the market growth.
Earlier this month, Posterity Health launched an AIM (Access to care-Inclusion of the Male partner), a nationwide initiative providing at-home testing and access to male fertility specialists.
Through Project AIM, patients can use an at-home semen collection kit or schedule a semen analysis at a convenient RMA of New York andrology lab. Men will also have the opportunity to review the results and proceed with a fast-track male fertility consultation.
Posterity Health built the program on the Posterity Health Male Fertility Management Platform, which leverages telehealth and at-home testing to facilitate the simultaneous evaluation of “both partners” when a couple is trying to conceive or experiencing trouble doing so.
Notably, other leading market players shining light in the hormonal contraceptive space include Female Health Company, Teva Pharmaceuticals, Bayer, Mylan, Johnson & Johnson, and Merck.
