New York, Dec 19 (SocialNews.XYZ) The contraceptives market is forecast to slightly increase at a compound annual growth rate (CAGR) of 0.5 per cent to $8.2 billion in 2032 from $7.8 billion in 2022, according to a report.
The slight growth will be particularly seen across the seven major markets such as the US, France, Germany, Italy, Spain, the UK and Japan.
The report by GlobalData, a data and analytics company, revealed that oral contraceptives dominate the contraceptives market, and this trend is not projected to dramatically change over the next 10 years.
GlobalData expects limited pipeline drugs to enter the market, with one late-stage pipeline drug to launch during the forecast period in the US, Spain, and UK, while two marketed drugs are expected to launch in Japan.
Together, these late-stage pipeline products are expected to add approximately $53.1 million in sales to the contraceptives market in 2032.
“The driver of the slight growth will be the growing population in the US and UK as well as the continued success of oral contraceptives. However, the major barrier to the growth of the contraceptives market is the lack of launches of new contraceptives across the seven major markets,” said Dr Shireen Mohammad, Cardiovascular & Metabolic Disorders Analyst at GlobalData, in a statement.
He said that a decrease in the 5EU and Japan populations throughout the forecast period will result in decreased contraceptives market sales.
“Cultural and religious opposition and misconceptions in certain markets, such as Japan and Italy, will also limit sales growth,” Mohammad added.
The contraceptives market has been dominated by intrauterine devices and oral contraceptives over the past decade. According to key opinion leaders, oral contraceptives are the most commonly prescribed form of contraception.
Some physicians also praised IUDs because they are associated with higher compliance rates. Patients may forget to take oral contraceptives every day and as a result, may get pregnant. Thus, physicians prefer methods that are more efficacious and less burdensome for patients.
“The current unmet needs for the contraceptives market are similar to those that were present 10 years ago. Poor side-effect profiles along with low patient compliance and adherence rates spearhead the list of unmet needs for this market,” Mohammad said.
He said that many women choose not to use contraceptives to avoid side effects such as irregular bleeding patterns, weight gain, or changes in mood.
“These side effects may also cause women to discontinue their form of birth control,” he said.
Additionally, the opinion leaders discussed the need for non-hormonal contraceptives, as many women do not want to take hormonal contraceptives due to side effects. Access to contraceptive methods also remains a challenge in the majority of the seven markets.
“While contraceptives may be approved and launched in the seven major markets, they may or may not be covered by insurance companies. If they are not covered, many patients are not able to afford them.
“Finally, awareness of different contraceptive methods could be increased since many patients and providers are unaware of many of the currently marketed forms of contraception and how to insert them if they require a device,” he said.
He said that overall the contraceptive market is not expected to change over the next 10 years.
Source: IANS
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