Major players in the hormonal contraceptives market are Bayer AG, Merck & Co. Inc. , Pfizer, Allergan and Afaxys Inc. The global hormonal contraceptives market is expected to grow from $16. 16 billion in 2020 to $18.
New York, May 03, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Hormonal Contraceptives Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06067866/?utm_source=GNW
1 billion in 2021 at a compound annual growth rate (CAGR) of 12%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $21.52 billion in 2025 at a CAGR of 4.4%.
The hormonal contraceptives market consists of sale of hormonal contraceptives and related services. Hormonal contraceptives are used as a birth control method that acts on the endocrine system of the human body.
Companies are innovating to manufacture chewable low dose oral contraceptives that reduce side effects.Chewable contraceptive initiative was an attempt to reduce side effects while at the same time making it easier for the patients to get into a daily regimen of using this contraceptive.
The pill is already being sold as an over-the-counter product. Some of the top companies that produce and sell chewable low-dose oral contraceptives, for instance, are Lupin pharmaceuticals, Walter Chilcott and Watson pharmaceuticals.
Increased awareness about the benefits and use of contraceptives is a major factor driving the hormonal contraceptives market.According to the World Health Organization (WHO), 16 million girls worldwide aged 15-19 give birth every year which accounts to approximately 11% of all births globally.
In order to prevent these unplanned births global awareness programs such as ""Its your life, its your future"" by the WHO and world contraception day were initiated.The London Summit on Family Planning urged governments, international agencies, and other private sector to commit to improving access to voluntary family planning.
This gave rise to the global partnership, Family Planning 2020 (FP2020).FP2020 has created a momentum worldwide on issues such as access to contraceptives, more innovation, and greater accountability in family planning efforts.
For example India will have spent USD$3 billion by 2020 to spread awareness improve family planning in the country. Moreover, in 2020, according to the United Nations Department of Economic and Social Affairs, about 1.1 billion women aged between 15 and 49 considered to have a need for family planning.
Manufacturers in the hormonal contraceptives market should abide by many strict regulations with regards to labeling hormonal contraceptives, and are all supervised by regulatory authorities.For instance, the US FDA has drafted a new set of guidance and labelling recommendations in the hormonal contraceptives market, and have to be in accordance with the 2006 physician labeling rule (PLR) and the 2014 pregnancy and lactation labeling rule (PLLR).
The main purpose of PLR is to enhance the safety and usage of the particular prescribed drug by providing healthcare providers clear prescription information (PI).The FDA mandates all hormonal contraceptives to mention the effectiveness of the drug from preventing STDs, and any other relevant information regarding effectiveness of the drug.
The FDA considers that communicating information regarding pregnancy rates to the users of these contraceptive drugs is essential for safety and effective usage.
The market for hormonal contraceptive drugs is restrained by the growing use of biologics in place of traditional chemical drugs.Biologics are the medicines containing one or more substances derived from a biological source like micro-organisms, animal cells or human cells.
The ability to interact with specific targets puts these medicines above any other drugs, thus hampering the market of chemical hormonal contraceptive drugs.
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