Oral Contraceptive Pills Market to Witness a Growth Rate of 6.6% from 2015 to 2023
The high concentration of international as well as regional companies has made the vendor landscape of the global oral contraceptive pills market highly competitive, observes a recent market research report by Transparency Market Research. To gain a stronger hold on the market, companies are seen focusing on untapped regional markets with vast unmet needs. Companies have also increased their focus on ways of improving visibility of their products in emerging market through ploughing more funds into innovative marketing strategies to gain the attention of masses towards the benefits of contraceptives in conservative regions.
Some of the leading companies in the market are Allergan (Actavis) plc., Teva Pharmaceutical, Alkem, Taj Pharma, and Zydus Alidec. According to the report, the global Oral Contraceptive Pills Market is expected to rise to a valuation of US$22.9 bn by 2023.
Based on the type of medication, the segment of combination oral contraceptive pills remains one of the leading and most lucrative segments and is likely to rise to a valuation of US$18 bn by 2023. The segment is also expected to surpass other segments in terms of growth rate, continuing to account for a significant share in the overall market by the end of the report’s forecast period.
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Geographically, the market in North America is expected to continue to dominate the global market over the forecast period. The market in Asia Pacific, however, is expected to emerge as the most promising regional market in terms of new growth opportunities. Factors such as high population, increased awareness regarding the need for contraceptives for birth control and the easy availability of oral contraceptives as a convenient way of birth control are expected to work in favor of the regional market.
Some of the key factors driving the global oral contraceptive pills market include a stark rise in the prevalence of unwanted pregnancies, among married as well as unmarried women globally, increased awareness regarding the need easy availability of contraceptives, and rise in efforts from governments to increased awareness regarding contraceptives. Changing lifestyles, rapidly melting social, religious, and ethical barriers, and late pregnancies are also leading to a significant surge in the uptake of oral contraceptive pills globally.
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However, the market continues to be limited by social and religious barriers across a number of conservative developed as well as developing countries. Thus a large population of women across the globe confined by these factors is either unable to acquire contraceptives or are required to abstain from the usage of any form of contraceptives. These factors could hamper the growth of the market to a certain degree over the report’s forecast period. Stringent regulations and policies associated with reproductive rights could also challenge the growth of the oral contraceptive pills market in certain countries in the near future.