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A recent report by GlobalData, a leading data and analytics company, projects a marginal increase in the global contraceptives market. It anticipates a compound annual growth rate (CAGR) of 0.5%, propelling the market from $7.8 billion in 2022 to $8.2 billion by 2032.
This projected growth primarily pertains to key markets including the US, France, Germany, Italy, Spain, the UK, and Japan. The dominance of oral contraceptives in this market is expected to persist over the next decade, with limited introduction of new drugs foreseen in the pipeline.
GlobalData’s analysis predicts the introduction of a late-stage pipeline drug in the US, Spain, and the UK, alongside the anticipated launch of two marketed drugs in Japan. Collectively, these additions are estimated to contribute around $53.1 million in sales to the contraceptives market by 2032.
Dr. Shireen Mohammad, an analyst specializing in Cardiovascular & Metabolic Disorders at GlobalData, attributed the modest growth to increasing populations in the US and UK, coupled with sustained success in oral contraceptives. However, impediments to market expansion include declining populations in the 5EU (European Union) and Japan, adversely affecting contraceptive sales.
Cultural and religious opposition, particularly observed in markets like Japan and Italy, also pose challenges for sales growth, as noted by Mohammad.
Over the past decade, intrauterine devices (IUDs) and oral contraceptives have dominated the market. Physicians emphasize the efficacy and compliance rates associated with IUDs, often preferred due to their reduced burden on patients compared to daily oral intake.
Existing challenges in the contraceptive market mirror those prevalent a decade ago. Side-effect profiles, patient compliance, and adherence rates remain key unmet needs, influencing patient choices and contributing to discontinuation of birth control methods.
Non-hormonal contraceptive options are sought after due to concerns over hormonal side effects. Access to affordable contraceptive methods remains a hurdle, especially when insurance coverage is lacking, impacting patient affordability.
Dr. Mohammad highlighted the necessity for increased awareness of different contraceptive methods among patients and healthcare providers, emphasizing that despite potential approvals and launches, unfamiliarity with available options and their application remains a prevalent issue.
Overall, the report foresees a consistent landscape in the contraceptive market over the next decade, with persisting challenges and limited alterations expected.
