Kenneth Research recently added a report on Hormonal Contraceptive Industry Market in its database of market research reports which provides its readers an in-depth analysis on the latest trends, growth opportunities and growth drivers that are associated with the growth of the market. The report additionally shares critical insights on the COVID-19 impacts on the Hormonal Contraceptive Industry Market along with the compound growth rate (CAGR) of the market for a projected period between 2022 and 2031. The report also includes analysis of the market by utilizing different analytical tools, such as PESTEL analysis and Porter’s five forces analysis. These tools also provide an in-depth analysis on the micro and macro-environmental factors that are associated with the growth of the market during the forecast period.
In Q4 2021, U.S. current-account deficit widened stood at $224.8 billion. However, in Q1 22, CAD rose by 29.6%, reached to $291.4 billion, adding $66.6 billion to the gap. Export of good and services increased by $25.7 billion to reach $1.03 trillion in the first quarter of 2022. However, country’s goods and services deficit was $79.6 billion in June, down $5.3 billion from $84.9 billion in May, revised- reflecting some sight of relief. On the other hand, annual inflation rate in the country hit 8.5%. Energy CPI surged by 32.9% in July 2022, inflating the cost of logistic and signs to disrupt supply chain whilst electricity cost upsurged by 15.2%, highest since Feb 2006. Apart from that, In July 2022, existing US home sales declined 5.9% to 4.81 million (seasonally adjusted annual rate), the lowest since May of 2020 and below market expectations of 4.89 million. As mortgage rate touches highest at 6%, sales for houses declined for a sixth consecutive month. Global energy crises to remain at focal point impacting the economic activity in the U.S, pushing consumers to spend less on the products and services and save more.
On the other hand, the worst is expected to be seen in the European countries, especially during 2022 winters. The energy and gas crises has already started grappling the region, wherein many Western European countries including Germany is looking for coal fired solutions to tackle the gas supply shortage created by Russian-Ukraine conflict.
Amidst global concerns, market players have started looking for safe investments by holding on to the new technology and product launches. Factors like currency translation, disruption in global supply chain, Anti-China sentiments brewing across the globe, slowdown in Chinese economy, inflated products prices, USD getting stronger every week, decreasing purchasing power and strict measures taken by central banks/institutions across the world to ensure less spending and more saving, could hit the demand for the product and service badly in near future.
Healthcare Companies and Private Service Providers to have a minimal damage Caused by Inflation:
As US govt. remains committed to quality by spending more in the Medicaid and Medicare programs, incentives by govt. to medical devices, pharma companies and biotech to benefit the market players in short and long term goals. In 2021, U.S. spent $12,318/person on healthcare- highest amongst all OECD countries followed by Germany at $7,383. The federal government commitment towards healthcare systems to enable market players expanding their revenues and mitigating the risk posed by the inflation.
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This partnership helps increase access to the intrauterine hormonal contraceptive levonorgestrel release system (LILETTA). )-Companies in the region said they can prevent pregnancy for up to three years. The awareness programs of the government and market participants can help increase demand, thereby increasing the contraceptive market. For example, in July 2015, Teva Pharmaceutical Industry Co., Ltd. launched an education program called "Perfect and Imperfect to raise peoples awareness of emergency contraception. In addition, in September 2015, Allergan announced the establishment of a partnership with the
United States. Women’s Health Alliance (USWHA), an organization focused on promoting affordable, high-quality healthcare services for women. The agreement will make the Allergan intrauterine device LILETTA available to all women in the USWHA healthcare group in the United States. The introduction of long-acting reversible devices is one of the main driving forces for market growth. For example, in September 2016, Bayer launched a new intrauterine birth control system (IUS) Kyleena to prevent pregnancy. Kyleena plans to launch to help address women’s long-term contraceptive needs for up to 5 years.
Information about this method:
According to this method, the hormonal contraceptive market has been subdivided into pills, intrauterine devices (IUD), injections, vaginal rings, implants, and patches. In 2020, contraceptives accounted for the largest market share. It is estimated that it will maintain its dominant position throughout the forecast period.
The growth of this market segment can be attributed to the simple and easy-to-use drug delivery method, the easy availability of a wide range of products, the high popularity of the pills due to the earlier entry into the market compared to long-acting devices, and the 99% higher efficiency in timely consumption.
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In addition, the presence of several major market participants in this field and the increasing penetration rate in emerging countries are expected to promote the growth of this segment. Due to the increase in adoption rate, the IUD may appear the fastest during the forecast period. increase. Methods of contraception. . Effectiveness of more than 99.0%, longer duration of action, no effect of the device on breastfeeding, and normal fertility after device removal are some of the factors that contributed to the significant growth of this segment.
North America led the global market in 2020 and is expected to maintain its position throughout the forecast period. This can be attributed to high per capita income, strong presence of key market players, increased awareness of sexual health, and a large number of unintended pregnancies. The Asia-Pacific region is expected to witness the fastest growth during the forecast period.
A large number of births, the introduction of new female contraceptive devices, increased investment by market participants, and strong economic growth are the main factors that supplement regional growth. Middle East and Africa market. For example, in May 2013, Merck and its public sector partners expanded the agreement to expand the use of Implanon. According to the agreement, the company will reduce the price of implants and its next-generation drug Implanon NXT (etonogestrel) by approximately 50% in the next 6 years in 70 poor countries. Due to the existence of various generic drugs. The main participants are Allergan; Afaxys, Inc.; Teva Pharmaceutical Industries Co., Ltd.; Bayer AG; Merck & Co.; Pfizer; Agile Therapy; and Apothecus Pharmaceuticals.
The approval and commercialization of various products, the expansion of geographic scope and the expansion of the application of existing products are the main strategies for industry participants to increase their market share. For example, TEVA launched generic drugs Minastrin 24 Fe-ethinyl estradiol and norethindrone acetate tablets and ferrous fumarate tablets in the United States in March 2017, which are used as oral contraceptives in the United States. In October 2018, the U.S. Food and Drug Administration and U.S. Foods approved Allergans Liletta and Medicines360 to prevent pregnancy for up to five years. Initially, it was approved to prevent pregnancy for up to three years.
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