LONDON, Jan. 05, 2023 (GLOBE NEWSWIRE) — According to The Business Research Company’s research report on the hormonal contraceptive industry, companies in the hormonal contraceptive market are focusing on the development of long-term parenteral contraceptive drug delivery systems, including skin patches, subcutaneous depots and drug eluting intra-uterine devices and vaginal rings. These systems can remain in place for days or weeks after being swallowed and slowly release their payload. Lack of access to contraceptives is a global health issue that contributes to unnecessary maternal and newborn deaths. Long-acting oral contraceptives may provide a discreet, noninvasive birth control option that could significantly improve medication adherence among women. Although no approved oral long release hormonal contraceptive has been approved, research in this area continues.
For example, in 2019, MIT researchers were working on developing an oral contraceptive that only had to be taken once a month, which could reduce unintended pregnancies that result from forgetting to take a daily dose. The new contraceptive is contained within a gelatin-coated capsule and can carry three weeks’ worth of a contraceptive drug. The capsule remains in the stomach after being swallowed and gradually releases the drug.
The global hormonal contraceptive market size is expected to grow from $16.16 billion in 2020 to $18.1 billion in 2023 at a compound annual growth rate (CAGR) of 12%. Hormonal contraceptive market 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%.
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The global hormonal contraceptive market is fairly concentrated, and the market has a limited number of large players. The top ten competitors in the market made up to 27.14% of the total market in 2020. Bayer AG was the largest competitor with 7.29% share of the market, followed by Merck & Co. Inc. Viatris, Gedeon Richter, AbbVie, Pfizer, Teva Pharmaceuticals, Mayne Pharma Group Limited, Lupin Limited and HLL Lifecare Limited.
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The hormonal contraceptive market is segmented by product into pills, injectable birth control, vaginal rings; by end-users into hospitals, homecare settings, gynecology centers, clinics, ambulatory surgical centers; by hormones into progestin-only and combined hormones; by distribution channel into drug stores, gynecology/ fertility clinics, e-commerce and other distribution channels.
Adhering to the hormonal contraceptive industry analysis, companies are increasingly focusing on the development of long-term parenteral contraceptive drug delivery systems. The industry has seen a substantial rise in investment in longer lasting vaginal rings. A vaginal ring is a small soft, plastic ring that is placed inside the vagina; it releases a continuous dose of the estrogen and progestogen into the bloodstream to prevent pregnancy. The duration of use of these rings has increased, with researchers and companies developing vaginal birth control rings that can be used for a whole year. For instance, Annovera was launched commercially in the third quarter of 2019. The Segesterone Acetate and Ethinyl Estradiol Vaginal system (Annovera) works like the other vaginal ring on the market that contains Etonogestrel and Ethinyl Estradiol (NuvaRing). Women wear their vaginal ring for 3 weeks, then take it out during their period. After a week, they may insert a new one. Unlike the NuvaRing, Annovera can be reused for up to a year, it does not need to be refrigerated which makes for easier storage.
North America was the largest region in the hormonal contraceptive market, accounting for 33.5% of the total in 2020. It was followed by Asia-Pacific, and then the other regions. Going forward, the fastest-growing regions in the hormonal contraceptive market will be Asia Pacific and Eastern Europe where growth will be at CAGRs of 8.2% and 7.1% respectively.
Hormonal Contraceptive Market Global Report 2022: Market Size, Trends, And Global Forecast 2023 – 2026 is one of a series of new reports from The Business Research Company that provide hormonal contraceptive market overviews, hormonal contraceptive market analyze and forecast market size and growth for the whole market, hormonal contraceptive market segments and geographies, hormonal contraceptive market trends, hormonal contraceptive market drivers, hormonal contraceptive market restraints, hormonal contraceptive market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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