Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the U.S. Contraceptive market.
Trusted Business Insights presents an updated and Latest Study on U.S. Contraceptive Market. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the U.S. Contraceptive market during the forecast period.
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
Industry Insights, Market Size, CAGR, High-Level Analysis: U.S. Contraceptive Market
The U.S. contraceptive market size was valued at around USD 7 billion in 2019 and is projected to expand at a CAGR of around 4.2% over the forecast period. Increasing awareness regarding the importance of sexual and reproductive health among women in the age group of 15 to 49 years is expected to boost the use of various birth control methods in the country. According to the Centers for Diseases Control and Prevention (CDC), nearly two-thirds of sexually active women use one of the methods of contraception. Modern contraceptive methods such as condoms, pills, and implants are preferred by young women-from 15 to 29 years.
In 2018, 43 million women in U.S. were at the risk of unintended pregnancy. According to the CDC, 19.5 million women still lack access to healthcare centers offering a full range of contraceptive methods. Women living in underdeveloped and developing counties have limited access to modern birth control which leads to unwanted pregnancy or abortion. Thus, increasing demand for contraceptives to maintain a small family or to avoid additional healthcare costs is likely to aid market growth.
According to the Patient Protection and Affordable Care Act, all contraceptive methods authorized by the Food and Drug Administration (FDA) must be covered by private insurance. The federal and state governments also provide reimbursements for family planning services and supplies to help women. The Center for Medicaid and CHIP Services (CMCS) established a Maternal and Infant Health Initiative for the Medicaid and Childrens Health Insurance Program (CHIP) to promote the use of effective methods of contraception. Such government initiatives to improve family planning and reproductive health has significantly increased awareness and use of contraceptive in U.S.
Married and cohabiting women are at high risk of unwanted pregnancy and prefer non-permanent birth control methods, such as hormonal contraceptives, i.e., pills, patches, implants, and vaginal rings. Availability of new and advanced more modern contraceptive methods is anticipated to increase the adoption of contraceptives.
Product Insights of U.S. Contraceptive Market
On the basis of products, the U.S. contraceptive market is segmented into pills, condoms, diaphragms, sponge, vaginal ring, subdermal implants, intrauterine devices (IUDs), patch, and injectable. In 2019, pills was the most common and popular method due to convenience of use. However, Long-Acting Reversible Contraceptives (LARCs) such as subdermal implants are projected to witness the fastest growth during the forecast period due to more than 99.0% effectiveness, cost-efficiency, and quick return of natural fertility after removal.
Condom use has significantly increased in adolescents due to easy availability and convenience. Furthermore, effective protection from sexually transmitted infections and demand from the young population to enhance their sexual experience is expected to aid the product demand. The condom market in U.S. is dominated by a few leading players including Church & Dwight (Trojan), Reckitt Benckiser (Durex), and Lifestyles. The availability of different variants under the brands with high-quality standards, cost-effectiveness, and easy access from supermarkets, drug stores, and e-commerce platforms are expected to help sustain their market position.
IUD also accounted for a significant market share in 2019 and is expected to witness lucrative growth over the forecast period. This can be attributed to long-term reversible protection from pregnancy, availability of nonhormonal products and the presence of sufficient options to women are other contributing factors for the growth of the segment. ParaGuard, Mirena, and Liletta are the IUDs available in the U.S. market.
Transdermal contraceptive patch is a simple, safe, and affordable method to prevent pregnancy. The patch continuously delivers hormones and its effect lasts for a week. When used correctly, the patch is more than 99.0% effective.
Vaginal rings are polymeric devices designed to allow controlled release of drugs via intravaginal administration over an extended time to prevent pregnancy. It is a self-administered method used once a month. The ring is a simple, convenient, and safe method to prevent pregnancy. Vaginal ring also helps protect against infection of ovaries, prevent development of acne, and prevent heavy/irregular periods, bone thinning, premenstrual symptoms, and menstrual cramps. NuvaRing-a vaginal contraceptive ring-is manufactured and marketed by Merck (MSD). The product was under patent protection in U.S until April 2018.
Market Share Insights of U.S. Contraceptive Market
The market is highly competitive in nature. Some of the key industry contributors are Merck & Co. Inc.; Bayer AG; Allergan; Afaxys, Inc.; Mayer Laboratories, Inc.; Teva Pharmaceutical Industries Ltd.; Agile Therapeutics; TherapeuticsMD Inc.; Reckitt Benckiser Plc.; Pfizer, Inc.; Cooper Surgical; Church & Dwight Co., Inc.; and Mithra Pharmaceuticals. Companies are undertaking strategic initiatives such as increasing investment in R&D of innovative products to gain a competitive edge from generic products available in the market.
High investments by prominent companies for the commercialization of effective and long-term reversible contraceptives have increased the awareness levels about these products. For instance, the success rate of subdermal implants is more than 99% and it is easy to use. In August 2018, the FDA approved a new vaginal ring, Annovera, for pregnancy prevention.
Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of U.S. Contraceptive Market Research Report
This report forecasts revenue growth and provides an analysis on the latest trends in each of the sub-segments from 2019 to 2030. For this study, this market research report has segmented the U.S. contraceptive market based on product:
Product Outlook (Revenue, USD Million; 2016 – 2027)
Quick Read Table of Contents of this Report @ U.S. Contraceptive Market Size, Share, Market Research and Industry Forecast Report, 2020-2027 (Includes Business Impact of COVID-19)
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