Contraceptive Drugs Market 2023: Trends, Drivers, and Future Outlook
Contraceptive drugs have been widely used by millions of women around the world as an effective means of preventing pregnancy. They are available in various forms, including pills, patches, injections, implants, and vaginal rings. The contraceptive drugs market has witnessed significant growth in recent years, driven by several factors such as rising awareness about family planning, increasing government initiatives to promote contraception and the growing prevalence of sexually transmitted infections (STIs).
Trends and Drivers:
The contraceptive drugs market is expected to witness substantial growth in the coming years due to several trends and drivers. One of the key drivers is the increasing prevalence of unwanted pregnancies and STIs. According to the World Health Organization (WHO), around 214 million women in developing countries who want to avoid pregnancy are not using modern contraception methods. This has led to a rise in the demand for contraceptive drugs, especially in low- and middle-income countries.
Another significant trend in the market is the rising popularity of long-acting reversible contraceptives (LARCs). These include intrauterine devices (IUDs) and implants, which are highly effective and offer long-term protection against pregnancy. According to Fortune Business Insights, the global contraceptive drugs market size was valued at USD 16.59 billion in 2021 and is projected to grow from USD 17.50 billion in 2022 to USD 28.81 billion by 2029, exhibiting a CAGR of 7.4% during the forecast period.
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