Female contraceptives market, forecasting a modest 0.5% compound annual growth rate (CAGR) from $7.8 billion in 2022 to $8.2 billion in 2032.
In a recent report on Female Contraceptives Market, published on 19 December by GlobalData, a renowned data and analytics company, projections for the female contraceptives market across the seven major markets (7MM) (US, France, Germany, Italy, Spain, the UK and Japan) indicate a marginal growth at a compound annual growth rate (CAGR) of 0.5%. The market is expected to inch up from $7.8 billion in 2022 to $8.2 billion in 2032. Oral contraceptives are poised to maintain their stronghold, driving this modest growth over the next decade.
Female Contraceptives Maintain Dominance
The report underscores the sustained dominance of oral contraceptives, with limited anticipation for a significant shift in the market landscape. This steadfast trend is expected to persist over the next 10 years, supported by the continued success of oral contraceptive methods. Key opinion leaders (KOLs) interviewed by GlobalData highlighted the prevalence of oral contraceptives as the most commonly prescribed form, underlining their effectiveness and widespread use.
Dr Shireen Mohammad, Cardiovascular & Metabolic Disorders Analyst at GlobalData, identifies the driving factors behind the projected slight growth. “The growing population in the US and UK, coupled with the enduring success of oral contraceptives, will fuel this incremental increase,” she explains.
Challenges and Opportunities in the Contraceptives Market
While the forecast suggests a measured uptick, challenges loom over the female contraceptives market. Limited new launches across the 7MM, cultural and religious opposition, and population decreases in the 5EU ( the United Kingdom, Germany, France, Spain, and Italy) and Japan pose barriers to substantial sales growth. Dr Mohammad emphasizes that misconceptions in certain markets, such as Japan and Italy, may further impede market expansion.
Intrauterine devices (IUDs) and oral contraceptives have dominated the market in the past decade. KOLs highlight the popularity of oral contraceptives due to higher compliance rates, with IUDs praised for their efficacy and lower patient burden. However, challenges persist, including poor side-effect profiles, low patient compliance, and adherence rates.
Unmet Needs: A Persistent Challenge
The report identifies unmet needs in the contraceptives market that echo those prevalent a decade ago. Poor side-effect profiles, coupled with low patient compliance and adherence rates, remain at the forefront of challenges. Women often opt out of contraceptives due to concerns about side effects such as irregular bleeding patterns, weight gain, or mood changes. KOLs stress the demand for non-hormonal contraceptives, reflecting a growing preference among women to avoid hormonal side effects.
Access to contraceptive methods continues to be a challenge across the 7MM, with affordability and insurance coverage acting as key determinants. While new contraceptives may receive approval and launch, their coverage by insurance companies significantly impacts patient accessibility. Dr Mohammad highlights the importance of increasing awareness about various contraceptive methods, as many patients and healthcare providers remain unaware of existing options and proper usage.
Female contraceptives market is poised for gradual growth over the next decade, primarily driven by the sustained popularity of oral contraceptives. However, challenges such as cultural barriers, misconceptions, and unmet needs persist, indicating a dynamic yet uncertain future. As the market inches forward, addressing these challenges and fostering awareness about contraceptive options will be pivotal in shaping the landscape of female contraceptives in the years to come.