The Global Contraceptive Drugs and Devices Market was valued at US$ 18,273.2 million in 2015 and is projected to expand at a CAGR of 7.8% during the forecast period (2016–2024), as highlighted in a new report published by Coherent Market Insights. Better accessibility to contraceptives and growing awareness among the populace about the various benefits and ease of use of such contraceptive is contributing towards the growth of contraceptives drugs and devices market.
Preference of contraceptive methods greatly varies by region. For instance, of the overall contraceptives available, the use of oral contraceptive pills is higher in Europe, while the use of IUD was higher in Asia. High rate of sterilization (15 yrs-49 yrs) in North America (33%), Asia and Latin America is limiting the growth of contraceptive drugs and devices. Sterilization is the preferred method of contraception in India, while condoms are in the preferred choice in Japan according to the study by the United Nations in 2015. Change in demographics is driving a shift in the demand for contraceptive methods, especially in the European region where there is a paradigm shift in the demand from tampons to coil, implant or progestin only pill that non-regularizes the menstrual cycle.
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In the U.S., contraceptives are covered under the commercial health insurance policies through Affordable Care Act (ACA). This has significantly reduced out-of-pocket expenses on oral contraceptive pills from 21.8% in 2011 to 3.6% in 2014. The newly formed Trump government stated to ensure the coverage of contraceptives and all essential abortion related services without any co-pays, co-insurance or deductibles.
The U.S. FDA approved Liletta, a hormonal IUD, in 2015. Liletta was already being marketed in the Europe before being approved in the U.S. The product is marketed in collaboration between the manufacturers – Allergan Plc and Medicines 360. The product is also promoted by Women's Health Alliance, an organization engaged in promoting high-quality affordable healthcare for women. However, male contraceptive products are less available in market as compared to female contraceptives. Research and development is underway to create and commercialize new male contraceptive products. Vasalgel—a long acting non-hormonal contraceptive—is one such male contraceptive product in the research phase, funded by the Parsemus Foundation, which works to advance the innovative but neglected medical researches. Vasalgel demonstrated successful results in pre-clinical studies and is expected to enter clinical trials over the forecast period.
Reversible Inhibition of Sperm Under Guidance (RISUG) is another male contraceptive product under development and is currently in the phase 3 study in India. RISUG, invented by Prof. Sujoy K. Guha, Indian Institute of Technology (IIT), involves blocking the vas deferens with a gel that can be flushed out when contraception is no longer needed. Launch of such new products is expected to benefit the growth of global contraceptive drugs and devices market.
According to the World Health Organization (WHO), in 2015, around 15 million of the 16.7 million unwanted pregnancies could be averted in 35 low and middle income countries on using the modern contraceptive methods by women. Various philanthropist and social organizations associated with these countries are proactively working towards reducing such instances of unplanned pregnancies. For instance, the global partnership program called the Family Planning 2020, led by Melinda Gates, is committed to provide easy access to contraceptives to around 120 million women across the globe by 2020. Such global initiatives are significantly contributing to growth of the contraceptive drugs and devices market.
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