2024 Contraceptive Devices Market Summary: 5 Key Findings
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What Growth Projections are in Place for the Contraceptive Devices Market Between 2024-2033?
The contraceptive devices market has shown strong growth in recent years. It is expected to grow from $12.05 billion in 2023 to $12.8 billion in 2024, reflecting a CAGR of 6.3%. This growth can be linked to increased awareness about family planning and contraceptive methods, government initiatives, population growth, a focus on women’s health and empowerment, and improved access to healthcare facilities.
The contraceptive devices market size is expected to see significant growth in the next few years, anticipated to reach $16.43 billion by 2028 at a CAGR of 6.5%. Factors contributing to this growth include rising awareness of sexual health and STD prevention, the economic advantages of family size control, growing cultural acceptance of contraceptive use, a high proportion of the young population in reproductive age, and social media’s role in raising awareness. Key trends during the forecast period include innovations in contraceptive technologies, educational campaigns from NGOs and health organizations, advancements in pharmaceutical formulations, a broad range of available contraceptive products, and increased investment in research and development for new contraceptive methods.
What Are the Major Factors Contributing to the Contraceptive Devices Market Expansion?
The rising incidence of sexually transmitted diseases (STDs) is projected to boost the growth of the contraceptive device market in the future. STDs are infections primarily transmitted through sexual contact, affecting various body parts and potentially leading to multiple health complications. The increase in STDs can be attributed to rising sexual activity, inadequate protection, insufficient sexual health education, and difficulties in accessing healthcare. Contraceptive devices, particularly condoms, are essential for preventing STDs as they provide a barrier that minimizes transmission risks.
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Which Key Segments Shape the Contraceptive Devices Market?
The contraceptive devices market covered in this report is segmented –
1) By Product Type: Male Contraceptive Devices, Female Contraceptive Devices, Female Condoms, Diaphragms And Sponges, Vaginal Rings, Intrauterine Devices, Sub-Dermal Implants, Others Product Types
2) By Technology: Hormonal Contraceptives, Barrier Contraceptives
3) By Distribution Channel: Hospital Pharmacy, Retail Pharmacy, Clinics, Online Channels, Public Channel And Non-Governmental Organization (NGO), Other Distribution Channels
What Are the Transformative Trends Influencing the Contraceptive Devices Market?
In the contraceptive device market, leading companies are innovating products like contraceptive vaginal rings, which provide a convenient, low-maintenance method of birth control with monthly insertion. A contraceptive vaginal ring is a flexible, hormone-releasing device placed in the vagina that prevents pregnancy by continuously releasing hormones to inhibit ovulation and thicken cervical mucus. For example, in October 2023, Xiromed LLC, a US-based pharmaceutical company, launched the EnilloRing. The EnilloRing, developed by Xiromed, combines etonogestrel and ethinyl estradiol. It is designed for extended use, remaining in place for three weeks, followed by a one-week ring-free period to effectively prevent pregnancy.
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What Regions Are Leading the Growth Trajectory of the Contraceptive Devices Market?
North America was the largest region in the contraceptive devices market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the contraceptive devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Contraceptive Devices Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the contraceptive devices market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Contraceptive Devices Market Include
1. Contraceptive Devices Market Executive Summary
2. Contraceptive Devices Market Segments
3. Contraceptive Devices Market Size And Template Market Growth Rate
4. Key Contraceptive Devices Market Trends
5. Major Contraceptive Devices Market Drivers
……
25. Key Mergers And Acquisitions In The Contraceptive Devices Market
26. Top Contraceptive Devices Companies
27. Contraceptive Devices Market Opportunities And Strategies
28. Contraceptive Devices Market, Conclusions And Recommendations
29. Appendix
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