Albany, NY -- (SBWIRE) -- 05/11/2017 -- Teva Pharmaceutical is one of the leading companies in the combination oral contraceptive pills segment and is followed by Allergan (Actavis) plc. Local manufacturers such as Alkem, Taj Pharma, and Zydus Alidec on the other hand, held a majority of the market for ormeloxifene and mifepristone. Transparency Market Research has observed that almost all manufacturers offer combination oral contraceptive pills owing to the fact that they are more efficient, cost effective, and are the first line of treatment for birth control.
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"Focusing on untapped market with unmet needs is one of the major growth strategies adopted by an increasing number of players in the oral contraceptive pills market," states the author of the study. For instance, in 2014, India-based Mankind Pharma expanded its business by exporting products to Kenya, Tanzania, Ethiopia, and Uganda.
Strategic collaborations, the launch of new products, and a focus on research and development also serve as highly lucrative investment options for companies in the oral contraceptive pills market.
High Unmet Contraceptive Needs Emerging Owing to Increased Incidence of Unintended Pregnancies
One of the leading factors driving the oral contraceptive pills market is the high incidence rate of unintended pregnancies among women between the age of 15 and 44. The Centers for Disease Control and Prevention (CDC) states that in the U.S. alone, an estimated 37% of the total pregnancies in the country between 2006 and 2010 were unintended.
"The growing percentage of unintended pregnancies in several parts of the world, including among married women, has also boosted the demand for oral contraceptive pills," states the author of the TMR report. The United Nations has reported in a study that the percentage of married women using at least one method of contraception has been steadily rising and this is a positive sign for the global contraceptives market as a whole.
The increasing maternal age, late pregnancies, and rising awareness programs by governments and NGOs to promote the usage of contraceptives are also fueling the oral contraceptive pills market.
Legal, Religious, and Ethical Hurdles in Some Countries Deter Growth
In some countries, the oral contraceptive pills market is restricted by a number of social, ethical, and religious barriers. "The Middle East is one of the key regions where the oral contraceptive pills market faces major roadblocks," the TMR analyst states. "The sale of emergency contraceptive pills in the region is restricted owing to the fact that they are considered to be a means of abortion."
Ineffective or strict legal and policy frameworks on reproductive rights and health in many countries also acts as a deterrent to the growth of the oral contraceptive pills market.
Demand for Generic Oral Contraceptive Pills Takes Precedence over Branded Pills
The value of the oral contraceptive pills market is poised to rise from US$13.1 bn in 2014 to US$22.9 bn by 2023. If these values hold true, the market is likely to expand at a steady CAGR of 6.6% during the forecast period. Combination oral contraceptive pills held the leading share in the market in 2014 and the opportunity in this segment is likely to be worth nearly US$18 bn by 2023. Combination oral contraceptive pills are also identified to form the most rapidly growing segment during the forecast period, exhibiting a 6.8% CAGR therein.
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Generic oral contraceptive pills gained a higher share in the overall market in 2014 compared to branded pills and are also projected to record the highest CAGR by 2023. By region, while North America will continue leading the global oral contraceptive pills market, Asia Pacific is forecast to register the fastest growth from 2015 to 2023.
This review is based on the findings of a TMR report titled "Oral Contraceptive Pills Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015-2023."
Revenue of global oral contraceptive pills market to cross US$22 bn by 2023.
Combination oral contraceptive pills present the most lucrative investment option for market players.
Generic oral contraceptive pills exhibit greater demand compared to branded versions.
Legal and ethical roadblocks in the Middle East a cause for concern.
Global Oral Contraceptive Pills Market, by Types
Global Oral Contraceptive Pills Market, by Category
Global Oral Contraceptive Pills Market, by Geography
Rest of Europe
Rest pf APAC
Rest of LATAM
Middle East & Africa
Rest of MEA
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