Contraceptives Market Size to Exceed $33 Billion by 2023: Global Market Insights, Inc.

Contraceptives Market size is poised to touch USD 33.6 billion in revenue by 2023; as reported in the latest study by Global Market Insights, Inc. A number of government initiatives aimed at curbing unwanted pregnancies, as well as favorable regulatory framework coupled with heightened awareness level among the public will drive demand.

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Global contraceptives market size in 2015 was USD 19.8 billion and is projected to increase at 6.8% CAGR throughout the next seven year timeframe. Growing need for population control and increasing incidence of STDs are two of the highest impact rendering drivers of this industry. Moreover, implementation of activities aimed at controlling unwanted pregnancy associated healthcare spending, and the increasing awareness levels among the users should ensure positive market growth in the coming years.

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While there is increase in the proportion of women using contraception in the developing economies in the recent years, there is more number of women recorded to have not been using contraception due to the increasing population. With the increasing number of women entering into the reproductive age, health ministries of the nations are involved in increasing the awareness levels of their citizens and to improve the distribution channels

Despite of advancements in the contraceptive technology and the related spending per year, on contraception research and development, the rate of unplanned pregnancy in the U.S. has continued to stand unchanged over past years.

Approximately 3 million women in the nation experience an unplanned pregnancy and around 90% of the women use some method of contraception. This unplanned pregnancy resulted in abortions, therefore entailing unnecessary healthcare expenditure. With the aim of curbing...