Date
August 10-11, 2023 | 08:00 AM IGT
Location
New York, USA
New York, USA
Access to contraception and gynecological testing declined, raising the rate of unsafe abortions and unwanted pregnancies, especially in developing countries. For instance, according to the BMC, in the low- and middle-income countries, there has been around a 10% decline in the use of long- and short-acting reversible contraceptives, about 10% decline in essential services related to pregnancy care. All these factors led to a decline in market growth amid the pandemic. Women are more susceptible to various diseases, such as osteoporosis, osteoarthritis, endometriosis, and menstrual health disorders.
Around 73% of postmenopausal women experience hot flashes, fatigue, and sleep disturbances, which increase dependence on medications, impairing the quality of life. With aging and the increasing prevalence of obesity, the cases of osteoporosis are anticipated to grow. Some of the major factors leading to hormonal imbalance in women are stress, change in dietary habits, and alcohol consumption, which further cause fertility issues. Polycystic Ovarian Syndrome (PCOS), ovulation problems, and endometriosis are some of the major causes of infertility. According to the WHO, in 2021, globally, around 190 million women of reproductive age were affected by endometriosis.
These factors are anticipated to fuel the market growth. According to the United Nations, the Department of Social and Economic Affairs, approximately 1.1 billion women needed family planning in 2019, out of which, 190 million had unmet contraception needs and about 842 million used modern methods of contraception. Owing to the high unmet need for publicly-funded contraceptive services and products, federal & state governments are actively working toward improving family planning services and improving access to modern contraceptives.
For instance, in 2020, Germany’s total multilateral funding for sexual & reproductive and family planning was around USD 121.85 million, an increase of about 65% from 2019. Furthermore, agencies, such as USAID run reproductive health & family planning programs in more than 30 countries, including South Africa & other African countries, where there is a high unmet need for contraception. However, there are various complications and adverse effects of prolonged use of contraceptives, which lead to an increase in the adoption of traditional contraceptive methods.
Long-term severe adverse effects of oral contraceptive pills, such as stroke, blood clots, decreased libido, vaginal discharge, and increased risk of breast cancer, may limit usage and lead to banning by regulatory agencies. Such factors could hamper the market growth during the forecast period. A few key products in the market are Xgeva, Evista, Prolia, Zometa, Mirena, Reclast/Aclasta, NuvaRing, Minastrin 24 Fe, Forteo, Actonel, Premarin, and Ortho Tri-Cy Lo (28). The market for NuvaRing declined by 3% in 2019 and 73% in 2020 primarily due to the introduction of generics following the patent expiry in 2018 in the U.S.
The contraceptives segment held the highest market share of more than 33.00% of the global revenue in 2021 due to increased awareness about family planning and rapid technological advancements in contraception. In addition, favorable government regulations in countries, such as the U.S., coupled with the growing awareness about various contraceptive methods are projected to accelerate the demand for contraceptives. For instance, the U.S. federal law mandates that all female-controlled contraceptive methods are covered under insurance without any out-of-pocket costs for patients.
Pills are the most common method of contraception used in developed regions, such as the U.S. and Europe, whereas in developing countries intrauterine devices and implants are most commonly used. The endometriosis & uterine fibroids segment is likely to grow at a significant CAGR during the forecast period. The growth can be attributed to the launch of new products for these conditions. For instance, the approval of Orilissa in 2018 in the U.S., and the approval of Myfembree in the U.S. in May 2021 for the treatment of moderate to severe pain associated with uterine fibroids and heavy menstrual bleeding associated with uterine fibroids respectively is expected to drive market growth.
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