According to FutureWise analysis the market for Contraceptive Drugs and Devices is expected to register a CAGR of 8.10% from 2023-2031.
The rising frequency of STDs, the rising number of unwanted births, and the rise in government activities are all driving the expansion of the contraceptive pills and devices industry.
Unwanted pregnancies are on the rise throughout the world, and it is causing major worry. According to the Centers for Disease Control and Prevention, around 194,377 infants were delivered to women between the ages of 15 and 19, resulting in a birth rate of 18.8 per 1,000 women in this age group in 2017. As a result of the rising number of unwanted births, there will be a substantial growth in demand for contraceptive devices, driving the market.
Furthermore, certain nations and their governments have recognised the need to reduce the number of unwanted pregnancies and have launched a slew of projects to educate and prevent the spread of unwanted pregnancies and abortions. One of them is the use of contraceptive tablets. The freedom to access and use contraceptives is protected under the United States Constitution's basic right to privacy. As a result, government campaigns are pushing the use of contraception to prevent unintended pregnancies.
Furthermore, several technical developments in contraceptive medications, such as the invention of emergency oral contraceptive tablets, have aided in the market's expansion.
FutureWise Market Research has instantiated a report that provides an intricate analysis of Contraceptive Drugs and Devices Market trends that shall affect the overall market growth. Furthermore, it includes detailed information on the graph of profitability, SWOT analysis, market share and regional proliferation of this business. Moreover, the report offers insights on the current stature of prominent market players in the competitive landscape analysis of this market.
According to the research study conducted by FutureWise research analysts, the Contraceptive Drugs and Devices Market is anticipated to attain substantial growth by the end of the forecast period. The report explains that this business is predicted to register a noteworthy growth rate over the forecast period. This report provides crucial information pertaining to the total valuation that is presently held by this industry and it also lists the segmentation of the market along with the growth opportunities present across this business vertical.