Global Oral Contraceptive Pills Market to Reach US$22.9 bn by 2023 owing to Rise in Unintended Pregnancies
Oral contraceptive pills are used for birth control and are also known as combined oral contraceptive pills or combined pills. Oral contraceptive pills are available on the market in five dosage options, the 21-day pack, the 24-day pack, the 28-day pack, the 91-day pack, and the four-phase regimen. In the 91-day pack segment, ‘Seasonable’ from Barr Laboratories and ‘Seasonique’ from Teva Pharmaceutical Industries are popularly used. ‘Natazia’ from Bayer AG leads the four-phase regimen whereas ‘Yaz’ and ‘Loestrin’ lead the 24-day pack segment. Some of the other leading companies in the global oral contraceptive pills market are Allergan, plc, Mankind Pharma Ltd., Merck & Co., Inc., Pfizer, Inc., and Piramal Enterprises Ltd.
The global oral contraceptive pills market stood at US$13.1 bn in 2014 and is predicted to reach US$22.9 bn by 2023, progressing at a 6.60% CAGR for the period between 2015 and 2023.
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New Oral Contraceptive Pills to Attract More Customers
Leading companies from across the world are concentrating on introducing new oral contraceptive pills to meet their growing demand. Lupin Ltd., a leading drug manufacturing company, in this financial year, has launched nine products in the United States and has received approvals for its 21 new products from the USFDA. Lupin Ltd. recently got USFDA approval for its new contraceptive pills in the U.S. Earlier this year, the company secured approvals from the U.S. Food and Drug Administration to sell its generic version of oral contraceptive pills in the U.S. market. Lupin Ltd. is expected to register appreciable sales in the entire American market, as there is only one other company selling the generic version of oral contraceptive pills. The approval from USFDA for the generic oral contraceptive pills is considered to be important for Lupin Ltd., as it is expected to help boost the company’s sales revenue.
The company has reportedly launched 37 oral contraceptive pills in the American market to date. With many other leading companies introducing new oral contraceptive tablets, consumers will have more choice and the global oral contraceptive pills market is expected to become highly competitive in the years to come.
Monophasic Combination Pills to Register Maximum Demand
The global oral contraceptive pills market is segmented on the basis of type, geography, and category. Based on geography, the global oral contraceptive pills market is divided into North America, Asia Pacific, Latin America, the Middle East and Africa, and Europe. Favorable reimbursement policies in North America make it the leading regional segment in the global oral contraceptive market.
By category, the global oral contraceptive pills market is classified into general oral contraceptive pills and branded oral contraceptive pills. The global oral contraceptive pills market is predicted to expand rapidly due to factors such as high incidence rate of unplanned pregnancies, increasing awareness programs by various NGOs and the governments of various countries regarding the use of contraceptive pills, and increasing maternal age.
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Progestin-only pills and combination pills are two of the types of oral contraceptive pills. Currently, the global oral contraceptive pills market is dominated by the monophasic combination pills sub-segment.