Hormonal Contraceptive Market Size, Share, Growth Analysis, By Type(Progestin-only contraceptives and combined hormonal contraceptives), By Product(Oral contraceptive pills, intrauterine devices (IUD), injectable birth control, vaginal rings and others), By Region - Industry Forecast 2024-2031

Hormonal Contraceptive Market size was valued at USD 17.3 billion in 2022 and is poised to grow from USD 18.05 billion in 2023 to USD 25.29 billion by 2031, growing at a CAGR of 4.31% in the forecast period (2024-2031).

The global hormonal contraceptive market is highly competitive, with several established players and a number of new entrants vying for market share. The key companies offer a range of hormonal contraceptive products, including birth control pills, patches, injections, vaginal rings, and intrauterine devices (IUDs). In addition to product offerings, companies in the market compete on factors such as pricing, distribution, marketing, and research and development. 'Pfizer Inc.', 'Bayer AG', 'Merck & Co., Inc.', 'Allergan plc', 'Teva Pharmaceutical Industries Ltd.', 'Mylan N.V.', 'Novartis International AG', 'Lupin Pharmaceuticals, Inc.', 'HLL Lifecare Limited', 'Mithra Pharmaceuticals', 'Ferring Pharmaceuticals', 'Afaxys, Inc.', 'Agile Therapeutics', 'Apothecus Pharmaceutical Corp.', 'Piramal Enterprises Ltd.', 'TherapeuticsMD, Inc.', 'CooperSurgical, Inc.', 'Watson Pharmaceuticals, Inc.', 'Glenmark Pharmaceuticals Ltd.', 'Janssen Pharmaceutical NV', 'In July 2022, Mayne Pharma Group Limited and Mithra Pharmaceuticals, SA launched NEXTSTELLIS in Australia. NEXTSTELLIS is an oral contraceptive that combines two active ingredients: estetrol (E4) and drospirenone. Estetrol is a natural estrogen produced by the fetal liver during pregnancy, and it has a unique profile that makes it different from other estrogens used in hormonal contraceptives. Estetrol has a weaker binding affinity to the estrogen receptor than other estrogens, which means it is less likely to stimulate breast tissue and other estrogen-sensitive tissues. This makes it a promising candidate for use in hormonal contraceptives.', 'In January 2022, the National Population and Family Planning Agency in Indonesia launched a new birth control pill called Progestin, which is safe for nursing mothers to use. The goal of this initiative is to encourage exclusive breastfeeding, which can help prevent infant stunting and promote healthy growth and development.', 'In July 2022, the Organon Group of companies announced that they had entered into a license agreement with Cirqle Biomedical for a novel investigational non-hormonal on-demand preventive product. Organon is a global healthcare company that focuses on women's health, and the agreement reflects its commitment to developing innovative options for women.', 'In May 2021, Allergan announced that it had received approval from the European Commission for its new contraceptive patch called Twirla. Twirla is a once-weekly contraceptive patch that contains both estrogen and progestin.', 'In April 2021, Merck & Co. announced that the U.S. Food and Drug Administration (FDA) had approved a new long-acting injectable contraceptive called Annovera. Annovera is a small, flexible ring that is inserted into the vagina and provides contraceptive protection for up to a year.'

One of the major drivers of the global hormonal contraceptive market is the increasing awareness and acceptance of contraception as a means of family planning. With rising population levels, particularly in developing countries, there is a growing need for effective birth control methods to help couples manage their family size and spacing. This has led to a significant increase in the adoption of hormonal contraceptives, as they are highly effective in preventing unintended pregnancies and offer a convenient and reversible method of birth control.

Increasing Preference for Long-Acting Reversible Contraceptives (LARCs): One of the key trends in the global hormonal contraceptive market is the increasing popularity of LARCs such as intrauterine devices (IUDs) and subdermal implants. LARCs are highly effective in preventing unintended pregnancies and can last for several years, providing women with a convenient and hassle-free contraceptive option. As a result, there has been a growing demand for LARCs, particularly among younger women and those seeking a more reliable contraceptive method.

North America is the largest market for hormonal contraceptives, driven by the high awareness and adoption of contraception in the region. There is a high level of awareness and adoption of hormonal contraceptives in North America, with a large percentage of women using some form of contraception. This is driven by factors such as education, access to healthcare, and cultural acceptance of contraception. There is a wide range of hormonal contraceptive options available in North America, including birth control pills, patches, injections, vaginal rings, and intrauterine devices (IUDs). This gives women a choice of options to suit their needs and preferences. The market in North America is regulated by strong regulatory bodies such as the FDA in the US, which ensures that products are safe and effective before they can be marketed to consumers. North America has one of the highest levels of healthcare spending in the world, which ensures that hormonal contraceptives are widely available and accessible to women.