Global Intrauterine Devices Market to Exhibit Promising Growth: Projected to Grow at a CAGR of 4.0% in the Forecast Period
Published | 08 December 2020
Global intrauterine devices market is growing at a high CAGR because of the rising rate of unintended pregnancies, supportive government initiatives for the adoption of birth control measures, and the growing number of private firms for the prevention of unwanted abortions and pregnancies...
A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global intrauterine devices market was worth USD 3.6 billion in the year 2020. It is estimated to grow at a CAGR of 4.0%, earning revenue of around USD 4.7 billion by the end of 2027. The major factors driving the growth of the market are the rising rate of unintended pregnancies, supportive government initiatives for the adoption of birth control measures, and the growing number of private firms for the prevention of unwanted abortions and pregnancies. Moreover, IUD devices are also gaining popularity as they are effective, safe, long-lasting, and eliminate the need for other contraceptives.
Growing Initiatives to Promote Birth Control are Expected to Drive the Global Intrauterine Device Market
Sexual and reproductive health has now made it onto the global public health agenda. Additionally, governments and nonprofit agencies are continually launching family planning campaigns to combat unplanned pregnancies, which have long-term implications for families and society as a whole. According to research, free and low-cost birth control among young women also improves women’s ability to complete their education and improve their lives. Therefore, these contraceptive promotion initiatives are especially prominent in middle and low-income countries because of the high population growth rate. These factors are driving the intrauterine device market worldwide.
Availability ofa Wide Range of Products andTheir Easy Accessibility Is Projected to Boost the Global Intrauterine Devices Market.
The industry players offer a wide range of products to capture a significant market share. They also engage in product launches to attract potential leads, which is expected to boost the market in the forecast period. For instance, Bayer, a German pharmaceutical company, developed a line of Hormonal IUDs targeting women with various birth control requirements. Mirena, Kyleena, and Skyla are some of the known brands of the company. Mirena and Kyleena have slightly higher hormone levels and are approved for 5-year use. On the other hand, Skyla has lower hormone levels and is approved for 3-year use. The company's Skyla and Kyleena brands, which are available in smaller sizes, target women who have never had children.
Hormonal Intrauterine Device Segment Dominates the Global Intrauterine Devices Market
Based on types, the global intrauterine devices market is segmented into hormonal intrauterine devices and copper intrauterine devices. The hormonal intrauterine device category accounted for a larger share in the global intrauterine devices market in 2020.This segment's domination is due to factors such as hormonal intrauterine devices having fewer complications and a lower risk than copper intrauterine devices. However, the copper intrauterine market also covers a substantial share in the market and is expected to grow at a high CAGR during the forecast period.This is due to the fact that copper IUDs are extremely efficient as emergency contraception.
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Global Intrauterine Devices Market - Regional Insights
Geographically, the global intrauterine devices market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. North America contributed the largest revenue share to the intrauterine devices market in 2020because of increased healthcare expenditures, a high number of market participants, the availability of improved IUDs, and growing awareness about the use of IUDs in the region. Since the early 2000s, the use of intrauterine devices has been growing substantially. However, in comparison to other methods, it still has a lower usage rate. Also, younger women and healthcare providers have shown an increased interest in IUDs, which is expected to drive the market in the forecast period.
Impact of COVID-19 on Global Intrauterine Devices Market
The global economy and humanity have been pushed into a crisis due to the COVID-19 pandemic. The production, manufacturing, supply chain, and other operations slowed down globally to limit coronavirus spread. According to a UN survey, lockdown around the globe will lead to 7 million unwanted pregnancies due to a lack of modern contraceptives and other reproductive healthcare services, including intrauterine devices. (IUDs). Furthermore, UNICEF estimated that after the countries implemented lockdown, about 20 million babies would be born. To overcome this crisis of huge demand and supply gap, the market players are increasingly shifting towards online platforms for improving distribution, which is expected to recover the global.
The leading market players in the global intrauterine devices market are Allergan PLC, Bayer AG, CooperSurgical Inc., DKT International, Egemen International, Mona Lisa NV, Pregna International Limited, Prosan International BV, and SMB Corporation of India. OCON Medical, Pregna, SMB Corporation, HLL Lifecare, HRA Pharma, Besins HealthCare, and other prominent players.
The market is considered highly fragmented with the presence of several global and regional market players. The market players focus on price and product quality strategies to improve their market penetration and establish themselves as leading brands. Additionally, small and medium-sized market players are anticipated to grow significantly and emerge as leading competition to global players during the forecast period. Furthermore, the adoption of competitive strategies like partnerships, mergers & acquisitions, collaborations, etc., is also very prominent.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global intrauterine devices market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global intrauterine devices market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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