Subdermal Contraceptive Implants Market Segment Analysis By Type
Based on type, the Subdermal Contraceptive Implants market is segmented into Etonogestrel Implant, and Levonorgestrel Implant. Etonogestrel Implant held the largest share and is also estimated to register a higher CAGR of 4.1% during the forecast period 2021-2026. Etonogestrel is a birth control medicine for women. Etonogestrel (a drug type that comes under progestin medical class) is a hormone that inhibits ovulation from taking place. It is offered as an implant that is inserted beneath the skin of the upper arm. The implant is non-biodegradable, off-white, and 4 cm long with a 2 mm diameter. Each implant is made up of an ethylene vinylacetate (EVA) copolymer core containing 68 mg of etonogestrel, a synthetic progestin, and an EVA copolymer skin thereby increasing Subdermal Contraceptive Implants market.
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Subdermal Contraceptive Implants Market Segment Analysis By Application
On the basis of application market for Subdermal Contraceptive Implants is categorized in Hospitals, Clinics, Diagnostic Centres and Others. Hospitals held the largest share and it is estimated to register a CAGR of 4.3% during the forecast period 2021-2026. Hospitals offer high-traffic environments, advanced healthcare infrastructure, innovative medical equipment and services, and the presence of competent medical experts in hospitals thereby increasing Subdermal Contraceptive Implants market.
Subdermal Contraceptive Implants Market Segment Analysis By Geography
North America dominated the Subdermal Contraceptive Implants market with a major share of 57% in 2020. This is attributed to growing research and development activities coupled with establishrd healthcare infrastructure in this region. Furthermore, growing number of abortions and increasing health concerns are contributing to the growth of the market in this region.
However, Asia Pacific is estimated to grow at a higher CAGR during the forecast period 2021-2026 owing to rising unwanted pregnancies in this region contribute the growth in this region. The increasing introduction of supportive healthcare programs coupled with rising government initiatives is also increasing the growth of the market in this region.
Subdermal Contraceptive Implants Market Drivers
Increasing Number of Unwanted Pregnancies.
The increasing number of unwanted pregnancies leads to rise in abortions and is therefore increasing the growth of the Subdermal Contraceptive Implants Market. According to the World Health Organization’s 2019 report, 74 million women in low and middle-income countries experience unwanted pregnancies each year. Every year, this results in 25 million unsafe abortions and 47000 maternal deaths. Additionally, increase in adoption rate of contraceptive drugs is also practiced to increase the growth of the Subdermal Contraceptive Implants market during the forecast period 2021-2026.
Rising Government Initiatives.
Increasing government initiatives to spread awareness about unwanted abortions and pregnancies is increasing the growth of the Subdermal Contraceptive Implants market. Certain countries and their governments have recognised the need to reduce the number of unwanted pregnancies and have launched a projects to educate and prevent the spread of unwanted pregnancies and abortions. For Instance, FDA-approved birth control products are covered by Medicaid and other insurance plans without cost sharing thereby increasing the growth of the Subdermal Contraceptive Implants Market during the forecast period 2021-2026.
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Subdermal Contraceptive Implants Market Challenges
Major factor that is set to impede the growth of the Subdermal Contraceptive Implants market is side effects of subdermal contraceptive implants are disruption of normal menstruation and increase in breast pain. Another factor which hamper the growth of market is increasing rate of infertility.
Subdermal Contraceptive Implants Market Landscape
Product launches, mergers and acquisitions, joint ventures, and R&D activities are key strategies adopted by players in the Subdermal Contraceptive Implants Market. In 2020, the Subdermal Contraceptive Implants Market share is consolidated by the top ten players present in the market. The Subdermal Contraceptive Implants Market, top 10 companies are, Bayer AG, Shanghai Dahua Pharmaceutical Co., Ltd., Merck Sharp & Dohme Corp., Karex Industries, Teva Pharmaceutical Industries Ltd., Allergan plc, The Female Health Company, Reckitt Benckiser Group plc, KESSEL medintim GmbH and Mayer Laboratories.
Subdermal Contraceptive Implants Market Development:
In November 2020, Karex Industries acquired 30% stake in US based global protection Corp (GP) for RM42.26 million. This acquisition will expand its own brand manufacturing business.
North America dominated the Subdermal Contraceptive Implants Market in 2020 owing to the increasing number of abortions in this region. The Subdermal Contraceptive Implants Market scope for different regions will be provided in the final report.
Increasing introduction of affordable contraceptives by market players is set to aid the market growth of the Subdermal Contraceptive Implants Market report.
Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Subdermal Contraceptive Implants Market report.
Side effects of contraceptive implants is poised to create the hurdles for the Subdermal Contraceptive Implants Market.
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