In a recent published report, Kenneth Research has updated the market report for Hormonal Implants Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Hormonal Implants Market products.
Recently, a significant growth in healthcare spending have been observed in the low- and middle-income nations. In the middle-income nations, healthcare spending rose by 6.3% a year between 2000 and 2017, while the economy rose by 5.9% a year. Additionally, health spending in low-income countries also observed a growth by 7.8% a year in the same period. The growth in the healthcare spending of these nations can be attributed to the increasing focus of the governments in these nations to meet the laid down targets of the Sustainable Development Goals (SDGs) of 2030. Such factors are anticipated to drive the growth of the Hormonal Implants Market during the forecast period.
Market Scenario
The Global Hormonal Implants Market is expected to register a CAGR of 5.0% during the forecast period of 2019 to 2025.Hormonal implants are a highly effective and very safe form of birth control in the shape of a tiny tube that is placed under the skin of a woman’s upper arm. The size of the implant is as small as a toothpick and are made of flexible plastic, the implant contains a type of progestin hormone that stops the ovaries from releasing eggs. Additionally, higher safety from unwanted pregnancies, suitable government programs, raising awareness of contraceptives, and the growing research & development in the market is anticipated to fuel the market growth. For instance, a study stated that no pregnancy was observed in a control group of women, using the Etonogestrel-Releasing Contraceptive Implant, for a period of 5 years.
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On the other hand, related cases of side-effects, pricing variation, and limited availability of the product are hampering the growth of the market during the assessment period. Moreover, major companies in the market are involved in research & development, collaborations, and mergers to sustain their position in the market. For instance, in May 2016, ALLERGAN took an initiative to help the US military servicewomen access LILETTA at a Federal Supply Schedule (FSS) price of USD 55.83 to military treatment facilitiesnationwide. The initiative also includes an educational effort to raise contraception awareness among healthcare providers treating the US military servicewomen.
Segmentation
The global hormonal implants market has been segmented based on the hormone, type, distribution sector, end user, and region.The market, based on the hormone, has been bifurcated into levonorgestrel and etonogestrel. The levonorgestrel segment is expected to hold a major share in the market due to the wider preferability and longer durability. The market, based on, distribution sector has been further sub-segmented into a public sector and private sector. The public sector is expected to hold a major share, due to increasing adoption rates of hormonal implants in public healthcare facilities under various government regulations.
The market has been divided, by region, into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The hormonal implants market in the Americas has further been branched into North America and Latin America, with the North American market divided into the US and Canada. The European hormonal implants market has been sub-divided into Western Europe and Eastern Europe. Western Europe has further been classified as Germany, France, the UK, Italy, Spain, and the rest of Western Europe. The hormonal implants market in Asia-Pacific has been segmented into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific. The hormonal implants market in the Middle East & Africa has been divided into the Middle East and Africa.
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Key Players
Bayer HealthCare
Shanghai Dahua Pharmaceuticals Co., Ltd
Merck & Co., Inc.
Allergan
Others
Regional Market Summary
Source: World Health Organization (WHO)
The market in the Americas is expected to dominate the global hormonal implants market due to the increasing per capita healthcare expenditure and the high adoption of new technology in the region.According to government regulations, health insurance plans must cover all methods of birth control (including the implants), in the US, is expected to drive the market growth. Furthermore, increasing expenses in research by healthcare bodies is expected to fuel the growth of the market in this region. The market in Europe showed a considerable amount of growth. This can be attributed to the presence of a well-established healthcare system, an alternative for a surgical abortion, and the involvement of key companies.
For instance, a study conducted by the European Journal of Contraception & Reproductive Health Care states that the most popular long-acting reversible contraception among European women were the levonorgestrel-releasing intrauterine system and copper intrauterine device. Therefore, the market is expected to grow during the forecast period. The market in Asia-Pacific is projected to have a steady growth rate during the forecast period owing to the increasing awareness for contraceptives and increasing government initiatives for healthcare reforms. The market in the Middle East & Africa is projected to account for the least share of the global market due to low per capita disposable incomes in the region.
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Global Hormonal Implants Market, by Hormone
Levonorgestrel
Etonogestrel
Global Hormonal Implants Market, by Type
One Rod Device
Two Rod Device
Global Hormonal Implants Market, by Distribution Sector
Public Sector
Private Sector
Global Hormonal Implants Market, By End User
Hospitals & Clinics
Academic & Research Institutes
Global Hormonal Implants Market, by Region
Americas
North America
US
Canada
Latin America
Europe
Western Europe
Germany
France
Italy
Spain
UK
Rest of Western Europe
Eastern Europe
Asia-Pacific
Japan
China
India
Australia
South Korea
Rest of Asia-Pacific
Middle East & Africa
Middle East
Africa
Intended Audience
Research and development (R&D) companies
Medical device companies
Government research institutes
Academic institutes and universities
Market research and consulting
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