U.S. Contraceptives Drug and Devices Market to Register Low CAGR of 5.6%, With Patent Expiries Leading to Plummeting Growth
The U.S. Contraceptive Drugs and Devices Market was valued at US$ 6,785.9 million in 2016 and is projected to expand at a CAGR of 5.6% during the forecast period (2016–2024), as highlighted in a new report published byCoherent Market Insights. Patent expiries to pave way for generics in the U.S. oral contraceptives market during the forecast period.
Oral pills are the next preferred method of contraception after sterilization in the U.S. Therefore we observe many combination and progestin only pills being available in the U.S. contraceptive drugs and devices market. Many generic companies are working on development of alternatives for major contraceptive pills that are projected to lose patent protection in the near future. To add to the projected wave of generic oral contraceptive pills, big pharma is interested more in selling pills which are revenue churning products rather than one-time long acting contraceptive devices. This is expected to change the overall dynamics of the market.
However, preference for long term contraception methods such as the IUD and implants are now increasing in the U.S. Safety issues have averted females from using these long acting contraceptive methods until now. Improving IUD quality and implant devices with better safety measures is convincing females for adopting these methods now.
Brands such as Femcon-FE, Lo Minastrin Fe, Taytulla, Minastrin 24 Fe, Yaz/Yasmin, Ortho Tri-Cyclen Lo and Depo-subQ Provera classified under contraceptive drugs segment, are due for patent expiry during the 2019-2021 period. Similarly, there are a few contraceptive devices in the IUD and vaginal ring segments, which are due for patent expiry during the forecast period and will pave way for generic brands in the U.S. contraceptive drugs and devices market.
Research is underway to develop and commercialize male contraceptive products. Vasalgel—a long acting non-hormonal contraceptive—is one such male contraceptive product in the research phase, funded by the Parsemus Foundation. Vasalgel demonstrated successful results in pre-clinical studies and is expected to enter clinical trials in the near future.
In the U.S., contraceptives are covered under the commercial health insurance policies through Affordable Care Act (ACA). This has significantly reduced out-of-pocket expenses on oral contraceptive pills from 21.8% in 2011 to 3.6% in 2014. The U.S. has changed the coverage policy for contraceptives and all essential abortion related services without any co-pays, co-insurance or deductibles. This is a relief for the U.S. population relying on various contraceptive methods and can stimulate adoption of expensive long acting contraceptives. Such growth conducive factors would favor the U.S. contraceptive drugs and devices market growth.
Request a sample copy of U.S. Contraceptives Drug and Devices Market report: https://www.coherentmarketinsights.com/insight/request-sample/368
In addition, government subsidies and initiatives by non-profit organizations is contributing towards a sustainable market growth. The U.S. FDA approved Liletta, a hormonal IUD, is also promoted by Women’s Health Alliance, an organization engaged in promoting high-quality affordable healthcare for women, making it affordable or even free to low income women groups.
Key takeaways of the market:
Patent expirations in the near future, is expected to spur the entry of generics in the oral contraceptive pills, injectables, and IUD segments. Launch of Twirla, a contraceptive patch, would be a threat for oral pills owing to convenience of drug administration through transdermal route. Based on the number of potential users of contraceptives, there is still a huge untapped market which manufacturers need to address through creating awareness and increasing market access. The availability of contraceptive drugs and devices through online channels, has eased the purchase and increased reach of contraceptive products in the U.S. contraceptive drugs and devices market. Sales through doctor channel is essential to be focused upon for modern contraceptive methods
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