Hormonal Implants Market Overview
The global hormonal implants market is anticipated to enlist a CAGR of 5.0% during the gauge time of 2020 to 2027.Hormonal implants are a profoundly compelling and safe type of anti-conception medication in the state of a minor cylinder that is put under the skin of a lady's upper arm. The size of the embed is as little as a toothpick and are made of adaptable plastic, the embed contains a sort of progestin hormone that prevents the ovaries from discharging eggs.
The global Hormonal Implants Market is growing pervasively over the past few years. The market growth majorly attributes to the rising burden from governments to control the skyrocketing birth-rate and the demand for advanced contraception methods that can offer higher safety against unwanted pregnancies. Besides, favorable government policies mandating insurance coverage for hormonal implants boost market growth.
Also, increasing government initiatives & funding aiming to spread awareness and avail aid for implantation accelerate the growth of the market. According to Market Research Future (MRFR), the global hormonal implants market size is expected to grow at 5.0% CAGR during the review period (2020-2027). Moreover, substantial investments transpired by the players to bring about innovations escalate market growth.
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Hormonal Implants Market Segmentation
- The hormonal implants market is segmented on hormone, distribution sector, type, end user, and region.
- The market, based on the hormone, is bifurcated into etonogestrel and levonorgestrel. Of these, the levonorgestrel segment is anticipated to hold a major share in the market owing to the longer durability and wider preferability.
- The market, based on, distribution sector has been further sub-segmented into a public sector and private sector. Of these, the public sector is anticipated to hold a major share owing to surge in adoption rates of hormonal implants in public healthcare facilities under various government regulations.
- The market, based on, end user the market is segmented into academic & research institutes and hospitals & clinics.
Hormonal Implants Market Regional Analysis
North America dominates the global hormonal implants market. The largest market share attributes to the high adoption of advanced technologies such as 3D printing and nanotechnology in the production of implants. Besides, factors such as the high per capita healthcare expenditures, advances in medical technology, increasing product innovations/launches, and early uptake of advanced manufacturing techniques substantiate the regional market growth.
Moreover, favorable government regulations and improved health insurance plans covering all methods of birth control, including contraceptive implants, impact the hormonal implants market growth positively. Furthermore, increasing R&D investments released by the public & private sectors fuel the growth of the market in this region. The North American hormonal implants market is likely to retain its leading position throughout the assessment period.
Europe stands second in the global hormonal implants market. The market is majorly driven by the presence of a well-established healthcare system and major key industry leaders. Rising usages of contraceptive implants to avoid surgical abortions and the popularity of long-acting reversible contraception are the latest hormonal implants market trends.
Hormonal Implants Market Players
- Bayer HealthCare
- Shanghai Dahua Pharmaceuticals Co. Ltd
- Merck & Co. Inc.
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