Intrauterine Devices Market Expected to Reach $4.4 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Intrauterine Devices Market," The Intrauterine Devices Market Size was valued at $3.0 billion in 2021, and is estimated to reach $4.4 billion by 2031, growing at a CAGR of 3.8% from 2022 to 2031.

An Intrauterine device is a small, plastic T-shaped device that is placed inside the uterus (the small, hollow, pear-shaped organ in a woman's pelvis in which a fetus develops) to prevent pregnancy. Intrauterine devices prevent sperm from fertilizing an egg and prevent fertilized eggs from implanting in the uterus. The global Intrauterine Devices Market Size was valued at $2,992.73 million in 2021 and is projected to reach $4,374.3 million by 2031, registering a CAGR of 3.8% from 2022 to 2031.

The Intrauterine Devices Market Trends that drive the growth of the market are an increase in focus on family planning, health issues associated with teenage pregnancies, increase in awareness about hormonal uterine device methods, which are key methods to prevent unplanned pregnancy. Advancing intrauterine hormonal devices with better efficacy and fewer side effects further boost market growth. However, the availability of alternate contraceptive methods, health risks associated with the use of hormonal intrauterine devices, and lack of social acceptance adversely affect the market growth.

COVID-19 Impact

Coronavirus (COVID-19) was discovered in December 2019 in Hubei province of Wuhan city in China. The disease is caused by a virus, severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), which is transmitted among humans.

After its discovery in Wuhan, the disease rapidly spread to other parts of the globe. Moreover, this virus causes various symptoms in patients, which range from common symptoms to serious symptoms. For instance, common symptoms include fever, dry cough, and fatigue. However, serious symptoms include difficulty in breathing or shortness of breath, chest pain or pressure, and loss of speech or movement. Furthermore, the virus has a high potential of lethality in the geriatric population. On March 11, 2020, the World Health Organization made an assessment that COVID-19 can be characterized as a pandemic. In addition, only a few vaccines received emergency approvals for COVID-19 prevention. Thus, social distancing is observed as the most important measure to stop the spread of this disease. Furthermore, to maintain social distancing, various countries across the world have adopted nationwide lockdowns.

The COVID-19 outbreak is anticipated to have a negative impact on the growth of the global intrauterine device market. Owing to the decline in the number of patient visits for contraception in hospitals as intrauterine devices market is majorly dependent on physician-administered and physician-prescribed. However, during the first few months of the ongoing pandemic, restrictions pertaining to physician office visits without an emergency were established. Furthermore. Half of the population who are thinking about family planning during COVID-19 has shifted their interest from intrauterine devices to other contraception methods such as contraception pills which led to a decline in the demand for intrauterine device products across the world.

The Intrauterine Devices Market analysis is done on the basis of type, age group, end-user, and geography. Based on type, the market is classified into nonhormonal: copper-containing IUD and hormonal: progestogen-releasing IUDs. By age group, it is categorized into 15–24 years, 25–34 years, 35–44 years, and above 44 years. By end-user, it is classified into hospitals, community health centers, clinics, and others. Geographically, it is analyzed across four regions, namely, North America, Europe, Asia-Pacific, and LAMEA

Among the type, the hormonal: progestogen-releasing IUD segment has dominated the market in 2021, as these devices are easily available and have a high success rate of up to 99% to prevent pregnancy. However, nonhormonal: copper-containing IUD registers the highest growth rate, due to the ease of usage and fewer side effects caused by it.

By age group, the 25–34 years segment has higher Intrauterine Devices Market Share in 2021, owing to the increase in the prevalence of unwanted pregnancies and the rise in family planning across the world drives the growth of the market

By end-user. hospitals accounted for the largest share of the market in 2021, owing to a rise in the number of patients visiting for family planning drives the growth of the market in the upcoming year.

The key players operating in the global Intrauterine Devices Industry include Abbvie  Inc.( Allergan Plc), Bayer AG, Cooper Companies Inc, DKT International, Mona Lisa NV ( EurimPharma Group), Ocon Healthcare, Pregana International Ltd, Prosan International B.V. and Viatris Inc. (Mylan NV).

In 2021, Asia Pacific was the major revenue generator, owing to an increase in awareness of the benefits of using hormonal intrauterine devices, the high prevalence of unwanted pregnancy, and favorable regulatory scenarios. However, North America is the second-largest revenue generator in Intrauterine Devices Industry, due to the presence. healthcare infrastructure and rising awareness pertaining to the usage of IUDs.

KEY FINDINGS OF THE STUDY

• By type, the hormonal: progestogen-releasing IUD segment was the highest contributor to the market in 2021.
• By age group, the25–34 years segment has dominated the market in 2021.
• On the basis of end-user, the hospital segment has dominated the market in 2022 and is expected to continue this trend during the forecast period.
• Region-wise, Asia Pacific garnered the largest revenue share in 2021; however, North America is anticipated to grow at the highest CAGR during the forecast period.