The abortion drugs market is estimated to be valued at US$ 3.53 Bn in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Abortion drugs refers to medications that induce abortion. The commonly used abortion drugs includes mifepristone and misoprostol. Mifepristone blocks progesterone, which is needed to maintain pregnancy and misoprostol causes uterine contractions to expel the pregnancy from the uterus. These drugs are prescribed at specialized pharmacies and clinics to enable non-surgical termination of pregnancy within 10 weeks of gestation.
Market Dynamics:
The abortion drugs market is expected to witness significant growth over the forecast period owing to rising number of abortion cases worldwide annually. Around 56 million abortions occur each year worldwide, which translates to around 121 abortions per minute. In addition to this, increasing acceptance of medical or non-surgical abortions over surgical abortions due to ease of use and affordability is further expected to drive the market growth during the forecast period. Moreover, rising awareness about abortion rights across various countries and increasing investments by key players to develop advanced drugs for abortion are expected to fuel the market growth from 2023-2030.
SWOT Analysis
Strength: Abortion Drugs Market has a large patient pool globally suffering from unplanned pregnancies. The manufacturers are focusing on developments of generic versions of drugs to cater to the needs of cost-sensitive markets.Easy availability of drugs as over the counter medication in some regions is boosting the market growth.
Weakness: Social and religious constraints in some regions hinder the adoption of abortion pills. Stringent regulations for approval of new drugs and amendments to existing drugs are a challenging task for manufacturers.
Opportunity: Increasing awareness about women's reproductive health and rights in developing nations through non-government organizations presents lucrative opportunities. Growing demand for safer, non-invasive and convenient methods of abortion fosters the market expansion.
Threats: Ethical debates over abortions and legal restrictions in certain religious regions act as a major challenge. Side effects associated with drugs such as abdominal pain, diarrhea, nausea, vomiting, and headache hamper product acceptance.
Key Takeaways
The Global Abortion Drugs Market Share is expected to witness high growth, exhibiting CAGR of 7.4% over the forecast period, due to increasing demand for minimally invasive termination methods. North America dominates the market and is expected to retain its dominance in the global market, owing to supportive reimbursement policies and increased awareness.
Regional analysis
North America is expected to dominate the global abortion drugs market, holding over 35% of the global market share, throughout the forecast period. This is majorly attributed to the extensive availability of drugs along with supportive government initiatives toward woman healthcare and increasing cases of unwanted pregnancies.
Asia Pacific is anticipated to exhibit the fastest growth over the forecast period, owing to factors such as improving healthcare infrastructure, rising awareness about women's healthcare, and increasing government initiatives to promote family planning in emerging nations such as India and China.
Key players
Key players operating in the Abortion Drugs market are AbbVie, Mylan Pharmaceuticals, Gedeon Richter, HRA Pharma, Cipla Ltd, Aurobindo Pharma Ltd, Dr. Reddy's Laboratories Ltd, Sun Pharmaceutical Industries Ltd, Torrent Pharmaceuticals Ltd, Mankind Pharma Ltd. These players are focusing on partnering with local players and adopting inorganic growth strategies like mergers and acquisitions to strengthen their geographic presence in the global market.
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