Sexual Wellness Market growth is slated to soar to new heights over the span of 2021 to 2027, massively driven by the rising incidences of sexually transmitted diseases like HIV/AIDS and others. In fact, rising awareness and acceptance among mainstream consumers regarding the use of sexual wellness devices is further complementing the market expansion prospects.
Additionally, increasing acceptance of LGBT community worldwide is also likely to add impetus to the global market progression in the coming years. According to School of Law Williams Institute, nearly 4.5% of the LGBT population comes from the United States, of which 58% are women and 42% and men.
Moreover, various health organizations and central governments and taking up intrinsic efforts to better the health of women in underprivileged countries is further adding to the growth structure of market.
Based on the product bifurcation, sexual wellness market is characterized by the sex toys segment. The high segment growth can be ascribed to rising product demand and increasing sales globally, given their use in offering sexual pleasure to the users. The products also help in alleviating the chances of STDs and HIV/AIDS. Also, elevating use of sex toys like vibrators, feathers, and others, by women population would further stimulate the growth dynamics through 2027. Various sex toys manufacturers are now planning to go beyond their profiles to include some of the latest collections in their pool.
Retail segment across market is expected to gain massive momentum over the coming years. In fact, specialty stores in the retail business would account for major gains through 2027, as these are focused on selling a particular product range and associated items like condoms, sex toys, contraceptives, and others. One of the key advantages of having specialty stores is that it emphasizes on a single class of products, allowing the store staff a chance to develop expertise and a reputation for knowledge for defined stores.
In terms of the end-user, elevating sex toys usage by the women population would propel the women end-user segment, across the overall market, in the coming years. The growth can be reasoned to the rising working women population, rising sex drive, growing cognizance towards sex education, and more.
Regionally, North America and European economies are anticipated to take over a considerable chunk of the overall market over the foreseeable timeframe. North America sexual wellness market would be driven by the growing awareness regarding sexually transmitted diseases in the continent. Furthermore, an upsurge in the online sales of sexual wellness products will potentially reshape the growth curve of market in the region.
An increase in awareness and sex education initiatives is projected to play an important role in enhancing the Europe sexual wellness market share through 2027. As per Technavio statistics, it was reported that Europe is poised to take over America in terms of purchasing power. It was reported that nearly 70% of men and women in Italy have used a sex toy at some point of time.
Some of the prominent players operating in the global market are The Female Health Company, Vee Excel Drugs and Pharmaceuticals, Mankind Pharma, Intimate Organics, Doc Johnson, and Mayer Laboratories, amongst others. These market vendors are relentlessly working towards bringing forth novel innovations in the space to gain a competitive edge over others. These companies are also involved in strategic practices like acquisitions, collaborations, and more, enabling them to enhance the market space across the overall health industry.
While the coronavirus pandemic brought in severe challenges and disruptions to various industries worldwide, the market, on the other hand, is expected to chart out lucrative gains in 2021 and beyond. This can be backed by the rising sales of sex toys and other products, which has helped the global masses stay sexually active even amidst the pandemic.
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The above information is provided for the following regions and countries: