U.S. Intrauterine Devices Market size worth over $2.3bn by 2027
Published Date: May 15, 2018 Authors: Sumant Ugalmugle, Rupali Swain
U.S. Intrauterine Devices (IUDs) Market size is set to surpass USD 2.3 billion by 2027, according to a new research report by Global Market Insights, Inc.
High number of unintended pregnancies across the country is spurring the market growth. The unintended pregnancy rate is significantly higher in the U.S. than in other developed countries. According to a report, in 2018, approximately 43 million women in the U.S. were at the risk of unintended pregnancy. The percentage of unintended pregnancies is highest in teenagers below 18 years of age, followed by women in the age group of 20 to 24 years. Nearly half of the U.S. pregnancies are unintended and by age 45, more than half of all U.S. women will have an unintended pregnancy. The increasing access and utilization of IUDs is leading to a reduction in number of unintended pregnancies. As a result, unintentional pregnancies are growing the demand for contraceptive devices.
Government initiatives for the prevention of unwanted abortions and pregnancies across the United States will stimulate the U.S. intrauterine devices market expansion. The Affordable Care Act (ACA) considers contraception a vital preventive health service for women and provides reimbursement of contraceptives that are approved by FDA. In addition, the U.S. government has set family planning goals in Healthy People 2020 to improve pregnancy planning and spacing in order to reduce the number of unintended pregnancies. These initiatives are leading to increasing access to contraception methods such as long-acting, and reversible forms such as intrauterine devices and implants. As a result, the demand for IUDs in the U.S. is growing significantly.
Rise in demand for hormonal IUD will boost the market value
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Hormonal IUD segment held valued at more than USD 740 million in 2020. Hormonal intrauterine devices are effective in preventing pregnancy and no medications can inhibit working of these devices. They are also effective in lowering the risk of certain cancers and regulating menstrual bleeding. Moreover, the hormonal IUD are preferred by women that are unable to use contraceptives containing estrogen. These factors are augmenting the adoption of hormonal intrauterine devices in the U.S.
Browse key industry insights spread across 150 pages with 141 market data tables & 14 figures & charts from the report, “U.S. Intrauterine Devices Market Size By Product (Copper IUD, Hormonal IUD), By Age Group (15-19, 20-24, 25-29, 30-34, 35-39, 40-44, 45+), By Zone, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Growing usage of IUDs among adolescents will enhance the market revenue
The 15-19 years of age group in the U.S. intrauterine devices market is anticipated to expand at 8.4% growth rate till 2027 owing to the increase in number of unintended pregnancies among the adolescent population in the U.S. The U.S. continues to have the highest adolescent pregnancy and birth rates among the developed countries. Several initiatives pertaining to awareness about the beneficial use of IUDs among adolescents has fueled the acceptance of intrauterine devices. These factors are compelling adolescents to utilize intrauterine devices, thereby rising the demand of IUDs in the U.S.
Increasing usage of IUDs in the West North Central zone is predicted to impel the industry growth
West North Central zone of U.S. intrauterine devices market is estimated to attain a CAGR of 10.1% through 2027. The adoption and insertion of intrauterine devices in states such as Iowa and Nebraska increased to 50% in 2017. According to an article published, around 375 intrauterine devices (IUDs) were inserted between mid-November 2016 and mid-January 2017 by planned parenthood clinics in Nebraska and Iowa. The growing incidences of adolescent pregnancy in Minnesota, Iowa and Missouri is projected to increase the usage and demand for IUDs. The Medicare coverage of IUDs and implants in these states is also uplifting the demand for IUDs in the West North Central Zone.
Companies are focusing on strategies and launch of innovative products to expand customer base in the market
Some of the companies operating in the U.S. intrauterine devices market are Bayer AG and CooperSurgical Inc. These players engage in acquisitions, mergers, collaborations and product launches in order to generate significant revenue in the market and increase their geographical presence.