Subdermal contraceptive implants are surgical rods inserted into the upper arm’s skin. This surgery often takes place under general anesthesia and releases a hormone known as etonogestrel, a progestin, at an average rate of 50 mcg/gm. This excretion takes place for a duration of three to five years. A primary driver for the global subdermal contraceptive implants market is increasing disposable income, rising awareness regarding contraceptives, and technological advancements. Additionally, factors including a supportive government outlook and increasing demand for contraceptive owing to rising abortions on a global scale is expected to fuel the market growth during the forecast period. The global subdermal contraceptive implants market is also expected to grow sustainably due to various factors, including the rising prevalence of sexually transmitted disorders and increasing healthcare expenditure. The market in Asia Pacific is expected to grow with the fastest growing CAGR during the forecast period owing to the increasing availability of subdermal implants and enhanced access to contraceptive methods for women. However, the devastating result of unintended pregnancy and rising maternal and neonatal morbidity and mortality will cause hindrances to the growth of the market during the forecast period.
- One major trend Credence Research Inc. is expected to see in the subdermal contraceptive implants market is the rising product portfolio by the dominant players. Players are expected to widen their investments toward their research and development departments to reach a wider consumer base.
- Other trends that Credence Research Inc. predicts will continue in the subdermal contraceptive implants market are growing expenditure power, rising government support for contraceptives and population control, and rising adoption of safe and modern contraceptive methods. Factors such as the ability of subdermal contraceptives to be 99% effective, offering rapid regain of natural fertility after removing implants, and increasing benefits for women suffering from allergic reactions to estrogen. Additionally, the rising utilization of these implants does not cause side effects such as chances of failure, thereby fuelling the growth of the global market.
Economic Impact Analysis
Industries start to suffer when the economy slows down. The subdermal contraceptive implants report, 2022-2030, consider the predicted consequences of the economic downturn on the pricing and accessibility of the services.
According to the Credence Research Inc. market report, the recession will impact the global subdermal contraceptive implants market. During the summer of 2022, various politicians, economists, and market professionals debated whether the global economy was heading toward a recessive state. The Federal Reserve of the United States is determined to raise interest rates until inflation starts to moderate from sky-high levels. While these factors will not completely push the global economy towards a recessive state, this is expected to put the economy to shrink and enter a negative growth. While chances of a global economy are slim, historic stats reflect that the economy was in a recessive-like state for 8% of the time over the last three decades. The global subdermal contraceptive market is expected to feel the sting of the recession as consumers will put non-essential surgeries on the back foot.
- Ukraine-Russia War Impact
The Russo-Ukrainian war has been going on between Russia and Ukraine since February 2014. However, it intensified in February 2022, when Russia’s forces entered Ukraine after building a large military presence near its border with Ukraine. After a few days, Russia launched a full-scale operation during a televised broadcast, which marked the start of a full-scale invasion of Ukraine. This has led to a wide range of sanctions being imposed on the Russian economy, where many European countries declined to conduct transactions in terms of trading energy. This led to various back and forth between Russia and the global economies, leading to supply chain strains for many end-use verticals. The global subdermal contraceptive implants market is expected to go through no change during this transaction as major manufacturers reside in North America and Asia Pacific.
- China COVID Outburst December 2022
The Technical Advisory Group on Virus Evolution (TAG-VE) recently met and discussed the ongoing pandemic worldwide. China was one of the pain points wherein the latest strain of COVID-19 was rampant. During the meeting, scientists from the China CDC presented genomic data that they described as imported and locally-acquired cases of SARS-CoV-2 infections. The data presented was based on more than 2000 genomes collected from its citizens from 1st December 2022. As of January 3, 2022, 773 sequences from mainland China were submitted to the GISAID EpiCoV database, with the majority (564 sequences) collected after 1st December 2022. Of the samples collected, only 95 were labelled as locally-acquired cases. This increase in the cases of the COVID-19 variant is expected not to affect the global subdermal contraceptive market.
In 2022, North America occupied the largest market share in terms of revenue and the number of surgeries performed. Factors such as the presence of dominant players in the region increased adoption of subdermal contraceptives, and rising spending on research and development activities by dominant players will fuel the market’s growth. Factors like the rising availability of subdermal implants at lowered costs will further fuel the market’s growth. The United States is expected to contribute the largest market share to the North American region owing to the rising number of private partners with hospitals to provide male and female contraceptives.
Our client was requesting a global overview of the global subdermal contraceptive market as they were looking to enter it. The client was looking for the complete market size, ongoing competition, and upcoming trends to check the incremental opportunity for the market for revenue opportunities.
The market needed to be analyzed in all aspects to check market viability. We prepared a market report encompassing the global subdermal contraceptive implants market’s drivers, restraints, and opportunities. Additionally, the dominant player’s profile needed to be summarized in detail.
The client got in touch with Credence Research Inc., which assisted the client in entering their business in the subdermal contraceptive implants market. The report “Global Subdermal Contraceptive Implants’, 2023-2030,” published by Credence Research Inc. in 2023, analyses all current aspects of the market, ongoing and historical trends, key product introductions of the dominant players, and value chain analysis.
Credence Research Inc.’s thorough analysis of the subdermal contraceptive implants market assisted the client in their understanding of the current market status. A thorough analysis of the market provided the client with the revenue recognition of the dominant players and various applicable areas of the products and identified the underutilized market areas.