Contraceptive Sponges Market expands with rising awareness among women
The Global Contraceptive Sponges market is expected to increase by 2025 with a compound annual growth rate of 2.4% during the forecast period.
The contraceptive sponges are used to prevent pregnancy which was made up of polyurethane foam that contains spermicide chemical to prevent the movement of sperm from entering into uterus.
The Global Contraceptive Sponges market was valued at 27.96 million US dollars in 2020 that is estimated to reach 33 million US dollars by the end of 2025 with a compound annual growth rate of 2.4% during the envisioned period of 2020 to 2025.
Increasing importance of family planning across all the regions propels the growth of the market of contraceptive sponges during the forecast period.
COVID-19 Impact on Contraceptive Sponges Market
The COVID-19 pandemic has affected the global Contraceptive Sponges market. The virus has forced the companies to halt production operations due to the strict lockdown conditions imposed by the government authorities that resulted in huge losses for the companies as some of them removed their employees due to financial instability to pay salaries to them. Recently, government authorities have gave permission to all the companies to restart their production units with some strict regulations. Almost all the companies have started their production with limited employees to avoid the spread of the virus. As per the analysis, the Contraceptive Sponges market is expected to increase with a notable market revenue due to the increasing importance of family planning, and growing awareness about the safety associated with contraceptive sponges among the female population worldwide.
The global Contraceptive Sponges market is segmented according to type and application.
On the basis of type, the market of Contraceptive Sponges is segmented into two types, namely ultrathin and ordinary.
On the basis of application, the global Contraceptive Sponges market is segmented into retail pharmacy, hospital pharmacy, online pharmacy, e-commerce and other applications.
The rise in public health campaigns and social marketing programs, increasing importance of family planning are some of the driving factors of the global Contraceptive Sponges market. Also, safety associated with contraceptive sponges and increasing investments by the market giants in research and development to introduce innovative products are some of the factors driving the growth of the market for Contraceptive Sponges. However, the inability of the contraceptive sponges to prevent the sexually transmitted diseases and less effectiveness compared to condoms in preventing the pregnancy are some of the major restraints impeding the growth of the market of Contraceptive Sponges.
The global Contraceptive Sponges market is studied in various regions all around the world such as North America (US, Mexico, Canada and rest of North America), Europe (France, Germany, Spain, Italy, UK, and rest of Europe), Asia Pacific (India, Japan, China, Australia and rest of Asia Pacific) and the rest of the world.
Among these regions, North America holds the major share of the market of Contraceptive Sponges owing to the increasing awareness and focus of major companies on this region. North America region is also expected to continue its dominance over the outlook period. Europe region holds the second largest share of the market owing to the rise of usage of these contraceptive sponges by the women to avoid pregnancy, increasing awareness by the government and private organizations in some emerging economies such as Germany, Italy, United Kingdom and Spain are some of the driving factors propels the growth of the market in Europe region. The Asia Pacificarea is expected to increase with robust growth in this market owing to the increasing investments by the companies for the new and attractive products in the field, especially in the emerging economies such as China, Japan, India and Australia are some of the factors the propels the growth of the market in the Asia Pacific locale.
Major players in the global Contraceptive Sponges market are Pirri Pharma Canada, Inc, Mayer Laboratories, Inc., Sager Pharma Kft, tree of life pharma, protectaid, sager pharma kit and other key companies.
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