Hormonal Intrauterine Devices IUDs Global Market 2024: Demand for Long-term Birth Control Solutions Propel Growth

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The hormonal intrauterine devices IUDs market is witnessing rapid growth, and the trend is set to continue. From $2.36 billion in 2023, the market will reach $2.61 billion in 2024 at a compound annual growth rate CAGR of 10.5%. Increased availability of safer and more effective hormonal formulations and rising demand for long-term birth control solutions, amplified by increased healthcare provider recommendations, greater public awareness, and medical technology advancements, have contributed to historical growth.

Continuing the upward trend, what does the future hold for the hormonal intrauterine devices market?
Looking ahead, the hormonal IUDs market size is on a promising growth trajectory, expected to surge to $3.93 billion in 2028 at a CAGR of 10.8%. This anticipated growth can largely be attributed to rising awareness of contraceptive options, increasing preference for long-acting reversible contraception, advancements in device safety and efficacy, growing emphasis on personalized healthcare, and wider availability through healthcare providers. Major trends include advancements in device technology, rising demand for sustainable products, and development of new contraceptive options.

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Driving force behind this growth: How will unwanted pregnancies impact the hormonal IUDs market?
Unwanted pregnancies, those that are neither planned nor desired at the time of conception, are expected to be a significant growth propeller for the hormonal intrauterine devices market. These pregnancies can occur due to various reasons, including contraceptive failure, lack of birth control access, incorrect usage of contraception, or sexual violence. As hormonal IUDs have a less than 1% failure rate and provide long-term protection 3 to 7 years, depending on the type, they are preferred by individuals seeking effective birth control methods. For example, in August 2023, a 17% increase in abortions was observed from January to June 2022 compared to the same period in 2021 in England and Wales, as noted by the Office for Health Improvement & Disparities, a UK-based government unit. This rise in unwanted pregnancies is expected to fuel the growth of the hormonal intrauterine devices market.

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Major players in the hormonal IUDs market: Who is leading the innovation?
Focused on developing advanced products like levonorgestrel-releasing intrauterine systems LNG-IUS, major companies operating in the hormonal intrauterine devices market are striving to offer more personalized contraceptive solutions for women. Levonorgestrel, a synthetic progestin, is released into the uterus with LNG-IUS. This thickens the cervical mucus and alters the uterine lining, preventing sperm from reaching the egg. Taking the lead in this innovation, Medicines360, a US-based pharmaceutical organization, introduced the U.S. Food and Drug Administration FDA-approved LILETTA in November 2022. LILETTA, one of the longest-lasting hormonal IUDs in the U.S, approved for contraception or treating heavy menstrual bleeding, proves to be around 99% effective across diverse populations.

How is this hormonal IUDs market segmented?
The hormonal intrauterine devices IUDs market covered in this report is segmented as follows:

1 By Type: 13 Milligram Hormonal Intrauterine Devices, 19 Milligram Hormonal Intrauterine Devices, 52 Milligram Hormonal Intrauterine Devices
2 By Device Design: Framed Intrauterine Devices, Frameless Intrauterine Devices
3 By Hormone Type: Levonorgestrel Releasing Intrauterine Devices, Progesterone Releasing Intrauterine Devices
4 By Application: Age 20-24, Age 25-34, Age 35-44, Other Applications
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