February 24, 2024
Abortion Drugs Market

Increasing Acceptance Of Medical Abortion Boosts The Growth Of The Global Abortion Drugs Market

Market Overview:

The global Abortion Drugs Market is estimated to be valued at US$ 3.53 Bn in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Abortion drugs refer to medications that are used to induce abortion, especially in the early stage of pregnancy. The commonly used abortion drugs are mifepristone and misoprostol. Mifepristone blocks the effects of the hormone progesterone, which is needed to maintain a pregnancy. Misoprostol causes contractions and cervix dilation. The increasing prevalence of unwanted pregnancies and growing awareness regarding reproductive rights are propelling the demand for abortion drugs. Moreover, favorable government policies and regulations regarding abortion pills are also fueling market growth.

Market key trends:

The increasing acceptance of medical abortion is one of the key trends in the abortion drugs market. Earlier, surgical abortions were primarily used but now medical abortion using pills is gaining traction owing to benefits such as privacy, flexibility in timing, and avoidance of surgical procedures. As per World Health Organization, medical abortions account for over 50% of abortions in many developed countries. Moreover, ease of availability of misoprostol over the counter without prescription in countries like India and Nepal is promoting the adoption of abortion drugs. Also, the launch of generic versions of abortion drugs is making them more affordable which is positively impacting the market growth. However, socio-religious barriers and restrictions on abortion in certain regions may challenge the market expansion during the forecast period.

Porter’s Analysis

Threat of new entrants: Low barriers to entry as production doesn’t require large infrastructure and capital investment. However established players enjoy brand recognition and geographic reach.

Bargaining power of buyers: Buyers have high bargaining power due to availability of substitutes and less differentiation between products offered by different manufacturers.

Bargaining power of suppliers: Suppliers enjoy medium bargaining power due to requirement of specific raw materials and manufacturing technologies required for production.

Threat of new substitutes: Threat of new substitutes is low as alternatives are limited and abortion pills have established themselves as most preferred non-surgical method.

Competitive rivalry: Intense competition exists among existing players to gain higher market share leading to pricing pressures.

Key Takeaways

The Global Abortion Drugs Market Share is expected to witness high growth, exhibiting CAGR of 7.4% over the forecast period, due to increasing liberalization of abortion laws and preference for non-surgical procedures over surgical abortions.

Regional analysis: North America dominates the market and is expected to continue its dominance during the forecast period. This is attributed to legal abortion access and greater product availability in the region. Asia Pacific is expected to exhibit fastest growth owing to increasing prevalence of unwanted pregnancies and easy availability of affordable generic drugs in the region.

Key players: Key players operating in the Abortion Drugs market are AbbVie, Mylan Pharmaceuticals, Gedeon Richter, HRA Pharma, Cipla Ltd, Aurobindo Pharma Ltd, Dr. Reddy’s Laboratories Ltd, Sun Pharmaceutical Industries Ltd, Torrent Pharmaceuticals Ltd, Mankind Pharma Ltd. Mylan Pharmaceuticals leads the market with wide distribution network across regions.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it