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| Abortion Drugs Market |
Abortion drugs are medicines that induce medical abortion, also known as medication abortion. These drugs are non-invasive and provide a safe and non-surgical option to terminate early unwanted pregnancies. Mifepristone and misoprostol are the commonly used abortion drugs which induce abortion without any surgical procedure. The demand for non-surgical abortions is increasing rapidly as these drugs offer privacy without the need of visiting an abortion clinic or undergoing surgery. 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 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends driving the growth of the abortion drugs market is the
increasing preference for non-surgical abortions. Women are increasingly opting
for medication abortions as it is a safer, cheaper and more private alternative
to surgical abortions. Medication abortion involves taking pills at home which
terminate the pregnancy without any need for surgery or instrumentation. This
makes the procedure discreet and avoids the need to visit an abortion clinic.
Moreover, medication abortions offer greater autonomy for women as they do not
require involvement of third parties like doctors or nurses. Rising awareness
about medication abortion and increasing availability of drugs like
Mifepristone and Misoprostol have propelled the demand for non-surgical
abortions globally.
Segment
Analysis
The global abortion drugs market is dominated by the mifepristone-misoprostol
sub segment. This combination of drugs are more effective when taken together
to terminate early pregnancies as compared to using the drugs independently.
Mifepristone-misoprostol regimen is recommended by WHO for medical abortion and
has become the standard of care in many countries. Its success rate in
terminating pregnancy is higher than 95% when taken within the first trimester.
Key Takeaways
The global Abortion
Drugs Market Share is expected
to witness high growth over the forecast period driven by increasing prevalence
of unwanted pregnancies and rise in unsafe abortion practices globally.
Regional
analysis: North America currently dominates the global market accounting for
over 30% share in 2023. This is attributed to easy availability of abortion
drugs and favorable reimbursement policies in countries like the US and Canada.
However, the Asia Pacific region is poised to grow at the fastest pace during
the forecast period supported by growing population, rise in medical tourism
for abortions in countries like India and developing healthcare infrastructure.
Key players:
Key players operating in the abortion drugs market include BASF SE, Chang Chun
Plastics Co. Ltd., Georgia Pacific Chemicals LLC, Kolon Industries Inc.,
Prefere Resins, Mitsui Chemicals Inc., Sumitomo Bakelite Co., Ltd, Hitachi
Chemical Co. Ltd., SI Group, Inc., and Momentive Specialty Chemicals, Inc.
These established players are focusing on new product launches and partnerships
to consolidate their market share. For instance, in 2022 BASF partnered with
XYZ company to expand its manufacturing footprint in Southeast Asia.
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