U.S. Intrauterine Devices Market forecasts on regional growth, industry players and more

Ocean View, DE -- (SBWire) -- 05/17/2020 --U.S. Intrauterine Device Market will exceed USD 2.0 billion by 2024; as per a new research report.

The number of unintended pregnancies in United States is high but is falling gradually since the last few years. The main reason for the decline in number of unintended pregnancies is considerate rise in number of women opting for long-acting contraceptive methods such as intrauterine devices. This rise will ultimately result in increasing demand and adoption rate of intrauterine device augmenting the industry growth.

Increase in number of women in U.S. opting for planned delayed pregnancy will result in high intrauterine device usage, fueling the IUD market growth. According to the Pew Research Center, the mothers in the U.S. are estimated to be older than 35 years of age. Number of women delay marriage and pregnancy to seek higher education and establish their careers. Also, recent technological advancements in fertility technology prompts women to use reversible contraceptive methods such as intrauterine device, impacting the business growth.

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Variability in insurance coverage and access will be one of the major market restraining factors. The women with no insurance coverage or with private insurance face high upfront costs that can exceed up to more than thousand dollars. Hence, variability in insurance coverage will decline the number of users impeding the market growth.

Hormonal intrauterine device are estimated to show substantial growth at a CAGR of 8.2% over the forecast timeframe. Hormonal IUDs provide effective protection against unwanted pregnancy and pose very less risk to the user. The increase in inclination of women in the country towards hormonal contraception will boost the U.S. intrauterine device market growth over the future.

Women IUD users in the age group 20 to 24 accounted for USD 209.7 million revenue in the year 2017. High number of teenage pregnancies among the women aged 20 to 24 along with rise in awareness regarding safe and effective contraceptive methods by the medical professionals will increase the product adoption rate thereby, augmenting the intrauterine device market growth in the country.

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Sales of intrauterine device in Pacific Central zone is estimated to grow at a CAGR of 7.6% during the foreseeable future. Honolulu Health Center in Hawaii offers education on birth control and usage of contraceptive methods to the teenage girls in order to prevent teenage pregnancies. The rise in awareness will increase the number of women opting for effective reversible contraceptive such as intrauterine devices.

East North Central zone accounted for USD 177.2 million sales of intrauterine device in the year 2017. High teenage pregnancies in the region will favor the adoption of IUD among the women aged 15 to 19 years of age. As per the reports published by Centers for Disease Control and Prevention (CDC), the teen birth rate in Iowa state in 2014 was around 20 per 1000 women. Also, activities such as Medicaid Family Planning Waiver/State Plan Amendment in the region will foster the growth of intrauterine device market.

The notable industry players are Bayer AG and Teva Pharmaceutical. Industry players are focusing on strengthening their research and development activities by launching technologically improved and enhanced intrauterine device along with adopting strategies such as partnership, strategic collaboration, acquisition and merger to enhance their business.