Numerous governments are increasingly investing in initiatives to spread awareness on health of women.
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Numerous governments are increasingly investing in initiatives to spread awareness on health of women. Some organizations such as the US food and drugs administration (FDA) and World Health Organization (WHO) taking steps to initiate new safety plans aiming to improve women health. For instance, improving health of the women globally is the priority of FDA. To execute the steps the organization is increasingly focusing on improving safety precautions, detect safety risks, and improving knowledge of the patients. As a part of this plan, the FDA has approved several laser and energy-based devices for the treatment of numerous conditions including destruction of pre-cancerous cervical or vaginal tissue, and condylomas. These plans are improving knowledge of the population about the risk factors in the women health and boosting adoption of women’s healthcare facilities which is driving growth of the global women’s health market.
The global women’s health market is expected to expand with a CAGR of 5.7% over the forecast period from 2017 to 2025 to rise steadily from US$58.05 bn in 2016. This growth of the global women’s health market is attributed to increasing government initiatives to increase awareness levels about health.
Here are some key points which are influencing on the growth of the global women’s health market:
Government initiatives: Numerous governments are increasingly investing on increasing levels of awareness among low and mid-earning population about the health of women. For instance, in 2014, the US invested about 14% of their GDP particularly on healthcare sector and improving facilities. The substantial increase in the investments is boosting growth of the global women’s health market.
Some of the drugs such as contraceptive pills for birth control are aimed to improve women’s health by curbing the births. Rising awareness about the birth control methods especially in the developing countries are boosting adoption of women’s healthcare which is likely to drive growth of the global women’s health market over the forecast period.
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Increasing population: Healthcare expenditure is increased in the developing countries substantially comparing with past few years of data. Rising population in developing countries is leading to increased demand for pharmaceutical and biopharmaceutical products to improve women’s health in the upcoming years. Rising population of elder female is likely to boost demand for medicines and creating potential opportunity for key players in the women’s health market. Additionally, from past few years, expenditure on healthcare of mid-earning population has increased especially in the developing countries.
Stringent rules to hamper growth: Stringent regulations imposed by the FDA for approval of drugs against women’s diseases, especially treatments of hormonal disorders is hampering growth of the market. Moreover, non-inferiority trails conducted by sponsors to get approval of drugs are hampering growth of the global women’s health market. Nevertheless, growing women’s population and geriatric population globally coupled with launch of advanced products in the healthcare market is creating opportunities for growth in the global women’s health market.
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Competitive landscape: Players operating in the market are experiencing the intense competition owing to presence of numerous players in the market. Some of the key players in the global women’s health market are Eli Lilly and Company, Pfizer, Inc., Novartis AG, Merck & Co., Inc., Amgen Inc., Novo Nordisk A/S, Lupin Pharmaceuticals, Inc., F. Hoffmann-La Roche Ltd., AstraZeneca, Sanofi, GlaxoSmithKline plc, Bayer AG, Allergan Plc, and Johnson & Johnson.
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