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The sexual health market consists of different medicines and devices such as condoms, contraceptives, lubricants, pregnancy testing kits, and fertility monitors which are used to address a variety of sexual health issues including sexually transmitted infections (STIs) prevention and contraception needs. Sexual health products provide important reproductive health benefits and promote overall wellbeing and quality of life. The reliable use of sexual health products helps reduce the risks associated with unprotected or unintended sex. Expanding access to these products through e-commerce platforms and sexual health apps has augmented their adoption rates among younger consumers.
The global Sexual Health Market is estimated to be valued at US$ 32.15 Mn in 2023 and is expected to exhibit a CAGR of 7.1% 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 growth in the sexual health market is rising awareness about sexually transmitted infections and importance of protected sex. There has been a significant rise in awareness campaigns by governments as well as health organizations globally to educate people, especially youth about common STIs like HIV/AIDS, Chlamydia, herpes, syphilis etc. Wide accessibility of information through digital media and internet is contributing to this surge in awareness. As consumers gain more knowledge about risks of unprotected intercourse, it is increasing reliance on measures like condoms and lubricants which are fueling demand for sexual health products. Meanwhile innovation in terms of novel flavors, thin condoms and female condoms is further increasing adoption rates among individuals. This growing awareness about sexual health is a major trend supporting revenue gains in the industry.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate. The market requires significant capital investment for R&D and production facilities. However, opportunities exist through development of innovative product offerings.
Bargaining power of buyers: The bargaining power of buyers is high owing to presence of multiple established brands that offer similar products. However, product differentiation, branding, and new product innovations help reduce buyer power to some extent.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. The raw materials used for manufacturing sexual health products are commodity chemicals with few vendor alternatives. However, the suppliers do not pose significant threat given the availability of substitute raw material sources.
Threat of new substitutes: The threat of new substitutes is low as there are limited product substitutes that can effectively address sexual health issues. However, herbal remedies and other alternative therapies pose a potential threat.
Competitive rivalry: The competitive rivalry in the market is high characterized by frequent new product launches and intensifying competition between major players.
Key Takeaways
The global sexual health market is expected to witness high growth over the forecast period supported by rising awareness, open discussions around sexual health, and increasing availability of sexual wellness products.
Regionally, North America dominates the sexual health market currently due to supportive social environment and proactive government measures regarding sexual education and reproductive rights. However, Asia Pacific is expected to emerge as the fastest growing market owing to improving sexual health disclosure, proliferating e-commerce, and rising disposable income in the region.
Key players operating in the sexual health market are Bayer AG, Pfizer Inc., Johnson & Johnson, and Eli Lilly and Company. The major players focus on strengthening their market position through new product launches catering to unmet needs as well as acquisitions for geographical expansion.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
