Retail Pharmacies Segment to Dominate APAC Sexual Wellness Market During 2021–2028
According to The Insight Partners market research study on “APAC Sexual Wellness Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Pharmaceutical Product, Non-Pharmaceutical Product, and Distribution Channel” is expected to reach US$ 18,598.64 million by 2028 from US$ 11,495.89 million in 2021. The market is estimated to grow at a CAGR of 7.1% from 2021 to 2028. The report provides trends prevailing in the APAC sexual wellness market along with the drivers and restraints pertaining to the market growth. Burgeoning awareness about sexually transmitted diseases and surging technology integration in sexual wellness products are the major factor driving the growth of the APAC sexual wellness market. However, less clientele in several countries hinders the growth of APAC sexual wellness market.
Countries in APAC, especially India, are highly affected due to the COVID-19 outbreak. The supply chain disruptions and the massive demand for efficient COVID-19 treatments have put the healthcare research industry in APAC in a crucial situation. Prohibitive measures have been taken to control the spread of the novel coronavirus. The lockdown's adversity created opportunities for India's sexual wellness business. Despite numerous obstacles, the sex product sector in the country recorded 65% increase in sales during the lockdown. The demand for condoms has increased, while the desire for sex toys and other things has decreased temporarily. However, people across the world have begun to rely on sex toys and vibrators to meet their sexual requirements. The pandemic has negatively impacted the supply chain in APAC. The COVID-19 pandemic is affecting the business operation of the various key players operating in this region.
The APAC sexual wellness market is segmented based on pharmaceutical product, non-pharmaceutical product, distribution channel, and country. Based on pharmaceutical product, the market is segmented into capsules, tablets, oral liquids, and sprays. The capsules segment dominated the market in 2020 and same segment is expected to be fastest growing during forecast period. Based on non-pharmaceutical product, the market is segmented into sex toys, condoms, intrauterine devices, contraceptive implants, and others. The sex toys segment dominated the market in 2020 and same segment is expected to be fastest growing during forecast period. Based on distribution channel, the market is segmented into retail pharmacies, online distribution, and hospitals pharmacies. The retail pharmacies segment dominated the market in 2020 and same segment is expected to be fastest growing during forecast period. Based on country, the market has been segmented into China, India, Japan, South Korea, Australia, and rest of APAC.
Bayer AG; Church & Dwight, Inc.; HLL Lifecare Limited; LIFESTYLES HEALTHCARE PTE LTD; Lovehoney Group Ltd.; Reckitt Benckiser Group Plc; and TENGA Co., Ltd. are among the leading companies in the APAC sexual wellness market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2020, Bayer AG announced acquisition of UK-based biotech company KaNDy Therapeutics Ltd. to expand its drug development pipeline in women’s healthcare.
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