Oxytocic Pharmaceuticals Market to hit US$ 98.60 Mn in 2021, Says Future Market Insights (FMI)
Though synthetic oxytocin is chemically equivalent to naturally-occurring oxytocin, their pharmaceutical functions for aiding women in labour are quite distinctive. Medical professionals from around the world will continue to recommend synthetic-based oxytocic pharmaceuticals over natural since oxytocic pharmaceuticals originating from synthetic sources can boost the momentum of decelerated labour by IV administration.
More than 90% of the global market revenues for oxytocic pharmaceuticals will be harvested from the sales of oxytocic pharmaceuticals originating from synthetic sources. By the end of 2031, an estimated US$ 207.80 million revenues will be emanated from the global sales of synthetic oxytocic pharmaceuticals.
Future Market Insights’ published report on the global oxytocic pharmaceuticals market estimates that the market, which is presently valued at US$ 62.2 million, will expand at an impressive 7.74% CAGR to reach US$ 207.80 million value by 2031-end. In the report, titled “Oxytocic Pharmaceuticals Market: Global Industry Analysis & Opportunity Assessment, 2021-2031,”
Future Market Insights projects that the global market for oxytocic pharmaceuticals will remain highly fragmented due to higher prevalence of local players as opposed to multinationals and conglomerates. Nevertheless, global pharmaceutical industry leaders such as Pfizer Inc., Novartis AG, Baxter Healthcare Corporation, and Teva Pharmaceutical Industries Ltd. are also partaking in the global oxytocic pharmaceuticals market. Other leading manufacturers of oxytocic pharmaceuticals include Biofutura Pharma SpA, Ferring BV, and Fresenius Kabi AG.
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Global Oxytocic Pharmaceuticals Market: Regional Analysis
The need for oxytocic pharmaceuticals in the world will always remain contingent to the rise in pregnancy incidences and birth rate. Various parts of the world exhibit diverse birth rate, which incidentally drives the growth of their oxytocic pharmaceuticals market, accordingly. In North America, oxytocic pharmaceuticals are majorly used for postpartum haemorrhage, which is one of the most-prominent indication among labouring women in the US and Canada.
However, China is expected to remain the largest market for oxytocic pharmaceuticals in the world. Considering the country’s exploding birth rate, China’s oxytocic pharmaceuticals market will be valued over US$ 55 million by 2031-end, expanding at 9.8% CAGR. In 2016, Japan’s oxytocic pharmaceuticals revenues amounted to an estimated US$ 1.7 million, while the oxytocic pharmaceuticals market in Asia-Pacific excluding Japan & China (APEJC) region has been estimated to account for nearly 20% of global revenues.
Global Oxytocic Pharmaceuticals Market: Research Highlights
- Licensing agreements for development of newer oxytocic pharmaceuticals is rampantly boosting the global market revenues, profiting local players as well as industry leaders.
- Surging prevalence of labour induction procedures for child births will continue promoting the use of oxytocic pharmaceuticals throughout the forecast period.
- The global oxytocic pharmaceuticals revenues, however, are projected to witness an inhibited growth on the account of rising preference to alternative drugs such as magnesium sulphate and misoprostol.
- India’s contribution to the APEJC oxytocic pharmaceuticals market is predicted to reach nearly 60% by the end of 2031.
- More than 22,000 thousand units of oxytocic pharmaceuticals will be sold globally for treating labour arrest over the forecast period.
- Hospitals will remain the largest end-user of oxytocic pharmaceuticals in the world, revenues from which will expand beyond 12% CAGR.
- A majority of medical professionals in the world will recommend intravenous administration of oxytocic pharmaceuticals, accounting for more than two-third of global market revenues by the end of 2031.
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