Labor induction is procedure followed to stimulate uterine contractions during or before labor induction which lead to normal/vaginal birth. Synthetic oxytocin is widely used throughout labor and postpartum care in obstetrics. Oxytocic pharmaceuticals are manufactured synthetically and act as similar to endogenous oxytocin by contracting uterine muscles. The drugs are administered through intravenous infusion/Injection or intramuscular injection.
The global oxytocic pharmaceuticals market is estimated to account for US$ 173.1 Mn in terms of value by the end of 2027.
Global Oxytocic Pharmaceuticals Market: Drivers
Increasing incidence of preterm births is expected to boost growth of the global oxytocic pharmaceuticals market over the forecast period. For instance, according to March of Dimes 2019 report card, the preterm birth rate in the U.S. reached 10.02% in 2018 from 9.63% in 2015.
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Global Oxytocic Pharmaceuticals Market: Opportunities
Increasing clinical trials to assess the efficacy of oxytocic drugs is expected to offer lucrative growth opportunities for players in the market. For instance, in October 2019, Wake Forest University Health Sciences started a randomized study to assess the effects of intramuscular oxytocin on pupil diameter and heart rate variability.
Global Oxytocic Pharmaceuticals Market: Restraints
Oxytocic drugs have some side effects such as redness or irritation at the injection site, loss of appetite, nausea, vomiting, cramping, and stomach pain, which are expected to hinder growth of the market.
Key Takeaways:
The Intravenous Injection/Infusion segment in the global oxytocic pharmaceuticals market was valued at US$ 52.6 Mn in 2019 and is expected to reach US$ 117.2 Mn by 2027 at a CAGR of 10.5% during the forecast period. Increasing oxytocic pharmaceutical product approval during the forecast period is anticipated to propel the growth of the segment.
The Hospitals segment held dominant position in the global oxytocic pharmaceuticals market in 2019, accounting for 60.1% share in terms of value, followed by maternity clinics, respectively. Major factors attributing to the market dominance of the segment constitute of increasing incidence of preterm births.
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The postpartum haemorrhage segment held dominant position in the global oxytocic pharmaceuticals market in 2019, accounting for 76.5% share in terms of value, followed by labor arrest and inevitable abortion, respectively. The growth of the segment is attributed increasing prevalence of postpartum haemorrhage during the forecast period
Market Trends
Physicians prefer IV bolus oxytocin during cesarean conditions. In Germany, bolus administration of oxytocin is used during cesarean conditions even though it creates more side effects when compared IV infusion doses. However, in the UK, slow infusion of 5-10IU is mostly preferred.
Increasing hospitalization for labor procedures is expected to boost growth of the market. For instance, according to the National Health Commission, China’s rate of hospital delivery remained over 99% in recent six years, and the percentage in rural areas has seen a rise from 51.7% in 1996 to 99.8% in 2018.
Global Oxytocic Pharmaceuticals Market: Competitive Landscape
Major players operating in the global oxytocic pharmaceuticals market include, Fresenius Kabi AG, Biofutura SpA, Baxter Healthcare Corporation, Pfizer Inc., Ferring B.V., Novartis AG, and Teva Pharmaceutical Industries Ltd.
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Global Oxytocic Pharmaceuticals Market: Competitive Landscape
September 2019: Fresenius Kabi SwissBioSim, a Fresenius Kabi company, started a new research and development center for biosimilars in Eysins, Switzerland
October 2019: Granules India Limited announced to divest its entire equity shareholding in Granules Biocause Pharmaceuticals Co. Ltd. by selling its stake to joint venture partner Hubei Biocause Heilen Pharmaceutical Co. Ltd.
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