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The iron drugs market size is estimated to increase by USD 4.58 billion, at a CAGR of 10.87% between 2023 and 2028. The market's growth is influenced by several key factors. Firstly, there is a rising global prevalence of iron deficiency, driving demand for iron supplements and fortified foods. Secondly, increasing awareness of the critical role iron plays in maintaining overall health is prompting more consumers to prioritize iron intake. Lastly, the growing geriatric population, prone to nutritional deficiencies, is further boosting market demand. These factors collectively propel the market for iron supplements and fortified foods, creating opportunities for innovation and expansion. As healthcare awareness continues to increase worldwide, the focus on nutritional health, particularly concerning iron deficiency, underscores the market's potential for sustained growth and development in meeting the needs of diverse consumer demographics.
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The market is primarily driven by the increasing prevalence of chronic diseases such as chronic kidney disease, inflammatory bowel disease, cancer, HIV/AIDS, TB, hepatitis, pneumonia, and iron deficiency anemia. Iron drugs are essential for the production of hemoglobin, a protein in red blood cells that carries oxygen to various parts of the body. Chronic kidney failure, cancer-induced anemia, and monofer for iron deficiency anemia are some of the major applications of iron drugs. Ferric Carboxymaltose is a leading iron drug used for the treatment of iron deficiency anemia in chronic kidney disease patients. Other conditions like rheumatoid arthritis, autoimmune diseases, renal issues, and liver disorders also require iron supplementation. However, the use of iron drugs is not without challenges. GI side effects are a common issue, limiting their widespread adoption.
Further, the market is significant in poor nations due to the high prevalence of anemia, particularly among mothers and children. Key players in the market include Chronic Kidney Disease, Irritable Bowel Syndrome, Hemoglobin, Transferrin saturation, and Chronic kidney failure. Monofer and Iron deficiency anemia are some of the major product segments in the market. The market is expected to grow due to the increasing prevalence of chronic diseases and the need for effective iron supplementation therapies. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The growing prevalence of iron deficiency globally is the key factor driving the growth of the global market. Iron deficiency anemia (IDA) affects people all over the world. It affects people of all ages and sexual orientations. However, teenage girls are prone to iron deficiency. Increased iron requirements, menstrual blood loss, infections, parasite infestations, and other factors may be the main causes of iron deficiency. An important micronutrient called iron is necessary for many body processes. Necessary for cell development and differentiation, oxygen binding, transport and storage, enzymatic reactions, immune system activity, brain activity, mind-body development, and other processes. Therefore, iron deficiency-caused pathological or physiological factors can adversely affect a person's mental and physical development, reducing learning ability and work productivity.
Further, a lack of nutrients, a rise in demand, or blood loss due to any cause can all lead to an iron deficiency. Adolescent girls with IDA and iron deficiency have a variety of causes, including low iron intake or absorption, increased demand during adolescence, significant blood loss during menstruation, and parasite infestation. India is home to more than half of the world's undernourished population. Although both sexes can develop IDA at any age, adolescent girls are more likely to do so. The population between the ages of 10 and 19 is referred to as an adolescent by the World Health Organization (WHO). Thus, the growing prevalence of iron deficiency is one of the major drivers, which is expected to drive the market growth and trends during the forecast period.
A growing number of CKD dialysis centers in emerging economies is the primary trend in the global market growth. Emerging economies such as China, India, and Brazil are witnessing a growing prevalence of CKD, which is encouraging renal anemia therapeutics vendors to invest in these markets. Furthermore, attempts to improve CKD treatment have led to an increase in the number of dialysis centers in emerging countries. For instance, in 2021, Asia's dialysis network, NephroPlus, announced a USD 25 million investment in India to pursue growth opportunities across India and international markets. NephroPlus operates around 275 dialysis centers in India and more than 170 cities across 23 states.
Furthermore, in August 2020, Renal Project, a healthcare start-up in India running micro dialysis centers, raised USD 0.3 million from angel investors to fund its expansion plans. Therefore, such developments in dialysis centers in emerging economies are expected to create new growth opportunities for the vendors in the market, which will drive the growth of the global market during the forecast period.
The high cost of IV iron therapies is a major challenge to the growth of the global market. The high cost of IV iron therapies is a challenge to the growth. Although IV type has several advantages over oral products, they are relatively high-priced than oral products, which might affect their adoption as people may choose low-cost alternatives. Also, even with reimbursement coverage, the out-of-pocket expenses for these drugs are considerably high.
For instance, the total cost of treatment for iron infusion for severe anemia per year for an individual is around USD 16,000, along with out-of-pocket expenses of USD 6,500. The cost of IV ferric carboxymaltose drugs such as Ferinject/Injectafer is almost twice the cost of IV iron sucrose drugs such as Venofer. Although ferric carboxymaltose is more cost-effective in the long term as it reduces the number of visits to healthcare facilities, the high initial cost acts as a challenge to the growth of the market. Therefore, price challenges might impede the growth of the global market during the forecast period.
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
AbbVie Inc.: The company offers iron drugs such as Infed Iron Dextran Injection.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the oral drug segment will be significant during the forecast period. Oral drugs are a type of drug that is taken orally to treat iron deficiency anemia. They are available over the counter or by prescription and are generally well-tolerated by most patients.
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The oral drug segment was valued at USD 2.78 billion in 2018. There are several different types of oral iron supplements, including ferrous sulfate, ferrous gluconate, ferrous fumarate, and iron polysaccharide complex. These supplements work by providing the body with extra iron, which is needed to produce hemoglobin, a protein in red blood cells that carries oxygen throughout the body. Ferrous sulfate is the most commonly used type of oral iron supplement. It is available in tablets or capsules and is usually taken two to three times a day with food. Ferrous gluconate and ferrous fumarate are also available in tablet or capsule form and are typically taken once or twice a day with food. Such factors will increase segment growth during the forecast period.
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North America is estimated to contribute 40% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. They are typically used to treat anemia, a condition that occurs when the body does not have enough red blood cells to carry oxygen to the tissues of the body. In North America, the market is primarily driven by the high prevalence of anemia among the elderly population, as well as among women who experience heavy menstrual bleeding or who are pregnant. As government organizations are taking initiatives to increase awareness of CKD in geriatric people, it is expected to positively impact the regional market's growth during the forecast period.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
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The key applications in Chronic Kidney Disease, Inflammatory Bowel Disease, Cancer, and Other Health Conditions Iron drugs are essential medications used to treat various health conditions, including chronic kidney disease, inflammatory bowel disease, cancer, anemia, and infectious diseases such as malaria, HIV/AIDS, TB, hepatitis, pneumonia, and influenza. These drugs come in two forms: IV (intravenous) and oral. IV iron drugs, including iron dextran, iron sucrose, ferric carboxymaltose, Injectafer, Ferrinject, iron isomaltoside, ferric gluconate, ferric pyrophosphate citrate, ferumoxytol, and ferric derisomaltose, are commonly used in kidney dialysis and for the treatment of anemia in chronic kidney disease and other conditions. Oral iron drugs are used to treat anemia caused by various reasons, such as iron deficiency, chronic disease, or blood loss. Gastrointestinal adverse effects, including gastrointestinal bleeding, are common side effects of iron drugs.
However, advancements in teleconsultations and telemedicine have made it easier for healthcare professionals to monitor patients and manage side effects effectively. Additionally, IV iron drugs are also used to treat conditions like celiac disease, Acute Kidney Injury, and rheumatoid arthritis. Women's health, chronic heart failure, and mothers and children in poor nations also benefit from the use of iron drugs. In conclusion, the market is a significant sector in the pharmaceutical industry, catering to a wide range of health conditions. The ongoing research and development efforts in this field aim to improve the efficacy and safety of these drugs, making them more accessible to patients worldwide.
Market Scope |
|
Report Coverage |
Details |
Page number |
174 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 10.87% |
Market Growth 2024-2028 |
USD 4.58 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
9.53 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 40% |
Key countries |
US, Japan, China, Germany, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Abbott Laboratories, AbbVie Inc., Alinter Group Ltd., Alora Pharmaceuticals LLC, Breckenridge Pharmaceutical Inc., Covis Pharma GmbH, CSL Ltd., Daiichi Sankyo Co. Ltd., DSE Health Care Solutions Inc., GlaxoSmithKline Plc, Hiral Labs Ltd., McKesson Corp., NovaFerrum, Pharmacosmos AS, The Procter and Gamble Co., Reckitt Benckiser Group Plc, Rockwell Medical Inc., Sanofi SA, Shield Therapeutics plc, and Zydus Lifesciences Ltd. |
Market dynamics |
Parent market growth analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the market forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Age Group
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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