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The iron drugs market size is estimated to increase by USD 3,552.86 million between 2022 and 2027. The market size is forecast to grow at a CAGR of 9.41%. The growth of the market depends on several factors, including the growing prevalence of iron deficiency globally, the growing awareness about the importance of iron in maintaining overall health, and the growing geriatric population.
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The growing prevalence of iron deficiency globally is notably driving the market growth, although factors such as the high cost of IV iron therapies may impede the market growth. Our researchers analyzed the data with 2022 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.
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 growth of the global market 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.
Global Iron Drugs Market 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. Also, under this segment, the company conducts research and development, manufacturing, commercialization, and sale of innovative medicines and therapies to allocate resources and assess business performance on a global basis in order to achieve established long-term strategic goals.
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 vendors 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 vendors 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 2,592.92 million in 2017 and continued to grow until 2021. 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 report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
The Market is experiencing robust growth driven by the rising prevalence of chronic kidney disease, inflammatory bowel disease, cancer, and infectious diseases like malaria, HIV/AIDS, hepatitis, pneumonia, and influenza. With a focus on IV drugs, including iron isomaltoside, ferric gluconate, ferric pyrophosphate citrate, and ferumoxytol, the market addresses gastrointestinal adverse effects and bleeding commonly associated with these conditions.
Key players like Pharmacosmos Therapeutics Inc lead the market, focusing on FDA-approved treatments and innovative products like ferric derisomaltose injection. Chronic kidney disease and inflammatory bowel disease remain prominent therapeutic areas, alongside emerging segments like women's health and chronic heart failure. Collaboration and partnerships drive product launches, with advancements like MonoVer enhancing treatment options in the market.
Iron Drugs Market Scope |
|
Report Coverage |
Details |
Page number |
159 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 9.41% |
Market growth 2023-2027 |
USD 3,552.86 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
8.52 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 40% |
Key countries |
US, Germany, France, Japan, and China |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Abbott Laboratories, AbbVie Inc., Alinter Group Ltd., Alora Pharmaceuticals LLC, Covis Pharma GmbH, Daiichi Sankyo Co. Ltd., DSE Health Care Solutions Inc., GlaxoSmithKline Plc, Hiral Labs Ltd., McKesson Corp., NovaFerrum, Pharmacosmos AS, Procter and Gamble, Reckitt Benckiser Group Plc, Rockwell Medical Inc., Sanofi SA, Shield Therapeutics plc, Vifor Pharma Management Ltd., Zydus Lifesciences Ltd., and Breckenridge Pharmaceutical Inc. |
Market dynamics |
Parent market analysis, Market forecasting, market growth and trends, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for 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 Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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