Iron deficiency anemia refers to a condition where there is insufficient iron to support normal red blood cell production. It leads to a shortage of red blood cells and less ability to carry oxygen to the tissues. The most common symptoms are fatigue, weakness, dizziness, and pale skin. Iron deficiency anemia occurs when the body's iron stores or intake are insufficient to replace iron lost through regular bodily functions. Iron deficiency anemia can affect people of all ages but is more common in young children, women of reproductive age, and the elderly. Treatment involves oral iron supplements and modification of diet.
The Global Iron Deficiency Anemia Treatment Market is estimated to be valued at US$ 21.6 Bn in 2024 and is expected to exhibit a CAGR of 8.5% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Iron Deficiency Anemia Treatment Market Growth are AdvaCare Pharma, Otsuka Pharmaceutical Co., Ltd., Sanofi, Emcure Pharmaceuticals, Wellona Pharma, SiNi Pharma Pvt Ltd, Sun Pharmaceutical Industries Ltd., Zydus Group, Akebia Therapeutics., Rockwell Medical, Inc., AbbVie Inc., Pfizer, Inc., Velnex Medicare, PHAEDRUS LIFE SCIENCE PVT. LTD., Inopha International Co, Limited, PharmaNutra S.p.A., Pharmascience Inc., American Regent, Inc. The increasing demand for oral iron supplements and intravenous iron therapy has boosted the growth of key players in the market. Technological advancements in iron chelation therapy and combination therapy have provided relief to patients suffering from severe iron deficiency anemia.
Market Trends
Rising prevalence of chronic kidney disease and cancer driving the market growth. Chronic kidney disease and chemotherapy for cancer often lead to severe iron deficiency anemia calling for advanced treatment options. Investments in R&D for innovative drug delivery methods is a key trend witnessed in the market. Nanotechnology-based iron supplementation ensures better iron absorption and bioavailability minimizing side effects.
Market Opportunities
Untapped markets in developing nations present lucrative opportunities. Rising health awareness and diagnostic rates in Asian and Latin American countries will boost demand. Public-private partnerships for iron supplementation programs can significantly reduce the burden of disease. Shift towards home healthcare and telemedicine during COVID-19 has opened new opportunities for tele-nutrition and e-prescriptions in iron deficiency anemia management.
Impact of COVID-19 on Iron Deficiency Anemia Treatment Market
The COVID-19 pandemic has impacted the growth of the iron deficiency anemia treatment market. During the initial lockdown phases imposed by various governments globally, outpatient visits reduced significantly affecting the sales of oral iron supplements. However, the demand for injectable formulations increased as it ensured better patient compliance and therapeutic efficacy compared to oral drugs amidst restricted movement and social distancing norms. Telemedicine also emerged as an effective medium for doctors to provide online consultations to patients and prescribe medications remotely. Post lockdowns, awareness about importance of maintaining strong immunity has increased the focus on proper iron levels, driving the growth of nutritional supplements for anemia treatment. The future strategies should focus on development of long-acting parenteral formulations, making telemedicine services more ubiquitous and expanding e-pharmacy channels for better product access globally.
Geographical Regions with Highest Value Share in Iron Deficiency Anemia Treatment Market
North America currently holds the largest share of the global iron deficiency anemia treatment market in terms of value. This can be attributed to high healthcare expenditure, availability of advanced therapies, rising awareness regarding nutritional deficiencies, and presence of global pharmaceutical players in the region.
Asia Pacific is the fastest growing regional market stimulated by huge patient population, increasing disposable incomes, growing medical tourism, and entry of low-cost generics. Rising anemia cases associated with menstruation, pregnancy and chronic kidney disease in developing Asian countries like India and China are further driving market growth in this region.
Get more insights on Iron Deficiency Anemia Treatment Market
According to the report, the global iron deficiency anemia treatment market was valued at US$ 9.2 Bn in 2019 and is projected to expand at a CAGR of ~9% from 2020 to 2030.
Iron deficiency anemia is a common type of nutritional anemia and considered a major public health problem globally.
It results in low level of hemoglobin in the blood.
Moreover, a study conducted for national primary care database in Germany, Belgium, Spain, and Italy, states that the annual incidence rate of iron deficiency anemia ranged from 7.2 to 13.9 per 1,000 person-years.Ferrous Sulfate to Dominate Global MarketIn terms of drug type, the global iron deficiency anemia treatment market has been classified into ferrous sulfate, ferrous gluconate, ferrous fumerate, ferric hydroxide, sodium ferric gluconate, iron carbohydrates, and others.
The availability in generic form, low cost, and higher preference in the treatment of iron deficiency anemia is anticipated to boost the ferrous sulfate segment.Request COVID Analysis on Iron Deficiency Anemia Treatment Market –https://www.transparencymarketresearch.com/sample/sample.php?flag=covid19_id=81221Tablets to be Preferred Dosage FormIn terms of dosage form, the global iron deficiency anemia treatment market has been categorized into tablets, capsules, and liquid.
Tablet is the most stable, inexpensive, and widely available dosage form for the treatment of iron deficiency anemia.
