The iron deficiency anemia therapy market is expected to register a CAGR of nearly 7.2% during the forecast period, 2019-2024. Iron deficiency anemia is a common condition affecting, especially, children and young women across the world. Iron deficiency is a major problem in developed countries, such as the United States, Canada, the United Kingdom, and across Europe.
Moreover, in developing countries, iron deficiency anemia is frequently exacerbated by malaria and other worm infections. Accordig to the World Health Organization, 2017, Africa bears the highest burden of malaria with about around 90% cases. The current market is growing, due to the rising incidences of iron deficiency anemia. The increasing risk of hemodilution in pregnant women acts as a major driver for this market. The need to reduce the burden of iron-deficiency anemia has led to an increase in the demand for its treatment, which subsequently drives the global market.
Key Market Trends
Parenteral Iron Therapy Segment is Expected to Exhibit Fastest Growth Rate Over the Forecast Period
- Parenteral iron therapy is generally offered to patients who are either unable to absorb oral iron or are still diagnosed with increasing anemia, even after taking adequate doses of oral iron supplements. Many intravenous iron supplementation products are being approved by regulatory authorities, which is likely to drive the market in the future.
- Furthermore, according to the study published in Cochrane Library, 2019, parenteral iron therapy has shown to be very effective in case of patients with inflammatory bowel disease, postpartum hemorrhage and chronic heart failure. Also, advantages over the oral therapy is expected to boost the demand for parenteral iron therapy. Some patients are intolerant towards oral iron therapy, hence prefers parenteral iron therapy. Therefore, the aforementioned factors are expected to influence positively on the market in this segment.
North America Captured the Largest Market Share and is Expected to Retain its Dominance
North America dominated the overall iron deficiency anemia therapy market, with the United States being the major contributor to the market. According to the study of Mechanisms of Ageing and Development, 2018, iron deficiency anemia is highly prevalent in pregnant women and children. In the United States, the prevalence rate of iron deficiency anemia was found to be around 10% in women of child bearing age while one third of the children (12 months to 36 months) are likely to suffer from it. Moreover, the increasing product approvals related to iron deficiency anemia therapy is expected to be the major contributor in the market. For instance, recently, Pharmacosmos AS, recieved an US FDA approval for it's product "Monoferric" for the treatment of iron deficiency anemia.Hence, the high prevalence rate of anemia is expected to boost the growth of the market in North America.
Companies are taking initiatives to develop novel therapies in the market. For instance, in 2018, AMAG Pharmaceuticals recieved an US FDA (Food & Drug Administration) approval for Feraheme for the treatment of iron deficiency anemia in patients with intolerance to oral iron therapy and/or have no significant improvement through oral iron therapy. The presence of a significant number of players in the market studied has an impact on the prices of products by firms, such as Allergan, Pharmacosmos AS, AMAG Pharmaceuticals, Sanofi Aventis, Pieris, Lutipold, Keryx Biopharmaceuticals Inc. and Akebia Therapeutics.
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