Iron Deficiency Anemia Treatment Market Poised to Grow Owing to Rising Prevalence of Anemia

 

Iron Deficiency Anemia Treatment Market

The global iron deficiency anemia treatment market is estimated to be valued at US$ 12.1 Bn in 2024 and is expected to exhibit a CAGR of 8.6% over the forecast period between 2024- 2031. Iron deficiency anemia is one of the most common types of anemia affecting people worldwide. It occurs when the body does not have enough iron to produce hemoglobin. Common symptoms include fatigue, shortness of breath, pale skin and brittle nails. The increasing prevalence of iron deficiency anemia is being driven primarily by changes in diet, poor absorption of iron from vegetarian sources and menstrual blood loss in women. Growing awareness about this condition and its ill-effects has propelled the need for effective treatments. Oral iron supplements remain the first line of treatment but injections are being increasingly used for treating severe iron deficiency. Key players are also focused on developing novel therapeutics for efficient management of the condition.

Key Takeaways

Key players operating in the Iron Deficiency Anemia Treatment Market Demand 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. Some of the key opportunities in the market include growing demand for oral supplements and injectable formulations, entry of new players with novel drug delivery systems and geographical expansion into emerging markets like Asia Pacific and Latin America. Major companies are expanding their footprint through mergers and acquisitions to leverage growth opportunities.

The global iron deficiency anemia treatment market is driven by the rising prevalence of iron deficiency condition affecting people worldwide. As per WHO, over 2 billion people are reported to have anemia worldwide with iron deficiency contributing to over 50% of the cases. Changes in dietary patterns resulting in lower intake of iron rich foods especially in children and women of reproductive age has increased the risk of anemia. Rapid urbanization, affordability and lack of nutrition education in developing nations remain the key factors for inadequate iron consumption. Growing awareness and focus on women healthcare has also augmented demand for effective treatment options especially oral supplements and injectable formulations.

However, the growth of the iron deficiency anemia treatment market can be hindered by the rising costs of novel therapies and injectable drugs which may not be affordable or accessible for all patients globally. Alternate treatment options like iron-fortified foods, dietary changes and herbal supplements also remain a challenge. Lack of awareness in remote regions further affects early screening and diagnosis of iron deficiency condition. Stringent regulatory approvals for new formulations can also delay market entry of novel products thus restricting profitable growth opportunities.

Segment Analysis

The iron deficiency anemia treatment market is dominated by the oral iron supplements sub segment. Oral iron supplements account for over 60% of the total market share as they are the most commonly prescribed and cost effective treatment option. Oral iron supplements such as ferrous sulfate, ferrous fumarate, and polysaccharide-iron complex are easy to administer and have minimal side effects. Other emerging sub segments include iron injections, which are prescribed for patients who are unable to take oral supplements due to intestinal malabsorption issues or non-compliance.

Global Analysis

The North America region dominates the global iron deficiency anemia treatment market owing to high prevalence of anemia, presence of sophisticated healthcare infrastructure, and availability of advanced treatment options. Asia Pacific is projected to witness the fastest growth over the forecast period supported by growing awareness regarding nutrition, increasing healthcare expenditure, and rising incidence of gastrointestinal diseases leading to iron malabsorption. The Middle East and Africa region also presents lucrative opportunities for market expansion on account of growing geriatric population and anemic population base in the region.

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