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 from 2024 to 2031. Iron Deficiency Anemia arises due to inadequate levels of iron in the body which prevents the formation of haemoglobin, the oxygen carrying protein in the blood. Symptoms of iron deficiency anemia include feelings of tiredness and weakness, headaches, dizziness, pale skin, brittle nails and frequent respiratory infections. The primary treatment for iron deficiency anemia is iron supplementation through oral iron pills, liquid iron formulations or intravenous iron therapy for severe cases. Rising geriatric population is more susceptible to various health issues including iron deficiency anemia due to reduced absorption of iron with age. This is expected to drive the market growth over the forecast period.
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. The major players are focusing on new product launches, acquisitions and geographical expansions to garner market share.
The rising awareness regarding iron deficiency anemia and its treatment options through government initiatives and healthcare programs present lucrative growth opportunities in the market. Moreover, companies are shifting focus towards developing novel treatment methods such as iron-based nanocomposites and microencapsulated oral iron supplements with better absorption and bioavailability.
Globally, the iron deficiency anemia market is dominated by North America due to growing elderly population susceptible to IDA. However, Asia Pacific region is expected to witness highest growth owing to increasing healthcare expenditure and large patient pool. Key players are expanding their operations in emerging countries through collaborations with local players.
Market Drivers
– Growing geriatric population suffering from iron deficiency is a major driver for the iron deficiency anemia treatment market. Over 11% of the world’s population will be aged 65 years or older by 2050 according to WHO.
– Rising awareness about iron deficiency anemia diagnosis and treatments through various government initiatives is also propelling the market growth.
Market Restrains
– Side effects associated with iron supplements such as constipation, abdominal pain and nausea limits compliance to oral therapies. This acts as a restraint.
– Limited healthcare access and expenditure in developing regions hinders market growth to some extent.
Segment Analysis
The iron deficiency anemia treatment market is dominated by the oral iron supplements sub-segment which accounts for over 60% of the market share. This is because oral iron supplements are the most preferred and cost-effective treatment option for iron deficiency anemia. They are easy to consume and do not require medical administration or hospital visits. Some of the popular oral iron supplements include ferrous sulfate, carbonyl iron, and other iron salts. However, the intravenous/injectable iron treatment sub-segment is growing at a faster rate due to the higher effectiveness of intravenous iron in correcting iron stores as compared to oral supplements. They are preferred for patients who are unable to tolerate or assimilate oral iron supplements.
Global Analysis
Regionally, North America dominates the global iron deficiency anemia treatment market with the highest market share due to the widespread availability of advanced anemia treatment options and rising awareness about iron deficiency disorders in the region. However, the Asia Pacific region is expected to witness the fastest growth during the forecast period owing to the growing healthcare expenditure and increasing prevalence of iron deficiency anemia due to dietary changes in densely populated countries like India and China. The market is also expected to exhibit lucrative growth in Latin American countries due to the rising medical tourism industry. Key players are focusing on emerging markets through new product launches, collaborations and acquisitions to leverage growth opportunities.
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