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 8.7% from 2020 to 2030. Iron deficiency is the most common cause of anemia globally. Rise in prevalence of chronic kidney diseases, increase in risk of hemodilution in pregnant women, and surge in iron deficiency in individuals are the major factors anticipated to drive the global iron deficiency anemia treatment market during the forecast period.
North America held a major share of the global iron deficiency anemia treatment market in 2019, due to large population suffering from iron deficiency, higher awareness about iron deficiency anemia, and increase in focus on new product launches by industry players. The iron deficiency anemia treatment market in Asia Pacific is expected to expand at a high CAGR of 9.5% from 2020 to 2030 due to increase in the number of geriatric patients suffering from iron deficiency and chronic kidney diseases.
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Potential Association Between Anemia and Coronavirus Triggers Medication Production
Iron metabolism and anemia may play an important role in multiple organ dysfunction during the ongoing COVID-19 pandemic. Patients with iron deficiency are more susceptible to coronavirus. Hence, companies in the iron deficiency anemia treatment market have increased their output capacities to avoid supply shocks for medications in pharmacies and hospitals.
They are increasing efforts to identify risk factors that can help to optimize hospital resources and create an awareness about public health recommendations. The potential association between anemia and coronavirus has compelled pharmaceutical companies to boost their output capacities of drugs and other medications. This is likely to drive the iron deficiency anemia treatment market.
Iron-folic Acid Supplements Hold Potential to Eradicate Anemia in Indian Women
Pharmaceutical companies in the iron deficiency anemia treatment market are tapping into incremental opportunities in India, as nearly half of the women population in India is anemic. This explains why the iron deficiency anemia treatment market is predicted to register a robust CAGR of 8.7% during the assessment period. Iron-folic acid supplements are emerging as efficacious medication in the eradication of anemia in India.
Ferrous Sulfate, Divalent Iron Salts Fuel Innovations in Iron Supplements
Apart from iron supplements, manufacturers in the iron deficiency anemia treatment market are making advancements in intravenous (IV) infusion treatments for patients with chronic illnesses. New possibilities for iron supplementation with the help of antiplatelet drugs, anticoagulants, and anti-inflammatory drugs are projected to bolster market growth.
Manufacturers are developing improved formulations in drugs involving ferrous sulfate, gluconate, and iron fumarate, owing to their better bioavailability than other compounds. They are innovating in drugs containing divalent iron salts, since these drugs are relatively cheap for purchase in pharmacies and drug stores.
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Hospital Pharmacies to Remain Major Distribution Channel
Based on distribution channel, the global iron deficiency anemia treatment market has been divided into hospital pharmacies, retail pharmacies, and online pharmacies. The hospital pharmacies segment dominated the market in 2019, owing to benefits such as individualized medication plan and quality medication and increase in the number of hospital pharmacies in developing countries.
North America to Dominate Global Market; Asia Pacific to Offer Significant Opportunities
In terms of region, the global iron deficiency anemia treatment market has been segmented into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. North America is projected to account for a leading share of the global iron deficiency anemia treatment market during the forecast period. Rise in prevalence of chronic kidney diseases and increase in patient base of iron deficient women in North America leading to a surge in demand for iron deficiency anemia treatment are major factors driving the market in the region.
According to the CDC, in 2019, 15% of the U.S. adults i.e., 37 million people are anticipated to have had chronic kidney disease. Moreover, 15% women are suffering from CKD compared to 12% men. Furthermore, it is more common in people aged 65 years or older in the country. The market in Europe is expected to expand at a high CAGR in the near future, owing to the presence of local as well as global players and rise in demand for iron deficiency anemia treatment in the region.
The iron deficiency anemia treatment market in Asia Pacific is likely to grow at a rapid pace in the near future. India and China are anticipated to be lucrative markets for iron deficiency anemia treatment during the forecast period. Presence of large geriatric patient population with iron deficiency and increase in healthcare expenditure in these countries are projected to propel the market in Asia Pacific over the next few years.
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Growth Strategies of Key Players
Key players operating in the global iron deficiency anemia treatment market are AdvaCare Pharma, Akorn, Sun Pharmaceutical Industries Ltd., Akebia Therapeutics, Inc., Rockwell Medical, Inc., Vifor Pharma Management Ltd., Shield Therapeutics, AMAG Pharmaceuticals, and Pharmacosmos A/S. These companies engage in research & development to develop novel products in order to expand product offerings and customer base. In March 2020, Rockwell Medical, Inc. received the U.S. FDA approval for its intravenous formulation of Triferic, Triferic AVNU. This approval enabled the company to expand its product portfolio and strengthen its position in the global iron deficiency anemia treatment market.
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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