by Iron deficiency anemia treatment market comprises oral iron therapy drugs and intravenous/ injectable iron therapy drugs. Oral iron therapy drugs are the most commonly prescribed treatment for iron deficiency anemia due to their cost-effectiveness and ease of use. However, in certain cases of severe anemia or intolerance to oral iron, intravenous/ injectable drugs are administered to patients. The iron deficiency anemia treatment market is driven by the rising prevalence of iron deficiency disorders caused by poor dietary intake of iron-rich foods, increased blood loss during menstruation, gastrointestinal disorders, and chronic diseases like kidney failure and inflammatory bowel disease.
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 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. Key players are focusing on new product launches, expansion of manufacturing facilities and geographic presence to strengthen their market position.
The key opportunities in the iron deficiency anemia treatment market include increasing awareness about healthcare, growth in medical tourism, technological advancements in diagnostic tests, and rising healthcare expenditure.
The global iron deficiency anemia treatment market is expected to witness high growth owing to rising elderly population, increasing demand from developing countries in Asia, Latin America and Africa. Key players are expanding their presence in high growth emerging markets through collaborations with regional distribution partners.
Market Drivers
The increasing prevalence of iron deficiency disorders mainly caused by malnutrition is a major market driver. According to WHO, over 2 billion people worldwide are estimated to have latent iron deficiency. Developing Asian and African countries withhigher disease and malnutrition burden are lucrative growth areas for iron deficiency anemia treatment drugs. The rising healthcare expenditures and improving access to diagnosis and treatment in these regions will fuel the market growth over the forecast period.
PEST Analysis
Political: Regulations around using certain iron supplements and monitoring iron intake can impact the market. Government policies on healthcare spending also affect demand.
Economic: As incomes rise in developing regions, more can afford treatment. However, a declining economy could hamper market growth.
Social: Growing health awareness drives the market. Sedentary lifestyles also contribute to anemia prevalence, creating demand.
Technological: Development of novel formulations and delivery methods aids patient compliance. Monitoring iron levels through blood tests helps diagnose and treat deficiencies early.
Geographical concentration
In terms of value, North America currently holds the largest share of the iron deficiency anemia treatment market due to rising healthcare expenditure and high diagnosis rates. Europe follows with the presence of major pharmaceutical companies and a focus on R&D for innovative therapies.
Fastest growing region
Asia Pacific is expected to experience the highest growth over the forecast period supported by growing populations, increasing incomes, and enhancing healthcare infrastructure in developing countries. Spread of medical facilities and diagnostic services aids detection and management of iron deficiency anemia cases. The rising young working population also demands effective treatment options.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
