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The global IV and oral iron drugs market by revenue is expected to grow at a CAGR of 11.6% during the period 2022–2031.
The global IV and oral iron drugs market is expected to grow due to the prevalence of iron deficiency (ID). This deficiency is a highly widespread nutritional disorder, affecting around one-fourth of the global population, especially women and children. It is one of the predominant causes of anemia. Anemia accounts for around 9% of the total global disease burden.
Several chronic diseases are frequently associated with iron deficiency anemia (IDA) such as chronic kidney disease (CKD), chronic heart failure, cancer, and inflammatory bowel diseases. As anemia is associated with chronic fatigue, diminished well-being, and impaired cognitive function, the treatment with oral and IV iron drugs reduces the need for blood transfusion in patients. Further, the WHO rates ID as the most common and widespread nutritional disorder globally, and its prevalence is expected to grow with the aging population and the incidence of various chronic disorders.
The following factors are likely to contribute to the growth of the IV and Oral Iron Drugs market during the forecast period:
• Strategic Collaborations & Licensing Opportunities • Investigational Iron Drugs • Increasing Availability of Branded Iron Therapeutics and Expanded Indication Approvals
The study considers the present scenario of the IV and Iron drugs market and its market dynamics for the period 2022−2031. It covers a detailed overview of several market growth enablers, restraints, and trends. The report offers both the demand and supply aspects of the market. It profiles and examines leading companies and other prominent ones operating in the market.
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Global IV and Oral Iron Drugs Market Segmentation
The global IV and Oral iron drugs market research report includes a detailed segmentation by route of administration, application, patient group, distribution, geography. Expected launches of branded IV iron drugs in new markets and expanded indication approvals for existing commercially available brands are the key factors influencing the growth of IV iron drugs. The increased uptake of branded IV drugs in the US and European countries is also expected to contribute significantly during the forecast period. Moreover, the rise in global medicine and healthcare expenditure and high-sensitivity, accuracy, easy, and convenient access to intravenous iron dosages is likely to drive the demand for IV iron drugs over the next few years.
The growing prevalence of chronic kidney disease (CKD) and nephrological disorders across the world is increasing the application of iron drugs at a faster rate, and the trend is likely to continue during the forecast period. Across the globe, one in five men and one in four women have CKD among people above 65 years of age. Hence, a high prevalence of renal failures, particularly in developing countries such as China and India, where the number of older adults is increasing, is expected to affect market growth. Approximately 70% of patients with CKD suffer from iron deficiencies, which can aggravate renal anemia. Therefore, iron therapy with IV & oral iron drugs is an essential treatment option for CKD patients.
Adults constitute over 81% share of the global IV and oral iron drugs market. Adults dominate the market due to the high incidence and prevalence of ID and IDA in the elderly population across the globe. CKD is relatively common among adults, with a prevalence rate of up to 13%. With the increase in the incidence of diabetes and hypertension, CKD patients are likely to grow, thereby increasing the demand for iron drugs. Also, the percentage of the geriatric population is increasing at a significant rate worldwide, which is a key factor driving the growth of the segment.
Hospital pharmacies offer iron drugs with adequate discounts and rebates. Innovations in hospital pharmacy practice have led to the emergence of pharmacists working in community health services, aged care facilities, rehabilitation facilities, and general practice clinics. Such practices of hospital pharmacists are further driving the uptake of iron drugs via hospital pharmacies.
Vifor Pharma and Daiichi Sankyo Company are the leading players in the global IV and oral iron drugs market. However, AMAG Pharmaceuticals, PHARMACOSMOS, Sanofi, Allergan, Akebia Therapeutics, and Shield Therapeutics are other prominent players in the market with notable shares. Vendors are competing on a wide variety of factors such as innovations, marketing strategies, and distribution channels. Global companies have a wide geographic footprint, diversified product portfolio, and a strong focus on product innovation, R&D, and business expansion activities. Key players are expected to drive sales and margin growth in their business by expanding sales organization, maintaining technology leadership through R&D, and continuing to build clinical evidence to support the benefits of the products as well as services.
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The North American IV and oral iron drugs market share is expected to witness promising growth during the forecast period. The high uptake of branded iron drugs is one of the major reasons for strong growth. Vendors offering branded drugs are generating significantly higher revenue from the US than other markets. Also, the increased healthcare spending in the US and Canada is further contributing to the growth of the market. The prevalence of ID is likely to increase during the forecast period as the number of people with conditions such as CKD, CHF, IBD, and uterine bleeding is increasing in the country. Moreover, according to the United States Renal Data System (USRDS), the number of people suffering from CKD in the US alone was around 30 million people in 2020. A stressful lifestyle and the rise in chronic conditions are factors for the increase in the number of people with ID in the region.
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