Iron Deficiency Anemia Therapy Market Size, Growth, Opportunity and Forecast Till 2023-2033by SDKI Research Market Research
The iron deficiency anemia therapy market is expected to register a CAGR of nearly 7%, during the forecast period.
As per a research article published in Respiratory Research in October 2021, severe coronavirus disease is commonly associated with hyperinflammation and hyperferritinemia. As per the study two months after COVID-19 onset, 30% of all subjects still had Iron deficiency (ID). Of these, 13% of the patients had absolute ID and 17% functional ID.
Iron deficiency anemia is a common condition, that especially affect children and young women across the world. Iron deficiency anemia is a major problem in developed countries, such as the United States, Canada, the United Kingdom, and across Europe.
According to the World Health Organization (WHO), Anaemia is a serious global public health problem that particularly affects young children and pregnant women. WHO estimates that 42% of children less than 5 years of age and 40% of pregnant women worldwide are anaemic.
Moreover, in developing countries, the major cause of iron deficiency anemia is malaria and other worm infections. As per the Medicines for Malaria, in 2019 approximately 229 million cases of malaria occurred worldwide, with 94% of these cases occurring in the World Health Organization Africa Region. In 2019, there were approximately 409,000 deaths that occurred to Malaria, worldwide. Children aged under 5 years are the most vulnerable group affected by malaria. Therefore, this high burden of worm infections such as malaria is leading to increase in incidences of iron deficiency anemia. In addition, the increasing risk of hemodilution in pregnant women is also acting as a major driver for the growth of the market studied. Thus, the presence of various risk factors that are increasing the burden of iron deficiency anemia around the world is ultimately increasing the demand of iron deficiency anemia therapy. Therefore, it is anticipated that the market is expected to propel at high growth rates during the forecast period. However, stringent regulatory guidelines and adverse effects of the drugs are expected to restraint market growth.
Key Market Trends
Parenteral Iron Therapy Segment is Expected to Hold Significant Market Share Over the Forecast Period
By Therapy Type, Parenteral iron therapy is expected to have one of the major shares of the market. Parenteral iron therapy is generally given to patients, who are either unable to absorb oral iron or are suffering from severe anemia and the anemia is not controlling even after taking adequate doses of oral iron supplements. Recently, the market players are focusing on developing a large number of parenteral iron therapy and many intravenous iron supplementation products are being approved by regulatory authorities, which is likely to drive the market in the future. For instance, in January 2019, PHARMACOSMOS A /S reported that it has received the United States Food and Drug Administration (FDA) approval of Monoferri for the treatment of iron-deficiency anemia (IDA). This new FDA approval has helped the PHARMACOSMOS A/S to expand its product portfolio and has increased its market credibility.
Furthermore, as per the study published in Cochrane Library, 2019, parenteral iron therapy proved to be very effective, in the case of patients with inflammatory bowel disease, postpartum hemorrhage, and chronic heart failure. Additionally, parental therapy has various associated advantages over oral therapy are expected to boost the demand for parenteral iron therapy. Moreover, children and aged population are intolerant toward oral iron therapy, and they usually prefer parenteral iron therapy. Therefore, the aforementioned factors, along with s rising burden of worm infections such as malaria leads to increase in incidences of iron deficiency anemia, which is expected to influence positively on the market growth.
North America Captured the Largest Market Share and is Expected to Retain its Dominance
Geographically, North America dominated the overall iron deficiency anemia therapy market, with the United States being the major contributor to the market. As per the study of Mechanisms of Ageing and Development in 2018, iron deficiency anemia is highly prevalent in pregnant women and children. In the United States, the prevalence rate of iron deficiency anemia was around 10% in women of childbearing age, while one-third of the children (12 months to 36 months) are likely to suffer from it.
Moreover, according to the Centers for Disease Control and Prevention, an estimated 5,832 anemia patients died in 2017 in the United States. These studies indicate that the burden of anemia is high in this region which directly relates to the high demand for iron deficiency anemia therapy in this region.
Moreover, the increasing product approvals related to iron deficiency anemia therapy in this region are expected to be major contributors to the market. For instance, in February 2018, AMAG Pharmaceuticals reported that the company has received the United States Food and Drug Approval of supplemental new drug application (sNDA) for Feraheme (ferumoxytol injection). Also, in April 2019, the Vifor Pharma Group and Akebia Therapeutics, Inc. reported that the companies have amended the terms of their license agreement to sell vadadustat to Fresenius Medical Care North America dialysis clinics in the United States, which is subjected to its approval by the FDA. All these developments and the high prevalence rate of anemia is expected to boost the growth of the market in North America.
The companies are taking initiatives to develop novel therapies in the market studied. The presence of a significant number of players in the market studied has an impact on the prices of products by firms, such as AbbVie Inc., Pharmacosmos AS, AMAG Pharmaceuticals Inc., Sanofi SA, Pieris Pharmaceuticals Inc., and Akebia Therapeutics.
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Created on Jan 12th 2023 04:47. Viewed 126 times.