Iron deficiency anemia is a common disorder caused by low levels of iron in the blood, which is essential for the red blood cells to function properly. Some key symptoms of iron deficiency anemia include fatigue, weakness, shortness of breath, fast or irregular heartbeat. Iron plays a vital role in oxygen transport, cell growth and development, as well as cellular metabolism. It is crucial for proper growth and development in infants and children. The global iron deficiency anemia treatment market is witnessing strong growth due to rising incidences of low dietary iron intake caused by changing dietary habits such as consumption of junk foods and ready-to-eat meals over home-cooked foods rich in iron.
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.
The prevalence of iron deficiency anemia is growing at an alarming rate globally, especially among infants, children, adolescents, women of reproductive age and elderly. According to WHO, iron deficiency anemia affects about 1.62 billion people globally. Rapid urbanization, sedentary lifestyles and growing consumption of junk and fast foods are key factors contributing to the high growth of this market.
Leading players are investing heavily in R&D to develop advanced oral and injectable formulations with better bioavailability and tolerability. Novel drug delivery technologies such as liposomal encapsulation are gaining popularity for improving efficacy of iron deficiency anemia therapeutics.
Market Trends
- Increasing popularity of heme-iron supplements: Heme-iron derived from animal sources such as meat is said to have higher bioavailability than non-heme iron from plant-based foods. Supplements containing heme-iron polypeptides are witnessing increased demand.
- Developing economical delivery methods: Companies are focused on developing economical oral and parenteral delivery alternatives to intravenous injections for treating severe iron deficiency anemia, especially in developing nations.
Market Opportunities
- Pediatric nutrition market: Special focus on dietary modifications and iron-fortified pediatric foods presents significant opportunities.
- Emerging economies: Rapid economic growth and rising health awareness in developing Asian, Latin American and African countries offer lucrative opportunities for iron supplements manufacturers and drug companies.
Impact of COVID-19 on Iron Deficiency Anemia Treatment Market Growth
The COVID-19 pandemic has impacted the growth of the iron deficiency anemia treatment market. During the initial lockdowns imposed globally to curb the spread of the virus, outpatient appointments and elective surgeries were postponed to divert medical resources towards COVID-19 treatment. This led to a decline in the diagnosis and treatment of other illnesses like iron deficiency anemia. Furthermore, disruptions in supply chains and trade restrictions hampered the availability of raw materials used to manufacture iron deficiency anemia drugs. The fear of virus exposure impacted the number of patients visiting hospitals and clinics for treatment and medication refills.
However, as the pandemic progressed, healthcare systems adapted by implementing strict safety protocols and utilizing telemedicine for remote consultations and treatment monitoring. This helped revive the diagnosis and management of chronic conditions like iron deficiency anemia. Additionally, resumption of manufacturing activities and stabilization of supply chains restored drug supplies. It is expected that in the forecast period, rising focus on nutrition and increasing adoption of oral supplementations will support the market growth. Healthcare providers and patients are also more prepared to tackle COVID-19 outbreaks, minimizing interruptions in treatment.
Geographical Concentration of Iron Deficiency Anemia Treatment Market Value
In terms of value, the iron deficiency anemia treatment market in Asia Pacific and Europe is concentrated. This is because these regions have a high prevalence of iron deficiency anemia owing to nutritional deficiencies, blood loss during childbirth, etc. Within Asia Pacific, India has emerged as a major market owing to its large population and growing health awareness. healthcare spending is also increasing. In Europe, countries like Germany, France and the UK account for a significant share due to well-established healthcare systems and high treatment rates.
Fastest Growing Region in Iron Deficiency Anemia Treatment Market
North America region is expected to witness the fastest growth in the iron deficiency anemia treatment market during the forecast period. This is attributed to rising health expenditures, availability of advanced screening and diagnosis options, growing awareness about iron deficiency and its treatment via government programs. The presence of leading pharmaceutical companies conducting clinical trials and product launches is also boosting the market growth. Additionally, growing geriatric population susceptible to anemia further supports market expansion.
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