The Global Market for Intravenous (IV) Iron Drugs is Projected to Reach US$3 Billion by the Year 2024
Growing Number of IDA
Patients, Rising CKD Incidence & Expanding Indications Drive Global Intravenous
Iron Drugs Market, According to a New Report by Global Industry Analysts, Inc.
The global intravenous (IV) iron drugs market is forecast to witness a steady growth, driven by the rising number of Iron Deficiency Anemia (IDA) patients, increasing aging population, growing incidence of CKD, and rise in number of ESRD patients. Other factors driving growth include increasing healthcare expenditure, rising urbanization, and favorable guidelines laid down by healthcare organizations. For instance, the European Society of Cardiology strongly recommended the use of Ferinject in its guidelines for treating iron deficiency in patients suffering from systolic heart failure. Furthermore, the market is also witnessing rapid transition in terms of demand from traditional dextran to non-dextran intravenous iron drugs. Non-dextran intravenous iron drugs offer higher advantageous over dextran intravenous iron drugs in terms of delivering higher doses of infusing iron in a shorter time period. Additionally, the non-dextran based drugs are capable of addressing various challenges, such as safety, intolerance, dosing, and compliance associated with traditional iron therapies.
In terms of therapeutic areas, while the use of IV iron drugs in the field of nephrology is well established globally, there is significant potential for IV iron therapies in other fields. The need for iron replacement is expected to boost the demand for IV iron drugs in the therapeutic fields of cardiology, gastroenterology, oncology, gynecology and surgery. The market for IV iron drugs is further supported by the growing awareness of IDA and its ill-effects in women, particularly during pregnancy and following child birth. However, the market growth is being hindered due to various adverse-effects associated with intravenous iron-based products, such as vomiting, muscle cramps, constipation, vomiting, back pain, headache, joint pain, cough, and nausea. The market growth is also hindered due to stringent regulations. For instance, Government associations, such as European Medicines Agency and FDA have laid down strict regulation for approving the use of intravenous iron drugs.
As stated by the new market research report on Intravenous (IV) Iron Drugs, developed economies dominate the global IV iron drugs market. Rising incidence of Chronic Kidney Disease (CKD), a major cause of anemia; and an aging population, at risk for iron deficiency and other age related conditions which could lead to anemia, are the leading causes for the dominant sales of IV iron drugs in Europe and the US. Asia-Pacific is projected to emerge as the fastest growing market for IV iron drugs worldwide. Iron Deficiency Anemia (IDA) is a major health crisis in developing countries as a result of poor eating habits, and a growing population, particularly the elderly who are vulnerable to numerous diseases.
Major players in the market include Allergan Plc., AMAG Pharmaceuticals Inc., Daiichi Sankyo Inc., Luitpold Pharmaceuticals, American Regent Inc., Pharmacosmos A/S, Sanofi US, Vifor Pharma Ltd., and Vifor Fresenius Medical Care Renal Pharma, among others.
The research report titled “Intravenous (IV) Iron Drugs: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, growth drivers, challenges, mergers and acquisitions, and other strategic industry activities. The report provides market estimates and projections in US$ for all major geographic markets, including the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (China, India and Rest of Asia-Pacific), Latin America (Brazil and Rest of Latin America) and Rest of World.
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