According to the report, the global iron deficiency anemia treatment market was valued at US$ 9.2 Bn in 2019 and is projected to expand at a CAGR of ~9% from 2020 to 2030. Iron deficiency is the most common cause of anemia globally. Rise in prevalence of chronic kidney diseases, increase in risk of hemodilution in pregnant women, and surge in iron deficiency in individuals are the major factors anticipated to drive the global iron deficiency anemia treatment market during the forecast period. North America held a major share of the global iron deficiency anemia treatment market in 2019, due to large population suffering from iron deficiency, higher awareness about iron deficiency anemia, and increase in focus on new product launches by industry players. The iron deficiency anemia treatment market in Asia Pacific is expected to expand at a high CAGR of 9.5% from 2020 to 2030 due to increase in the number of geriatric patients suffering from iron deficiency and chronic kidney diseases.
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Rise in Prevalence of Iron Deficiency Anemia to Drive Market
Increase in prevalence of iron deficiency anemia across the globe is likely to drive the global iron deficiency anemia treatment market during the forecast period. Iron deficiency anemia is a common type of nutritional anemia and considered a major public health problem globally. It results in low level of hemoglobin in the blood. According to the WHO, anemia affects 1,500 million to 1,740 million people globally, with 50% of all anemia attributed to iron deficiency. Moreover, a study conducted for national primary care database in Germany, Belgium, Spain, and Italy, states that the annual incidence rate of iron deficiency anemia ranged from 7.2 to 13.9 per 1,000 person-years.
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Ferrous Sulfate to Dominate Global Market
In terms of drug type, the global iron deficiency anemia treatment market has been classified into ferrous sulfate, ferrous gluconate, ferrous fumerate, ferric hydroxide, sodium ferric gluconate, iron carbohydrates, and others. The ferrous sulfate segment dominated the global iron deficiency anemia treatment market in 2019 and the trend is projected to continue during the forecast period. The availability in generic form, low cost, and higher preference in the treatment of iron deficiency anemia is anticipated to boost the ferrous sulfate segment.
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Tablets to be Preferred Dosage Form
In terms of dosage form, the global iron deficiency anemia treatment market has been categorized into tablets, capsules, and liquid. The tablets segment held major share of the global iron deficiency anemia treatment market in 2019. Tablet is the most stable, inexpensive, and widely available dosage form for the treatment of iron deficiency anemia. High acceptance of tablet dosage form in hospital inpatient and outpatient settings, rise in disposable income, and increase in government support are likely to drive the segment in the near future.
Hospital Pharmacies to Remain Major Distribution Channel
Based on distribution channel, the global iron deficiency anemia treatment market has been divided into hospital pharmacies, retail pharmacies, and online pharmacies. The hospital pharmacies segment dominated the market in 2019, owing to benefits such as individualized medication plan and quality medication and increase in the number of hospital pharmacies in developing countries.
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Growth Strategies of Key Players
Key players operating in the global iron deficiency anemia treatment market are AdvaCare Pharma, Akorn, Sun Pharmaceutical Industries Ltd., Akebia Therapeutics, Inc., Rockwell Medical, Inc., Vifor Pharma Management Ltd., Shield Therapeutics, AMAG Pharmaceuticals, and Pharmacosmos A/S. These companies engage in research & development to develop novel products in order to expand product offerings and customer base. In March 2020, Rockwell Medical, Inc. received the U.S. FDA approval for its intravenous formulation of Triferic, Triferic AVNU. This approval enabled the company to expand its product portfolio and strengthen its position in the global iron deficiency anemia treatment market.
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