The Global "Intravenous Iron Drugs Market" is estimated to reach at a high CAGR of 8.1% during the forecast period (2022-2029).
Iron is one of the crucial components in hemoglobin and plays an important role in the transportation of oxygen throughout the body. There have been several technological advancements in intravenous (IV) iron drugs that increase their applications such as kidney disease and inflammatory bowel disease. The development of these medications has led to improved functional capacity, increased hemoglobin levels, and restoration of iron in people suffering from iron deficiency anemia.
The global intravenous iron drugs market growth is driven by the increase in iron deficiency anemia in gynecology, oncology, and gastroenterology, noncompliance of oral therapy, and accurate, easy, and convenient access to intravenous iron dosages drive demand for the intravenous iron drugs market.
The increased use of intravenous iron drugs is expected to drive the market growth in the forecast period
The market is fundamentally profiting by the increased use of intravenous iron drugs treatment for pregnant ladies, and patients suffering from IBD and interminable heart ailment. The category of non-dextran intravenous iron drugs is by and by drawing more traction over the conventional dextran intravenous iron drugs. The capacity of the former category to deliver a heavier dosage of intravenous iron as compared to later is powering the demand for non-dextran intravenous iron drugs. The rising set of applications of intravenous iron drug therapy, and an encouraging pace of development of novel products. The market is also significantly benefitting from the increased usage of intravenous iron drugs therapy for pregnant women and patients with inflammatory bowel diseases and chronic heart failure. Active involvement of public and private bodies, especially across developing and less developed countries, in the process of increasing awareness regarding the need for safe levels of iron in pregnant women is also driving the market.
An increase in the growing ageing population is expected to drive the market growth
The global intravenous iron drugs market is anticipated to expand during the forecast period due to the increase in the growing ageing population, growing urbanization, increase in the number of dialysis cases, rising healthcare expenditure and increasing life expectancy rate. Some of the noteworthy trends and developments of this industry are the paradigm shift from oral iron drugs to intravenous iron drugs and the introduction of first-generation drugs InFeD and Dexeferrum. The development of these medications has led to improved functional capacity, increased hemoglobin levels, and restoration of iron in people suffering from iron deficiency anemia.
However, novel product development, the growing trend of bundled payment systems, and increasing penetration in the gynecology market are expected to fuel the growth of the intravenous iron drug market throughout the forecast period. Furthermore, the increasing need for preventing anemia in pregnant women as well as improving maternal and birth outcomes, rising number of diabetic patients in the global population, and growing awareness towards healthcare & personal care is anticipated to drive the market in the forecast period.
Multiple side-effects related to these drugs and stringent regulations are likely to hinder the market growth
However, multiple side-effects related to these drugs and stringent regulations may pose a major hindrance to the growth of the market some of the major side effects of these drugs include vomiting, muscle cramps, headache, cough, nausea, joint pain, constipation, and back pain. The approval processes and regulations for the use of intravenous iron drugs, established by the FDA and the European Medicines Agency are time taking and complex.
A new comprehensive report from National Kidney Foundation Inc. shows that people hospitalized with COVID-19 are at significant risk of AKI, which can lead to serious illness, dialysis, and even death. AKI appears to be a marker of COVID-19 infection severity and the mortality rate is higher for these patients. Various COVID-19-related effects that are thought to contribute to AKI include kidney tubular injury (acute tubular necrosis) with septic shock, microinflammation, increased blood clotting, and probable direct infection of the kidney. Most patients with COVID-19-related AKI who recover continue to have low kidney function after discharge from the hospital. Thus the increase in the prevalence of AKI due to the pandemic has increased the consumption of intravenous iron drugs which lead to its market growth in the forecast period.
The Ferric carboxymaltose segment is expected to grow at the fastest CAGR during the forecast period (2021-2028)
This medication is used to treat "iron-poor" blood (iron deficiency anemia). Low iron levels can occur due to many conditions, including when the body cannot get enough iron from food (because of poor nutrition or poor absorption) or when there is long-term blood loss. Ferric carboxymaltose is a form of injectable iron that is used if you take iron by mouth because of side effects or unsuccessful response to treatment. It is also used by people who have anemia due to long-term kidney disease. The increasing application in drug discovery, superior performance, and reduced cost will drive its market in the forecast period.
This can also be attributed to the FDA approval of Injectafer in North America as well as its approval outside North America under the name Ferinject. Injectafer (ferric carboxymaltose injection) is indicated for the treatment of iron deficiency anemia (IDA) in adult patients who have an intolerance to oral iron or have had unsatisfactory response to oral iron, or who have non-dialysis dependent chronic kidney disease.
Iron sucrose has the second-largest share in the intravenous iron drugs market. Iron sucrose (sucroferric oxyhydroxide or iron saccharate) is used as a source of iron in patients with iron deficiency anemia with chronic kidney disease (CKD), including those who are undergoing dialysis (hemodialysis or peritoneal) and those who do not require dialysis. Due to fewer side effects than iron dextran, iron sucrose is more preferred in chronic kidney disease patients. This factor is driving the growth of the market in the forecast period.
The hospital pharmacy is expected to dominate the Intravenous Iron drugs market during the forecast period
The hospital pharmacies held the largest share in the intravenous iron drugs market. This is mainly owing to the increasing number of patients suffering from conditions that are treated in hospitals equipped with advanced infrastructure and adequate facilities. Moreover, the growing number of hospitals along with adequate reimbursement policies is also contributing to the growth of this segment.
North America region holds the largest market share global intravenous iron drugs market
North America region is dominating the global intravenous iron drugs market accounted for the largest market share in 2020. The rising prevalence of iron deficiency anemia and the presence of some of the global market’s leading players in the region are some of the key factors attributable to the high future growth prospects of the intravenous iron drugs market.
The rapidly increasing prevalence, growing geriatric population, and the trend of inclination towards a sedentary lifestyle is a major factor for the growth of the market in the forecast period. According to the U.S. Department of Health & Human Services, around 15% of people in the U.S. are estimated to be suffering from chronic kidney disease. Thus these factors are driving the growth of the market in the forecast period.
The intravenous iron drugs market is moderately competitive with the presence of local as well as global companies. Some of the key players which are contributing to the growth of the market include Allergan, Inc., Daiichi Sankyo Company, Ltd., Rockwell Medical Technologies, Inc., AMAG Pharmaceuticals. Inc., Sanofi, Fresenius Medical Care AG & Co., Vifor Pharma Management Ltd., Pharmacosmos A/S, Shield Therapeutics Plc, and American Regent. Inc. among others. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the intravenous iron drugs market globally.
Intravenous Iron Drugs Market Key Companies to Watch
Overview: Allergan PLC manufactures speciality pharmaceuticals. The Company develops, manufactures, and distributes generic, brand, and over-the-counter products. Allergan offers its pharmaceutical drugs around the world. The Company operates through three segments: US Specialized Therapeutics, US General Medicine and International. The US Specialized Therapeutics segment includes sales relating to branded products within the United States, including Medical Aesthetics, Medical Dermatology, Eye Care, Neurosciences and Urology therapeutic products. The US General Medicine segment includes sales relating to branded products within the United States that do not fall into the US Specialized Therapeutics business units, including Central Nervous System, Gastrointestinal, Women's Health, Anti-Infectives and Diversified Brands. The International segment includes sales relating to products sold outside the United States. Within its US Specialized Therapeutics, US General Medicine and International operations, the Company sells its brand and aesthetic pharmaceutical products primarily to drug wholesalers, retailers and distributors, including national retail drug and food store chains, hospitals, clinics, mail-order retailers, government agencies and managed healthcare providers, such as health maintenance organizations and other institutions.
Product Portfolio: The Company’s portfolio is comprised of medical aesthetics, eye care, central nervous system and gastroenterology, the company also manufactures and commercializes branded pharmaceutical, device, biologic, surgical and regenerative medicine products for patients around the world.
Get your free sample proposal with a single click!