One of the most prevalent types of anemia that develops when the body does not have enough iron is iron deficiency anemia. Low levels of healthy red blood cells are the source of anemia, a medical disease. The body’s organs receive oxygen from red blood cells (RBCs). Hemoglobin, a component of red blood cells, is made in large part by iron. Less oxygen in the organism is indicated by a hemoglobin deficit. Therefore, maintaining iron levels is crucial. The human organism requires iron for the transportation of oxygen. Consuming meals high in iron, such as meat, veggies, fruits, and grains, can help avoid it. In addition, vitamin C protects against iron deficiency anemia. Lack of iron consumption, poor iron assimilation, pregnancy, and endometriosis are some of the factors that contribute to iron deficiency anemia. Fatigue, exhaustion, rough and dry skin, tachycardia, neurocognitive failure, restless legs syndrome, trouble breathing, or pain in the upper body are signs of iron deficiency anemia.
The iron deficiency anemia treatment market is anticipated to reach US$ 13,419.8 million by the end of 2030, expanding at a CAGR of 17.3% from 2023 to 2030 (forecast period).
Iron Deficiency Anemia Treatment Market to Recover Amid COVID-19 Pandemic
The COVID-19 epidemic had a major effect on the healthcare systems, with severe consequences for both COVID-19-infected patients and non-infected patients, leading to the suspension of treatment and operations to manage and store resources. The demand for iron anemia therapy is anticipated to rise due to the higher incidence of iron deficiency anemia in females, which is anticipated to have a favorable effect on the market under study during pandemics. Additionally, according to the study published by BMC Infectious Diseases in February 2021, titled “Anemia predicts poor outcomes of COVID-19 in hospitalized patients: a prospective study in Iran”, it has been observed that patients with anemia were more likely to develop cancer, diabetes, renal disease, hypertension, and cardiovascular disease. Additionally, according to the same source, anemia was common in COVID-19 hospital patients and was linked to subpar COVID-19 results. Because of this, there will likely be a rise in the need for iron treatments and remedies among COVID-19 people.
Thus, the rising complication of anemia in COVID-19 patients is likely to increase the demand for iron treatment and therapies to treat the anemia condition in the patients, thereby expected to drive the growth of the market during the pandemic.
Increasing Prevalence of iron deficiency anemia to Boost Iron Deficiency Anemia Treatment Market
In underdeveloped countries, iron deficiency anemia (IDA) is more typical than normal. For instance, a 2017 study conducted by scientists at the Indira Gandhi Institute of Medical Sciences in Bihar, India, discovered that 50% of the teenage females surveyed had IDA. Among them, 3.3% had serious anemia. The main causes of these shocking numbers are insufficient iron consumption from normal dietary sources and blood loss during menstruation and pregnancy. Giving females and other susceptible groups the nutrients, they require to stay nourished may be crucial in treating iron deficiency anemia. These therapies can also help those impacted by IDA live healthier lives and lessen its detrimental effects. Especially in women and children, iron deficiency anemia is becoming more common due to inadequate dietary iron intake and excessive red blood cell loss. This can cause developmental disorders in developing fetuses in pregnant women and growing children, respectively. According to observations, in 2020, anemia was discovered in roughly 53% of women. According to the National Heart, Lung, and Blood Institute’s records, 3 million people in North America are estimated to have anemia. One of the main factors influencing the growth of the iron-deficiency anemia therapy market is the rising prevalence of target diseases such as autoimmune diseases, rheumatoid arthritis, renal problems, liver disorders, cancer, thyroid diseases, and inflammatory bowel diseases.
North America to Spearhead the Iron Deficiency Anemia Treatment Market
North America is the fastest-growing segment in the iron deficiency anemia treatment market due to several factors, including:
- Rising prevalence of iron deficiency anemia: The primary driver of demand for the iron deficiency anemia treatment market over the projected timeframe is the rising prevalence of iron deficiency anemia in infants and pregnant women. For instance, research released in April 2020 by the journal BMC Pregnancy and Childbirth found that 23% of pregnant women in Canada are anemic, with iron deficiency accounting for 85% of these instances.
- Increasing Investment in Healthcare: Governments and private organizations in North America are investing heavily in healthcare infrastructure and research and development. This investment is driving innovation and the development of new treatments for iron deficiency anemia.
- Increasing product approvals: The market development in the region is anticipated to be fueled by rising product approvals for treatments for iron deficiency anemia as well as rising company emphasis on creating efficient treatments. For example, in December 2021, Daiichi Sankyo, Inc. and American Regent, Inc., a Daiichi Sankyo Group company, announced that the United States FDA approved Injectafer for paediatric patients (who are 1 year of age or older) with iron deficiency anemia (IDA) who are intolerant to oral iron or who have had an unsatisfactory response to oral.
- Presence of key market players: The existence of major market players such as AMAG pharmaceuticals, Pfizer Inc., AbbVie Inc, Mylan N. V., etc is advantageous for the growth of the region’s market share during the forecast timeframe.
Companies operating in the iron deficiency anemia treatment market have adopted several growth strategies to expand their market share and increase their revenue. Some of the key players in the iron deficiency anemia treatment market include Amgen Inc., F. Hoffmann-La, Roche Ltd, Novartis AG, Pfizer Inc, Janssen Pharmaceuticals, Inc., AMAG Pharmaceuticals, Teva Pharmaceutical Industries Ltd., Zydus Lifesciences Ltd., Covis Group S., Apotex, Akebia Therapeutics, Inc., American Regent, Inc., Bayer Ag, Merck & Co.
- Partnerships and Collaborations: Companies are forming partnerships and collaborations to share expertise and resources to accelerate the development of iron deficiency anemia treatment drugs. These partnerships enable companies to leverage their strengths and develop new drugs more efficiently.
- Product Launches and Approvals: Companies are investing in research and development to develop new drugs and improve existing products. These companies are launching and getting approval for new products in the market to expand their product portfolios and gain a competitive advantage. The U.S. FDA stated in January 2020 that ferric derisomaltose injection made by PHARMACOSMOS A/S had been given the green light to treat people with iron deficiency anemia who were unable to tolerate or respond adequately to oral iron or who had nonhemodialysis-dependent chronic renal disease.
- Geographical Expansion: Companies are expanding their geographical presence by entering new markets and establishing a presence in regions with high growth potential. This enables companies to tap into new customer bases and increase their revenue.
- Acquisitions and Mergers: Companies are acquiring or merging with other companies to gain access to new technologies, expertise, and product pipelines. These acquisitions and mergers enable companies to expand their capabilities and product offerings and increase their market share. AbbVie successfully acquired Allergan Plc in May 2020. This company is a world champion in anemia, eye care, medical, cosmetics, and women’s health.
- Marketing and Promotional Activities: Companies are investing in marketing and promotional activities to increase awareness and educate healthcare professionals and patients about the benefits of iron deficiency anemia treatment. This enables companies to increase demand for their products and drive sales.
Overall, these growth strategies enable companies to expand their market presence, develop new products, and increase their revenue in the iron deficiency anemia treatment market.