May 22, 2024
Iron Deficiency Anemia Treatment Market

Iron Deficiency Anemia Treatment Market is Estimated to Witness High Growth Owing to Rising Prevalence of Iron Deficiency Anemia

Iron deficiency anemia treatment market comprises oral iron therapy medications for the treatment of iron deficiency anemia. Iron deficiency anemia occurs due to inadequate iron intake or impaired absorption of dietary iron leading to insufficient transfer of iron to tissues and haemoglobin. Rising prevalence of iron deficiency anemia, growing health awareness and improvement in healthcare infrastructure are key factors augmenting the growth of global iron deficiency anemia treatment market.

The Global Iron Deficiency Anemia Treatment Market is estimated to be valued at US$ 21.6 Bn in 2024 and is expected to exhibit a CAGR of 8.5% 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.

Key opportunities in the iron deficiency anemia treatment market include growing R&D investments, development of novel therapeutic options and expansion in emerging markets. Emerging Asian countries such as India, China and Malaysia are expected to offer high growth opportunities owing to growing geriatric population and improving healthcare access and facilities.

The global iron deficiency anemia treatment market is expected to witness high growth owing to expansion of key players in developed regions such as North America and Europe. Increasing strategic collaborations and acquisitions are aiding expansion of global market presence and service offerings.

Market drivers

Rising prevalence of iron deficiency anemia due to changing dietary patterns and growing malnutrition is a key factor fuelling demand for iron deficiency anemia treatment options. According to WHO, around 1.62 billion people suffer from iron deficiency anemia globally, majority in low and middle income population groups. Growing health awareness levels and development of novel oral iron supplements with improved absorption and tolerability are further expected to propel market growth during the forecast period.

PEST Analysis

Political: Government policies play a key role in the Iron Deficiency Anemia Treatment market. Regulations regarding drug approvals can impact the availability and pricing of treatment options.

Economic: As iron deficiency anemia has a high prevalence, its treatment presents an opportunity for growth. However, healthcare investments and budgets of nations determine how much can be spend on such therapies.

Social: Rising awareness about nutrition and anemia prompt people to seek treatment when diagnosed. Information dissemination programs help tackle the social stigma around certain medical conditions.

Technological: Advancements in drug R&D and delivery mechanisms aid the development of newer treatment forms. Technologies for fast and reliable diagnostics also support early detection and management of iron-deficiency anemia.

The market in terms of value is largely concentrated in developing regions of Asia Pacific and Latin America due to the high population suffering from nutritional deficiencies in these geographies. North America currently holds the leading share but Asia Pacific is poised to be the fastest growing regional market during the forecast period attributed to rising healthcare spending, growing medical tourism, and increasing penetration of novel treatment options.

India, China and other Southeast Asian countries offer immense growth potential for the Iron Deficiency Anemia Treatment market given their huge patient pools and improving access to diagnosis and care. The market is also anticipated to expand significantly in several African nations where dietary iron deficiency is widespread and management remains a critical public health issue.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it