Global Iron Deficiency Anemia Therapy Market - Segmented by Type of Therapy, End User, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The global iron deficiency anemia therapy market is expected to register a CAGR of 7.2% during the forecast period, 2018 to 2023. Iron deficiency anemia is caused due to the lack of iron, which is one of the most common types of anemia. In case of women, in the child bearing age, iron loss in the blood is due to heavy menstruation or pregnancy. Certain intestinal diseases and poor diet can also cause anemia.
Rising Cases of Haemodilution in Pregnancy
Haemodilution is a condition in which there is decreased concentration of cells and solids in the blood. It is caused due to Plasma Volume Expansion (PVE). The PVE is dependent on various factors, like weight of the mother, BMI, hormonal state of the mother during pregnancy, etc. The cases of haemodilution are rising due to changes in lifestyles, such as lack of exercise, fast food, smoking, etc. These lifestyle changes are more in developed and developing countries, which is resulting in irregular BMI, increase in abnormal weight, and also hormonal imbalance. Such factors result in disturbed physiology of a pregnant woman.
As per the statistics of American Heart Association, around 44 million women are affected by cardiovascular disease in the United States, and 90% of the women have one or more risk factors associated with heart disease. Therefore, rising cases of haemodilution is fueling the iron-deficiency anemia therapy market, globally. The other factors, such as high prevalence of anemia are also driving the iron deficiency anemia therapy market to grow.
Stringent Regulatory Guidelines
Anemia is a highly prevalent disease, for which the need for drugs has grown. However, due to strict regulatory guidelines, there are some drugs that are unable to enter the market. The approval of iron-deficiency drugs, which are highly important in the market, is time consuming, moreover, the process involved is stringent. There are some cases where a drug is approved but, due to side effects or ethical issues related to its use, the market for the same does not grow because of strict regulations of regulatory authorities. Also, the fee for approval and investment in R&D are quite high for these drugs. United States FDA has increased the fee for Abbreviated New Drug Approval (ANDA), by over USD 100,000 to USD 170,000 for FY 2018. The hike was approved as per the Generic Drug User Fee Amendments of 2017 (GDUFA II). This increase in approval fees is expected to restrain the iron-deficiency anemia therapy market. The other factors, such as side effects of drugs or supplements are also hindering the growth of the market.
United States Lead the Market in North America Region
The United States iron deficiency anemia therapy market held the largest market share in 2017 in North America region due to the presence of high quality healthcare system and the prevalence of anemia is a significant public health indicator and has remained a relevant health concern in the United States. A high prevalence of iron-deficiency anemia in US infants was first widely noted during the 1990s. Later on, the prevalence rate did not drop, making iron deficiency a significant public health problem in the United States.
Key Developments in the Market: