Iron-Deficiency Anemia Therapy Market Growth, Analysis - Segmented by Type of Therapy, End-User (Hospitals, Clinics, and Home Healthcare), and Geography - Trends, and Forecast (2018 - 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. Iron-deficiency anemia is a common condition affecting, especially, children and young women across the globe. Iron deficiency is a major problem in developed countries, such as the United States, Canada, the United Kingdom, and across Europe. Moreover, in developing countries, iron-deficiency anemia is frequently exacerbated by malaria and other worm infections. The Iron-Deficiency Anemia Therapy Market is expected to reach a market value of approximately USD 3.6 billion by registering a growth rate of 7.24% over the forecast period, 2018 to 2023 (henceforth, the forecast period). The key factors propelling this market are rising cases of haemodilution in pregnancy and high prevalence of anemia.
Rising Cases of Haemodilution in Pregnancy
Haemodilution is a condition in which there is a 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 the 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 the disturbed physiology of a pregnant woman. Some of the cases of haemodilution are associated with cardiac functions; women who suffer from any cardiovascular disease are prone to have haemodilution during pregnancy. As per the statistics of American Heart Association, around 44 million women are affected by the cardiovascular disease in the United States, and 90% of the women have one or more risk factors associated with heart disease. Abnormalities of the heart cause complications during pregnancy and haemodilution is very common in women with cardiovascular disease. Growing number of women affected by cardiovascular disease is resulting in the increasing number of haemodilution cases in pregnant women. Therefore, rising cases of haemodilution is fueling the iron-deficiency anemia therapy market globally.
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. For example - A drug named Feraheme is used as an iron replacement among people, suffering from iron deficiency. The drug was approved by US FDA in 2009. After a period of time, it started showing allergic reactions among the users. Due to this drug, many people suffered from serious reactions, whereas certain deaths were also reported. Thereafter, the drug was banned to prescribe and in critical cases, it was given to adults only. Moreover, changes in the label and prescription patterns were made by US FDA. The fee for approval and investment in R&D are quite high for these drugs. US 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.
Segmentation Insights for the Iron-Deficiency Anemia Therapy Market
Under the Therapy Type segment, Parenteral Iron Therapy is expected to have the highest growth rate over the forecast period (2018 - 2023). The highest growth has been estimated due to the increasing number of FDA approvals in Parenteral Iron Therapy category. In 2018, US FDA approved ferumoxytol injection for the treatment of iron-deficiency anemia in all the adults, who are irresponsive to the oral therapy. Prevalence of anemia cases and patients’ irresponsiveness toward oral and dietary therapies are the factors likely to drive the market over the forecast period.
The Asia Pacific is Expected to Register Highest Growth Rate
The Asia-Pacific Iron-Deficiency Anemia Therapy market is expected to register highest CAGR when compared to other regional markets, due to the high prevalence of iron-deficiency related disorders in the region, and also due to increasing trends of self-management in countries of China, Japan and India with respect to iron-deficiency. India is expected to exhibit the highest growth rate among all of the countries in the Asia-Pacific region. A number of iron-supplementation and awareness programs are underway in India specifically aimed at alleviating the nutrition levels among rural women and children, which form the majority of the iron-deficient anemic population.
Key Developments in the Market
- May 2017- Akebia and Vifor Pharma announced the exclusive license agreement to provide Vadadustat to Fresenius Medical Care in the United States upon FDA Approval.
Major Players -Allergen, Akebia Therapeutics, AMAG Pharmaceuticals, Keryx Biopharmaceuticals Inc., Johnson & Johnson, Luitpold Pharmaceuticals Inc., Pharmacosmos A/S, and Pieris among others.
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