Intravenous Iron Drugs Market Growth & Trends
The global intravenous iron drugs market size is expected to reach USD 4.2 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 8.5% from 2021 to 2028. The introduction of novel formulations with expanded indications, increasing R&D activities, and rising awareness for diagnosis and treatment of anemia is expected to propel market demand over the forecast period.
The increase in the prevalence of chronic diseases, such as chronic kidney disease, cancer, inflammatory bowel diseases, diabetes, and acute and chronic infections, has been a major market driver facilitating a significant demand for intravenous iron drugs. According to the Globol can estimates, in 2020, around 19,292,789 new cases of cancer were diagnosed globally, which lead to around 9,958,133 deaths in the same year. According to the data published by the CDC, in 2019, an estimated 15% of U.S. adults, or around 37 million adults, are suffering from chronic kidney disease (CKD). The same source also stated that diabetes and high blood pressure are the major causes of CKD in adults, and CKD is more common in people aged 65 years or older. The rise in the incidence of chronic kidney disease globally, due to unhealthy lifestyles, has been a major growth factor for the market.
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Furthermore, increasing approval and indication expansion of iron drugs in key markets has significantly supported market growth. In February 2021, Pharmacosmos announced that the National Medical Products Administration (NMPA) approved Monofer injection 100 mg/mL in China. Also, in February 2018, the company announced that the U.S. FDA approved Supplemental New Drug Application (sNDA) for Feraheme (ferumoxytol injection). The FDA approved the use of Feraheme by an eligible adult suffering from Iron Deficiency Anemia (IDA).
Intravenous Iron Drugs Market Report Highlights
- Effects of the ongoing pandemic have also shown an estimated 14.0% to 30.0% kidney function loss among COVID-19 patients. Thus, increased the demand for iron drugs for the management of kidney disease-induced anemia in COVID-19 patients
- The Ferric Carboxymaltose segment accounted for the largest revenue share in 2020. Its high share is attributed to the high revenue generation of Ferinject/Injectafer in key markets
- The Chronic Kidney Disease (CKD) segment dominated the market in 2020. Its leading share is attributed to the increasing prevalence of CKD and the high incidence of IDA among CKD patients
- Key players are undertaking extensive strategic initiatives in the market, such as mergers and acquisitions, new product developments, and regional expansion, to address the growing demand
- North America dominated the market with the largest revenue share in 2020. The presence of major players and favorable reimbursement scenarios are facilitating the dominance of this region during the study period
- Asia Pacific is projected to witness a lucrative CAGR owing to the high prevalence of IDA in emerging economies
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Intravenous Iron Drugs Market Segmentation
Grand View Research has segmented the global intravenous iron drugs market on the basis of product, application, and region:
Intravenous Iron Drugs Product Outlook (Revenue, USD Million, 2016 - 2028)
- Iron Dextran
- Iron Sucrose
- Ferric Carboxymaltose
- Others
Intravenous Iron Drugs Application Outlook (Revenue, USD Million, 2016 - 2028)
- Chronic Kidney Disease
- Inflammatory Bowel Disease
- Cancer
- Others
Intravenous Iron Drugs Regional Outlook (Revenue, USD Million, 2016 - 2028)
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Asia Pacific
- Japan
- China
- India
- South Korea
- Singapore
- Australia
- Latin America
- Brazil
- Mexico
- Argentina
- MEA
- South Africa
- Saudi Arabia
- UAE
List of Key Players of Intravenous Iron Drugs Market
- Vifor Pharma Management Ltd.
- AMAG Pharmaceuticals
- Daiichi Sankyo Company, Ltd. (American Regent. Inc.)
- Sanofi S.A.
- Pharmacosmos A/S
- Shield Therapeutics Plc
- AbbVie Inc. (Allergan Plc)
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Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.
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