DUBLIN, Feb. 9, 2024 /PRNewswire/ — The “Global IV & Oral Iron Drugs Market – Focused Insights 2024-2029” report has been added to ResearchAndMarkets.com’s offering.
The global IV and Oral Iron Drugs market, valued at $7.66 billion in 2023, will experience robust growth by 2029, expanding at a CAGR of 13.47%
This surge is primarily driven by the increasing prevalence of Iron Deficiency (ID) and Iron Deficiency Anemia (IDA) globally, coupled with a heightened awareness among patients about effective treatment options. The market’s expansion is further propelled by the rising occurrence of chronic diseases such as Chronic Kidney Disease (CKD), heart failure, gastrointestinal disorders, and cancer, which can lead to iron deficiency, particularly in surgical patients.
Key factors fueling market growth include the growing demand for dextran-free iron therapeutics and the rising need for iron drugs among dialysis and non-dialysis kidney patients. The market also benefits from the development of investigational latest generation IV & oral iron drugs with broader indications and improved treatment outcomes.
Market leaders like Vifor Pharma are significantly contributing with products such as Ferinject (marketed as Injectafer in the US) and Venofer, which are gaining traction, especially among dialysis patients. The oral iron drug segment, comprising both prescription and OTC preparations, is expanding steadily, although slower than IV iron drugs, with significant growth in emerging and low-income countries due to their cost-effectiveness.
The market’s growth is not just confined to developed nations; it’s also significant in developing countries across Asia, Africa, and Latin America, where iron deficiency poses a severe health challenge. This growth is further augmented by innovations in hospital pharmacy practice and retail store involvement, facilitating accessibility and awareness among consumers.
The hospital pharmacies segment is expected to grow due to their specialized services in iron medicines. At the same time, retail stores continue to play a crucial role due to immediate product availability and expert guidance. The prevalence of iron deficiency in CKD patients, which is estimated to be around 70%, highlights the critical need for iron therapy with IV and oral iron drugs.
As the global IV & oral iron drugs market evolves, key vendors like Vifor Pharma, Daiichi Sankyo Group, AMAG Pharmaceuticals, and others focus on product innovations and expanded label approvals to meet the growing demands and adapt to new patient groups. The market, characterized by the presence of global, regional, and local players, is highly competitive with a wide array of branded and generic drug offerings.
- The IV & oral iron drugs market represents a rapidly growing and most effective category of therapeutics that helps individuals with ID & IDA to improve their quality of life.
- By route of administration, the intravenous (IV) segment was valued at $4.40 billion in 2023. This growth mainly results from the expected launch of branded IV iron drugs in new markets and expanded indication approval for existing commercially available brands. One of the primary reasons for this significant growth rate is the increased uptake of branded IV drugs in the US and European markets.
- By patient group, the adult segment is going to witness notable growth during the forecast period. In 2023, the adult segment accounted for 83.33% of the global IV & oral iron drugs market. The segment is dominating the market due to the higher incidence/ prevalence of ID and IDA among elderly people across the world.
- By distribution channel, the hospital pharmacies segment is expected to grow at a significant CAGR. Hospital pharmacies offer iron drugs with adequate discounts and rebates. Thus offering a cost-effective way to minimize the burden on patients and healthcare systems.
- By application, In 2023, the nephrology segment accounted for 60.84% of the global IV & oral iron drugs market. The market for iron drugs in nephrology is increasing faster, and the trend is likely to continue during the forecast period due to the rising prevalence of CKD worldwide. The segment accounted for the largest market share owing to the increasing uptake of iron drugs to treat CKD.
- CSL Vifor, Covis Pharmaceuticals, Daiichi Sankyo, Akebia Therapeutics, Shield Therapeutics, and others are some of the leading players currently dominating the global IV & Oral iron drugs market. The major players focus on strategic acquisitions and collaborations with emerging players to enter the IV & Oral Iron Drugs market and to gain access to commercially launched products.
- Market Dynamics
- Competitive Landscape of IV & Oral Iron Drugs Market
- Key Vendors
- Other Prominent Vendors
- CSL Vifor
- Daiichi Sankyo
- Covis Pharmaceuticals
- Akebia Therapeutics
- Shield Therapeutics
Other Prominent Vendors
- AOP Orphan Pharmaceuticals
- Azad Pharmaceuticals
- Ciron Drugs & Pharmaceuticals
- Rockwell Medical
- Salveo Lifecare
- Sunny Pharmaceuticals
- Zydus LifeSciences
- Nippon Shinyaku
- Alinter Group
- Alora Pharmaceuticals
- DSE Healthcare
- GSK plc
PRODUCT SEGMENTATION & FORECAST
Route of Administration
- Hospital Pharmacies
- Offline Retail Pharmacies
- Online Channels
- Obstetrics & Gynaecology
- Heart Failure
For more information about this report visit https://www.researchandmarkets.com/r/tu64vd
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