IV and Oral Iron Drugs Market - Global Outlook and Forecast 2024-2029

INDUSTRY OVERVIEW

The global IV and oral iron drugs market was valued at USD 7.66 billion in 2023 and is expected to reach USD 16.34 billion by 2029, growing at a CAGR of 13.47%. This market is witnessing healthy growth, mainly attributed to the growing incidence/prevalence of Iron Deficiency (ID) & Iron Deficiency Anemia (IDA) and the rising demand for treating such disorders worldwide. Furthermore, the market is also growing due to the increasing awareness among the patient population regarding effective treatment modalities for ID & IDA, as well as the rising prevalence of several chronic diseases such as CKD, heart failure, GI disorders, and cancer in patients undergoing surgeries that can lead to iron deficiency. The IV and oral iron drugs market represents a rapidly growing and most effective category of therapeutics that helps individuals with ID & IDA improve their quality of life.

Constant development and launch of innovative products are essential for vendors operating in this highly competitive market to achieve healthy sales growth and increase market share. Furthermore, according to Arizton, several factors will likely influence the growth of the global IV & oral iron drugs market. For instance, the growing demand for dextran-free iron therapeutics for the treatment of ID/IDA and the demand for iron drugs among dialysis and non-dialysis kidney patients are projected to drive the growth of the global IV and oral iron drugs market during the forecast period.

MARKET TRENDS & DRIVERS

Increasing Availability of Branded Drugs & Expanded Indication Approvals
Key vendors are tactically concentrating on the advancement and marketable launches of iron therapeutics for treating ID and IDA. New product approvals/launches help vendors to increase their presence and sustain their market position. For instance, players such as Vifor Pharma Group, Daiichi Sankyo Group, AMAG Pharmaceuticals, Pharmacosmos, Akebia Therapeutics, and Shield Therapeutics are dominating the market due to their continuous involvement in product innovations and launches. In addition, the IV and oral iron drugs market also witnessed expanded label approval for already approved iron therapeutics worldwide. Expanded indication approval positively influences the market as drug usage is increased by adding a new patient group to the existing patient pool.

High Demand for Dextran-free Iron Therapeutics
The first iron drug approved for intravenous use was HMW iron dextran for treating ID/IDA. Later, LMW iron dextran was introduced into the industry. However, dextran-containing IV iron preparations are associated with an elevated risk of anaphylactic reactions. Over the past decade, various new dextran-free IV iron preparations with better safety profiles than traditional IV compounds have been developed. As a result, over the past few years, the market has witnessed exponential uptake of non-dextran IV iron drugs compared to dextran IV drugs worldwide. Since IV iron dextran is associated with a high risk of anaphylactic reactions, the demand for non-dextran IV iron drugs is witnessing a double-digit growth rate.

Strategic Collaborations & Licensing Opportunities
Several key players in the global IV and oral iron drugs market are actively involved in strategic collaborations and licensing partnerships globally to enhance the market penetration of their iron therapeutics in newer markets and extend their presence. Strategic collaborations provide an opportunity to expand the industry and raise their sales globally. These strategic partnerships will allow players to gain a competitive advantage to bolster their growth. These strategies will also help vendors reduce their R&D expenses and offer scope for easy market access for products into wider geographies by leveraging the portfolio of the acquired companies.

SEGMENTATION INSIGHTS

INSIGHTS BY ROUTE OF ADMINISTRATION
The IV route of administration segment accounted for the most significant portion of the global IV and oral iron drugs market in 2023. This segment is growing faster, with a CAGR of about 16.63% compared to the oral segment, and the trend is projected to continue during the forecast period as well. 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 major reasons for this significant growth rate is the increased uptake of branded IV drugs in the US and European markets. Further, Arizton estimates that the number of patients diagnosed with ID, regardless of the underlying cause for administering IV iron drugs, is increasing at a healthy rate. Moreover, the rising global medicine and healthcare expenditure and high sensitivity, accuracy, and easy and convenient access to intravenous iron dosages are expected to drive the demand for the IV iron drug market in the upcoming years.

INSIGHTS BY PATIENT GROUP
The global IV and oral iron drugs market by patient group is segmented into adults and pediatrics. The adult segment dominated the industry in 2023 due to the higher incidence/ prevalence of ID and IDA among elderly people across the world. Chronic Kidney Disease (CKD) is relatively common among adults, with a prevalence of up to 13%, and further rises with the aging population. Risk factors such as diabetes and hypertension are major contributors to CKD. Also, the elderly population is increasing at a significant rate worldwide. For instance, the world's population over 60 is estimated to reach 22% by 2050 from 12% in 2015. The number of persons aged 80 or older is expected to triple between 2020 and 2050 to reach 426 million. Therefore, the rising aging population is a key factor driving the growth of the adult segment of the global IV and oral iron drugs market. Also, iron deficiency anemia in adults contributes to low work productivity and has a negative impact on the economy. Thus, meeting the rising demand for iron therapeutics is becoming important, especially for adult patients worldwide.

INSIGHTS BY DISTRIBUTION
The hospital pharmacies distribution segment was the major revenue contributor to the global IV and oral iron drugs market in 2023. 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. Pharmacists at hospital pharmacy stores provide clinical pharmacy services at the bedside of inpatients and other clinical areas such as emergency departments, outpatient clinics, and doctors and nurses. Also, innovation in hospital pharmacy practice has led to the emergence of pharmacists working in community health services, aged care facilities, rehabilitation facilities, and general practice clinics. Such practices of hospital pharmacists are further driving the uptake of iron drugs from hospital pharmacies.

INSIGHTS BY APPLICATION
The global IV and oral iron drugs market by application is segmented into nephrology, obstetrics & gynecology (OBGYN), surgery, gastroenterology, oncology, and heart failure. The nephrology application segment dominated the segmental market share in 2023. The market for iron drugs in nephrology is increasing faster, and the trend will likely continue during the forecast period due to the rising prevalence of CKD worldwide. In addition, the industry is growing due to the availability of approved prescriptions of iron drugs and increased demand for IV iron drugs, especially in developed countries, for treating ID/IDA in CKD patients. For decades, parenteral iron has been used in patients unresponsive to oral iron and hemodialysis-dependent patients receiving erythropoietin. Over the past few years, the industry has witnessed new IV iron formulations, such as iron sucrose, replacing the high molecular weight of iron dextran, especially in dialysis patients.

GEOGRAPHICAL ANALYSIS

North America dominated the global IV and oral iron drugs market share, accounting for over 39% in 2023. The growth in the region is mainly attributed to the increasing incidence of ID & IDA. The industry in North America is growing at a faster rate owing to the rising prevalence of chronic conditions related to ID and IDA as comorbidities. The prevalence of ID is anticipated to increase during the forecast period as the number of people with conditions such as CKD, CHF, IBD, and uterine bleeding is increasing in the country. Furthermore, the growing focus of vendors in R&D to develop advanced IV & oral iron drugs is further projected to impact the industry growth significantly. Major and emerging players’ continuous involvement in R&D activities will lead to the development of several innovative products in the upcoming years.

The European IV and oral iron drugs market is growing at a healthy rate and is expected to grow at a similar pace during the forecast period. The rising prevalence of various chronic diseases with ID and IDA as associated comorbidities and the presence of several major and local vendors offering a wide range of branded and generic iron drugs are influencing the market growth in Europe. Moreover, the high awareness of iron replacement therapy for treating iron deficiency and IDA in several patient groups contributes to the growth of the region's IV and oral iron drugs market. As a result, the number of patients seeking iron replacement therapy with oral or IV iron formulations is increasing at a healthy rate in Europe. Furthermore, the growth of the APAC IV and oral iron drugs market is due to the presence of a large pool of patients with ID & IDA, improvements in healthcare infrastructure, and increased healthcare expenditure.

VENDOR LANDSCAPE

The global IV and oral iron drugs market is highly competitive, with prominent players offering end-users a broad range of branded and generic IV & oral iron drugs. The industry is characterized by several global, regional, and local players offering branded and generic iron drugs. With significant shares, Vifor Pharma and Daiichi Sankyo Company are the leading players in the global IV and oral iron drugs market. In addition, AMAG Pharmaceuticals, PHARMACOSMOS, Sanofi, Allergan, Akebia Therapeutics, and Shield Therapeutics are other prominent players in the industry with notable shares. CSL Vifor is a global leader in developing innovative iron deficiency and nephrology pharmaceuticals. Vifor Pharma (CSL Vifor) develops, manufactures, and markets pharmaceutical products in Switzerland, Europe, the US, and internationally. Its leading product is Ferinject/Injectafer, an IV ferric carboxymaltose solution used to treat ID. Moreover, the company’s Mircera is a long-acting ESA used to treat symptomatic anemia associated with CKD. It further offers Venofer, an IV iron sucrose solution for treating ID. In 2022, CSL acquired Vifor Pharma.