Iron is an essential mineral, which helps to perform multiple metabolic functions, including DNA synthesis, cell proliferation, and differentiation, cellular respiration, or immune protection against bacteria. The absence of sufficient iron levels reduces RBC production in the body, thereby affecting the transport of oxygen to different parts of the body. Globally, iron deficiency (ID) is the most common nutritional disorder observed in children, men, and women. The rise of chronic disorders such as chronic kidney diseases, heart failures, gastrointestinal disorders, and cancers is directly increasing the prevalence of iron deficiency cases worldwide. It is estimated that around 2 billion people are suffering from anemia worldwide. The number of people affected by iron deficiency anemia (IDA) in the US is more than 14 million. In developing countries, around 50% of pregnant women and 40% of pre-school children have been suffering from anemia.
Hence, the growing prevalence of iron deficiency is driving vendors, government organizations, and healthcare professionals to increase awareness about iron replacement therapies. This is expected to impact the IV and oral iron drugs market significantly. Several types of research and clinical studies have confirmed that early diagnosis and prompt treatment improves the quality of life and physical condition of IDA patients and alleviates fatigue and cognitive deficits. Further, the expected commericlization of branded IV drugs such as Feraccru, Monofer, and Injectafer in newer markets will further contribute to the growth of the global IV iron market. The IV and oral iron drugs market is expected to reach around $7.7 billion by 2024, growing at a CAGR of about 11% during 2018–2024.
IV and Oral Iron Drugs Market: Dynamics
Non-dextran IV iron drugs are currently gaining higher traction than conventional dextran-based IV iron drugs
Currently, the IV and oral iron drugs market is scaling new heights due to the increase in strategic collaborations and licensing opportunities. These strategic partnerships and in-licensing/out-licensing opportunities will allow key players to gain competitive advantage and increase geographical reach. Further, they will also reduce R&D expenses and offer scope for easy market access among geographies. Originator companies are partnering with large and medium-sized, regional and local, and biotechnology companies to increase the penetration of IV and oral iron drugs worldwide. They are also opting for strategic alliances to receive additional funds for the continued commercialization of drugs among geographies. For instance, in October 2018, Panion and BF Biotech collaborated with Akebia Therapeutics to develop a commercialization plan for Fexeric in Europe.
The ability of dextran free IV iron drug to deliver large dosages of elemental iron is fueling their demand. Several other benefits of dextran free IV iron drug include safety, patients’ satisfactory response, improved efficacy, and higher compliance rate. Dextran free drugs continue to drive the overall IV iron market growth due to the increased therapeutic application.
IV and Oral Iron Drugs Market: ROA Type
The IV iron market is growing at a faster rate due to expected launches of several branded iron drug in the medicine market
The IV and oral iron drugs market by ROA can be segmented into oral iron drugs and intravenous (IV) iron drugs. The oral iron drugs segment captured more than half of the market in 2018. Oral iron drugs are generally used as the first line of treatment to overcome iron deficiency among children, adults, especially pregnant women. They consist of iron salts such as ferrous sulfate, ferrous gluconate, and ferrous fumarate, which are recommended by the WHO. Further, advancements in iron pills development have increased prolonged-release properties, which are expected to improve gastrointestinal tolerability and bioavailability of oral iron drugs.
The IV iron drugs market is growing at a faster rate due to expected launches of several branded IV iron drugs in the medicine market. One of the major factors for the significant growth for IV iron drugs is the increased uptake of branded IV drugs in the US and European markets. Vifor Pharma Group, Daiichi Sankyo Company, AMAG Pharmaceuticals, Sanofi, and Pharmacosmos are the leading players offering branded IV iron drugs globally. Hence, the rising global medicine and healthcare expenditure and the accurate and convenient access to IV iron dosages are expected to drive IV and oral iron drugs market during the forecast period.
IV and Oral Iron Drugs Market: Application
The demand for iron sucrose preparations is replacing high molecular weight iron dextran drugs
The IV and oral iron drugs market by application is segmented into nephrology, OBGYN, surgeries, gastroenterology, oncology, and heart failure. In 2018, the nephrology segment accounted for a share of more than half of the IV iron market. The availability of approved prescription iron drug and the increased demand for IV iron drug, especially in developed economies for treating ID/IDA in CKD patients are further driving market growth. Over the past few years, the IV iron market has witnessed new formulations such as iron sucrose. It is replacing high molecular weight iron dextran, especially in dialysis patients. Hence, the demand for iron sucrose preparations such as Injectafer, Venofer, Ferrlecit, and Ferahemeis replacing HMW (High Molecular Weight) iron dextran drugs.
The OBGYN segment constituted around one-third share of the IV and oral iron drugs market in 2018. The market for iron drugs among women suffering ID and IDA is increasing at a steady rate due to abnormal uterine belling, blood loss during menstruation, and postpartum hemorrhage.
IV and oral iron drug are also used during surgeries. Pre-operative anemia is observed among patients undergoing elective surgeries, which increase the need for perioperative blood transfusion. Here, IV iron therapy is an effective intervention to treat pre-operative anemia. Also, the IV iron market for gastroenterology is growing at a significant rate and is likely to increase at a similar pace during the forecast period due to the increased need for drugs among patients with GI diseases such as IBD and celiac disease.
IV and Oral Iron Drugs Market: Geography
North America is expected to grow at a CAGR of around 13% during the forecast period
The IV and oral iron drugs market by geography can be segmented into North America, Europe, APAC, and ROW. In 2018, North America dominated the market and is expected to grow at a CAGR of around 13% during the forecast period. The strong presence of major vendors and a large proportion of the population with ID, coupled with better treatment access to ID and IDA, especially branded drugs, is the primary factor for high market shares.
Europe holds the second largest share in theIV iron market. Germany, the UK, France, Italy, and Spain are the major revenue contributors in the region. High disease awareness, high uptake of branded iron therapeutics, and accelerated healthcare spending are the primary factors responsible for market growth.
APAC is the third largest market for iron therapeutics. It is expected to grow at a steady rate in the coming years due to growing awareness about the application of iron drug for chronic disorders. Japan, China, South Korea, Australia, and India are the major revenue contributors to the APAC IV and oral iron drugs market. The high disease prevalence population, the improvement in healthcare spending, the increase in uptake of iron drug, especially generic and low-cost oral OTC drugs, will fuel the growth of the IV iron market in the APAC region.
The IV and oral iron drugs market in ROW is growing at a moderate rate. Most end-users prefer generic and OTC oral iron drug over branded ones in these regions. Brazil, Egypt, Iran, Israel, Mexico, South Arabia, and South Africa are expected to emerge as major markets for IV and oral iron drugs in ROW.
The global IV and oral drugs market research report includes in-depth coverage of the industry analysis with revenue and forecast insights for the following segments:
Oral Iron Drugs
Intravenous Iron Drugs