Iron, one of the essential element, plays an important role in biological processes such as the synthesis of heme, energy metabolism, neurotransmitter production, formation of myoglobin, formation of collagen, and immune system function.
Deficiency of iron is one of the major causes of iron deficiency anemia (IDA) associated with increased morbidity and mortality. According to a survey conducted by the Vitamin and Mineral Nutrition Information System in 2017, around 30% of anemia in women and children in developing countries is due to iron deficiency. In the 19th century, Pierre Blaud introduced ferrous sulfate which became the standard treatment for IDA.
Iron supplements are available in two forms: oral and intravenous. Intravenous iron preparations are superior to oral supplements, as these lead to higher and faster increase in iron and Hb levels. Oral supplements have disadvantages such as GI adverse events, poor adherence, poor gastrointestinal absorption, and non-compliance.
Major drivers of the IV iron drugs market are increase in incidence of iron deficiency, rise in chronic kidney disease patients undergoing dialysis, and surging diabetic population. Increase in iron deficiency anemia in gynecology, oncology, and gastroenterology, noncompliance of oral therapy, and accurate, easy, and convenient access to IV iron dosages drive demand for intravenous iron drugs. However, complex approval process, stringent regulations, drug side effects, nutraceutical alternatives to prevent iron deficiency, and product price are likely to act as major restraints of the IV iron drugs market.
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The IV iron drugs market has been segmented based on product type and therapeutic area. Product types are ferric gluconate, ferric carboxyl maltose, iron sucrose, and iron dextran. Ferric gluconate accounts for the largest market share of the IV iron drugs market as it is one of the most effective forms of treatment of iron-deficiency anemia. However, at present, there is no data comparing it to existing preparations but it is expected to grow relatively faster due to the superior performance and increasing application. Based on therapeutic use, the IV iron drugs market has been divided into oncology, nephrology, gynecology, gastroenterology, heart failures, and surgeries. Increased usage of IV iron drugs among chronic kidney disease patients has led to the nephrology segment capturing the largest market share. Chronic Heart Failure is expected to be the fastest growing segment owing to rise in number of patients with heart related disorders.
In terms of region, the intravenous iron drugs market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America accounts for the major market share owing to rise in use of intravenous iron drugs in oncology. The market in emerging countries such as India and China in Asia Pacific is expected witness strong growth due to increasing investment by governments and private companies in biotechnology and biopharmaceutical industry, growing investment opportunities in developing countries, increase in diagnostic laboratories, and rise in prevalence of IDA among women in the developing countries. The intravenous iron drugs market is competitive, owing to emergence of new entrants in the market and presence of well-established firms.
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Key players in the intravenous iron drugs market are Allergan, Inc., AMAG Pharmaceuticals. Inc., Galenica Ltd., Actavis, Inc., American Regent. Inc., Sanofi, Luitpold Pharmaceuticals, Inc., Fresenius Medical Care AG & Co., Pharmacosmos A/S, and Vifor Pharma Ltd.