July 13, 2024
Iron Deficiency Anemia Treatment Market

The Iron Deficiency Anemia Treatment Market is Growing at a CAGR of 8.5% by Increasing Prevalence of Iron Deficiency

The Iron Deficiency Anemia Treatment Market comprises iron supplements, which are essential for treating iron deficiency. Iron supplements provide iron to the body and help in increasing hemoglobin levels by improving iron absorption. Iron deficiency is one of the most common nutrient deficiencies globally, majorly affecting children and women in their childbearing age. This has increased the demand for effective iron deficiency treatment options.

The Global Iron Deficiency Anemia Treatment Market is estimated to be valued at US$ 21.6 Bn in 2024 and is expected to exhibit a CAGR of 8.5% over the forecast period 2024 to 2031.

Key players operating in the Iron Deficiency Anemia Treatment Market Demand are AdvaCare Pharma, Otsuka Pharmaceutical Co., Ltd., Sanofi, Emcure Pharmaceuticals, Wellona Pharma, SiNi Pharma Pvt Ltd, Sun Pharmaceutical Industries Ltd., Zydus Group, Akebia Therapeutics., Rockwell Medical, Inc., AbbVie Inc., Pfizer, Inc., Velnex Medicare, PHAEDRUS LIFE SCIENCE PVT. LTD., Inopha International Co, Limited, PharmaNutra S.p.A., Pharmascience Inc., American Regent, Inc. Key players are focused on developing novel formulations and combinations to provide effective treatment options.

The growing demand for iron deficiency treatment can be attributed to the increasing awareness regarding iron deficiency and related anemia. As per WHO data, around 1.62 billion people suffer from iron deficiency globally making it one of the most prevalent nutritional deficiencies worldwide. The rising cases of iron deficiency among women and children have boosted the consumption of iron supplements.

The global iron deficiency anemia treatment market is witnessing expansion owing to increasing prevalence in developing regions such as Asia Pacific, Middle East, and Latin America. With rising healthcare expenditures and growing consumer awareness, the iron deficiency treatment market is gaining traction in these regions. Moreover, strategic collaborations between regional and global players are helping in penetrating untapped rural markets.

One of the key trends in the iron deficiency treatment market is the emergence of combination therapies. Combining iron supplements with other micronutrients such as folic acid and vitamin B12 enables addressing the coexisting deficiencies simultaneously. This increases compliance and treatment efficacy. Additionally, the development of novel formulations including sprinkle capsules and gummies are assisting in overcoming patient adherence issues.

Porter’s Analysis

Threat of new entrants: Low capital investment is required for producing treatments for iron deficiency anemia which makes entry of new players easier. However, established players have strong brand loyalty and distribution channels in place.

Bargaining power of buyers: Buyers have moderate bargaining power in this market. Many treatment options are available from various established brands. However, rising incidences of iron deficiency anemia increases the overall market demand.

Bargaining power of suppliers: Suppliers have low bargaining power due to availability of substitutes and lack of product differentiation. Suppliers are dependent on established players for off-take of materials.

Threat of new substitutes: Threat from substitutes is moderate owing to availability of generic alternatives and herbal supplements to treat iron deficiency anemia. However, prescription drugs provide fast relief and have strong brand positions.

Competitive rivalry: The market is moderately competitive with presence of large multinational players and local generic manufacturers. Players differentiate through innovation, brand, and distribution network. Intense price wars among generics limit scope for high profitability.

North America dominates the global iron deficiency anemia treatment market in terms of value due to high awareness, diagnosis rates and healthcare expenditure. Asia Pacific is the fastest growing region supported by increasing patient pool, healthcare reforms and focus on anemia prevention.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it