Author: Himanshu Patni
21 November 2022
Iron is one of the minerals in the human body. It is one of the components of hemoglobin, the substance in red blood cells that helps blood carry oxygen throughout the body. The rising prevalence of chronic diseases such as kidney diseases and cancer glaucoma increases the demand for the supplement iron. and myopia has a significant contribution to the market for Intravenous Iron. For instance, as per the WHO, Cancer is a leading cause of death worldwide, accounting for nearly 10 million deaths in 2020, or nearly one in six deaths. Furthermore, the increasing malnutrition cases in underdeveloped and developing nations also catalyze the demand for the supplement industry including iron injections. Therefore, increasing demand for eye-care devices is expected to drive the global Intravenous Iron Drugs market at a CAGR of 8%, during the forecast period.
COVID-19 has slowed the growth of the Intravenous Iron market, as countries were forced to implement lockdowns during the first half of 2020. Due to stringent government regulation and escalated COVID-19 cases, the hospitals engaged their resources in the COVID-19 treatment and postpended the inessential appointments during the pandemic.
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Based on the product, the market has been categorized into iron dextran, iron sucrose, ferric carboxymaltose, and others. Amongst these, the ferric carboxymaltose segment is expected to witness significant growth during the forecast period. This is mainly due to its higher applications and reduced cost. Furthermore, the rising number of surgeries increases the number of postoperative anemia cases. For example, according to ISAPS, in 2020, 10,129,528 surgical procedures were performed.
Based on the application, the market has been categorized into chronic kidney disease, inflammatory bowel disease, cancer, and others. Among them, the chronic kidney disease segment is expected to have significant growth in the market owing to its higher number and the death caused by them. Furthermore, the due to heavy blood loss during dialysis is one of the major causes of anemia and drives the demand for the supplement iron. For instance, as per CDC, Kidney diseases are a leading cause of death in the United States. about 37 million US adults are estimated to have CKD, and most are undiagnosed.
Based on end-users, the market is classified into the market is segmented into hospitals, ambulatory surgical centers, and others. The hospitals are expected to witness lucrative growth during the forecast period. This is mainly due to the presence of well-qualified professionals and their specialization in the treatment of multiple diseases. Furthermore, the rising prevalence of chronic diseases such as heart disease is responsible for the segmental growth in the intravenous iron drug market.
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For a better understanding of the market adoption of the intravenous iron drugs industry, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. North America holds a lucrative market share owing to favorable government policies and the presence of a large geriatric population in the region is attributed to the growth of the market in the region. Furthermore, continuously increasing cases of ocular diseases result in the development of the eye care infrastructure in the region is responsible for the growth of Intravenous Iron Drugs in the North American market. According to the National Eye Institute, in 2020, the United States recorded 7.7 million diabetic retinopathy cases and 24 million cataract cases, and they are expected to reach 11.3 million and 38 million, respectively, by 2030.
Some of the major players operating in the market include Vifor Pharma Management Ltd., AMAG Pharmaceuticals, Daiichi Sankyo Company, Ltd., Sanofi S.A., Pharmacosmos A/S, Shield Therapeutics Plc, AbbVie, Rockwell Medical, Americal Reagent, and Keryx Biopharmaceuticals Inc
Global Intravenous Iron Drugs Market Segmentation
Market Insight, by Product
Market Insight, by Application
Market Insight, by End-User
Market Insight, by Region
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