The global intravenous iron drugs market size was valued at USD 2.61 billion in 2022. It is estimated to reach USD 5.30 billion by 2031, growing at a CAGR of 8.2% during the forecast period (2023–2031). The prevalence of chronic diseases, like diabetes, chronic renal disorder, inflammatory bowel diseases, cancer, and acute and Chronic infections, has led to high demand for iron drugs through an IV, stimulating market growth.
Intravenous iron drugs are medications administered directly into the veins to replenish iron levels in the body. Iron is an element that is very important and has a crucial role in various physiological processes; it involves the creation of red blood cells and the delivery of oxygen to every cell in the body. A lack of iron can cause anemia, marked by a low number of red blood cells and a reduced ability to carry oxygen. Intravenous iron drugs are typically used when oral iron supplements are insufficient or cannot be tolerated by the patient. They provide a more direct and rapid delivery of iron into the bloodstream, bypassing the digestive system. Intravenous iron is particularly beneficial for individuals with severe iron deficiency, malabsorption issues, or conditions hindering oral iron absorption. These drugs contain iron in a form readily available for absorption by the body. The most used intravenous iron formulations include iron dextran, sucrose, ferric carboxymaltose, and ferumoxytol. Each formulation has specific characteristics, such as the iron concentration and the infusion duration.
Intravenous iron drugs are administered under medical supervision, usually in a healthcare setting such as a hospital or clinic. The dose and how often to give it varies depending on the patient's iron status, the severity of the deficiency, and the healthcare provider's recommendations. It is important to note that a healthcare professional should prescribe and monitor intravenous iron drugs, as they require careful assessment of the patient's iron status, potential risks, and benefits.
|Market Size||USD 5.30 billion by 2031|
|Fastest Growing Market||Europe|
|Largest Market||North America|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends|
The prevalence of chronic diseases, like diabetes, chronic renal disorder, inflammatory bowel diseases, cancer, and acute and Chronic infections, have been a big market driver that has led to high demand for iron drugs through an IV. The global increase in the prevalence of cancer is one of the major factors that has been boosting the market over the recent past. According to WHO, in 2018, the global cancer burden was estimated to be about 18.1 million new cases and nearly 43.8 million deaths. It was also indicated that one in six women and one in five men are likely to develop cancer.
In addition, the number of individuals with a 5-year prevalence is expected to be about 43.8 million. The increase in cancer cases can be primarily attributed to the growing overall and senior populations and the rising prevalence of certain cancers owing to certain socioeconomic factors. This is particularly seen in emerging economies, wherein a general shift is observed in terms of cancers associated with poverty, which contrasts developed economies, wherein cancer cases have increasingly been associated with lifestyle disorders.
Anemia is one of the most common blood disorders in recent times. The National Institute of Heart, Lung, and Blood says that an estimated 3 million individuals suffer from anemia in the U.S., Increasing the prevalence of target diseases, like rheumatoid arthritis, autoimmune diseases, kidney conditions, cancer, liver disorders, thyroid diseases, and inflammatory bowel diseases, is a major factor facilitating market growth. Some of the most common forms of anemia are iron and vitamin deficiency, aplastic, hemolytic, and sickle cell.
Some common causes of anemia are iron, vitamin A and B12, and folate deficiencies. Infectious diseases such as tuberculosis, parasitic infections, malaria, and HIV are major causes of anemia across the globe. Data from WHO indicate that approximately 42% of children below the age of 5 and 40% of pregnant women suffer from some form of anemia. Anemia is typically seen in women, children between the ages of 1 and 2 years, individuals over 65 years, and patients using blood thinners for other disorders.
Although iron drugs are vital for treating anemia, their disadvantages may hamper market growth during the forecast period. Common adverse effects associated with all forms of iron drugs are constipation, diarrhea, and abdominal discomfort. There is also a high risk of drugs interacting with other substances, including drugs that are typically dose-dependent. Liquid iron supplements can cause reversible discoloration of teeth. Intramuscular dosages can cause pain and brown discoloration at the injection site. The use of iron sulfate can increase the chances of triggering adverse effects.
Iron overdose has also been termed as one of the major causes of toxicological deaths in children below five years of age. Iron poisoning may cause mortality and short- or long-term morbidity in some cases. The use of iron drugs is also restricted in patients suffering from bacterial infections to avoid treatment complications. Therefore, adverse effects associated with using iron drugs may limit market growth during the anticipated period.
The global intravenous iron drugs market presents significant opportunities driven by the loss of exclusivity and patent expiration of brand-name specialty drugs. The pharmaceutical industry operates under patent protection, which grants exclusive rights to the original drug manufacturer for a specified period. However, patents eventually expire, allowing other pharmaceutical companies to make generic versions of the drug and sell them. In the case of intravenous iron drugs, several brand-name specialty drugs have faced or will face patent expiration. This allows generic drug manufacturers to enter the market and offer more affordable alternatives to brand-name products. The loss of exclusivity and the availability of generic versions increase competition in the market, leading to price reductions and improved accessibility to intravenous iron drugs.
Based on region, the global intravenous iron drugs market is bifurcated into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
North America is the most significant global intravenous iron drugs market shareholder and is estimated to grow at a CAGR of 7.2% over the forecast period. In 2020, North America held a substantial intravenous iron drugs market share, primarily due to increasing approvals and the launch of new intravenous drugs in the U.S. Its dominant share can also be blamed on the growing number of prevalence of cancer, chronic kidney diseases, and gastrointestinal disorders in the region. Furthermore, increasing awareness about women’s health and the rise in the prevalence of celiac diseases are also some of the other factors driving regional market growth.
The countries considered under the North American region include the U.S. and Canada. The U.S. market dominated the market in 2020 in the region. Factors such as the high prevalence of iron deficiency anemia and chronic kidney disease, supportive healthcare infrastructure, favorable regulatory environment, and strategic initiatives by pharmaceutical companies drive North America's strong market position in the global market. The region is expected to continue experiencing steady growth in the intravenous iron drugs market, addressing the unmet needs of patients and improving their overall health outcomes.
Europe is anticipated to exhibit a CAGR of 7.9% over the forecast period. Europe held the second-largest share in the intravenous iron drugs market in 2020 and is anticipated to witness much growth over the next few years. This is because key market participants are present locally, increasing the development and commercialization of new drugs, the adoption of novel products, and the incidence of cancer in the region. Launching new drugs has been a key factor facilitating increased uptake of iron drugs.
Major Western European nations are highly industrialized and are anticipated to exhibit strong growth throughout the forecast period, owing to the correlation of increasing chronic disease incidence with industrialization. Growth is likely driven mainly by the increasing incidence of cancer, chronic kidney diseases, anemia, and diabetes. The highest incidence and prevalence of IBD are in Europe, Scandinavia, and the U.K. The disease remains rare in Eastern Europe.
Asia-Pacific’s market is anticipated to witness lucrative growth over the anticipated period due to growing unmet patient needs, increasing healthcare expenditure, and the local presence of established global players. In addition, the increase in the prevalence of diabetes, cancer, and other cardiovascular diseases is expected to fuel the market shortly.
Latin American region holds immense growth opportunities for the market. In the developing countries of Latin America, the prevalence of iron deficiency anemia is high, which has resulted in potential demand for iron drugs. Such factors are anticipated to drive regional market growth. The rise in cancer and chronic kidney disease burden also leads to an increased number of anemia cases, further driving the intravenous iron drugs market growth. Growing healthcare expenditure is also another factor fostering regional market growth. Major countries considered under Latin America include Brazil, Mexico, and Argentina.
The Middle East and Africa major countries included in the Middle East and Africa region are South Africa, Saudi Arabia, and UAE. The prevalence of anemia is high in the region due to a lack of proper nutrient intake and diarrhea among children. In addition, the prevalence of iron deficiency among pregnant women is also rising in the Middle East and Africa, leading to an increased number of low birthweight infants. These factors are highly prevalent in the region's developing countries, generating immense opportunities for market growth. In addition, other factors, such as the high prevalence of chronic kidney disease, cancer, and inflammatory bowel disease, can also be attributed to the rising regional market growth.
The global intravenous iron drugs market is bifurcated into products and applications.
Based on products, the global market is bifurcated into iron dextran, iron sucrose, and ferric carboxymaltose.
The iron dextran segment dominates the global market and is projected to exhibit a CAGR of 4.2% over the forecast period. Intravenous iron dextran is one of the oldest methods to treat iron deficiency. Iron dextran is used only in extremely high-risk conditions as a large amount of iron is released immediately into the body, which might be highly toxic and cause various allergic reactions in patients. Although further R&D has successfully reduced these reactions, it has created more severe gastrointestinal reactions. These reasons are responsible for the replacement of iron dextran with iron sucrose.
High-molecular-weight iron dextran, DexFerrum, is not preferred anymore due to adverse events such as dextran-induced anaphylactic reactions, which are fatal in many instances. Availability of low-molecular-weight iron dextrans such as Cosmofer and INFeD are found to be comparatively much safer and less prone to adverse events than high-molecular-weight iron dextran. These factors are expected to be responsible for the low growth rate during the forecast period of this segment.
Based on applications, the global market is bifurcated into chronic kidney disease, inflammatory bowel disease, and cancer.
The chronic kidney disease segment dominates the global market and is projected to exhibit a CAGR of 7.3% over the forecast period. Iron deficiency anemia is a common problem in patients with CKD. It is not common in early kidney disease; however, it occurs as the disease worsens and kidney function is lost. CKD patients tend to develop fewer Red Blood Cells (RBCs), which causes anemia. The rise in CKD cases significantly increases the number of patients suffering from iron deficiency anemia.
National Institute of Diabetes and Digestive and Kidney Diseases says that, in the United States, over 37 million people may have CKD. The same source also states that more than 1 out of every seven patients with CKD have anemia. People with CKD and diabetes at the same time tend to develop severe anemia earlier than people with only CKD. The senior population aged 60 and above also tends to develop CKD-induced anemia.