The Intravenous Iron Drugs Market is projected to surge in the coming years, according to a recent market survey by FMI. The market, valued at US$2.6 billion in 2021, is expected to reach a staggering US$6.3 billion by 2032, reflecting a significant increase. This growth is largely driven by the rising demand for ferric carboxymaltose, a specific type of intravenous iron drug. Ferric carboxymaltose is expected to be a major revenue generator in this expanding market.
The American Heart Association predicts that by 2035, more than 130 million adults in the United States will have cardiovascular disease. In addition, the Centers for Disease Control and Prevention reports that 0.6 million Americans die each year from heart disease. This information leads directly to the number of hospital admissions.
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The Ferric Carboxymaltose (FCM) segment led the market for intravenous iron medicines in 2021, with nearly 50% revenue share due to its expanding use, improved performance, and lower cost. It is a parenteral iron medication devoid of dextran which is suggested for the quick and high-dose replacement of depleted iron reserves. This medicine is a stable compound with the benefit of not containing any extraneous ingredients and having a very low immunogenic potential; hence, it poses a very low risk of anaphylactic responses. FCM has a higher effectiveness in terms of boosting hemoglobin levels and has fewer side effects. The tremendous rise may also be attributed to the FDA approval of injectables in North America as well as its approval outside of North America.
The region’s expanding senior population is a primary driver of industry development. According to US Census Bureau forecasts, the number of Americans aged 65 and older will rise from 52 million in 2018 to roughly 95 million by 2060. Furthermore, the overall percentage of people aged 65 and older is projected to increase from 16% to 23%.
It may be linked to the presence of a higher incidence of cancer, intestinal illnesses, and renal disease in the specific area. These conditions also reinforce its dominance. It has also contributed to the growth of women’s health awareness and awareness about celiac disease.
Intravenous Iron Drugs Market Competitive Landscape
Some of the key players in the global Intravenous Iron Drugs market include Vifor Pharma Management Ltd.; AMAG Pharmaceuticals; Daiichi Sankyo Company, Ltd.; Sanofi S.A.; Pharmacosmos A/S; Shield Therapeutics Plc; AbbVie Inc., Vifor Pharma Management Ltd.; AMAG Pharmaceuticals; Daiichi Sankyo Company, Ltd.; Sanofi S.A.; Pharmacosmos A/S; and Shield Therapeutics Plc among others.
Some of the recent developments in the Intravenous Iron Drugs Market are:
- In April 2018, AMAG Pharmaceuticals got FDA clearance for a supplementary new drug application for ferumoxytol injection to cover all eligible people with iron-deficiency anemia (IDA) who cannot tolerate or do not respond to oral iron.
- In May 2019, Rockwell Medical, Inc. filed a New Drug Application (NDA) to the United States Food and Drug Administration (FDA) for the Intravenous (I.V.) version of Triferic.
- In September 2020, Daiichi Sankyo announced the formation of its wholly-owned subsidiary Daiichi Sankyo Vietnam Company Limited. This program was launched to strengthen the company’s Asian business platform.
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More Insights Available
Future Market Insights, in its new offering, presents an unbiased analysis of the Intravenous Iron Drugs Market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights based on Product Type (Iron Dextran, Iron Sucrose, Ferric Carboxymaltose, Other Product Types), by Indication (Chronic Kidney Disease, Inflammatory Bowel Disease, Cancer, Other Applications), across five regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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