IRON DEFICIENCY ANEMIA TREATMENT MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Iron Deficiency Anemia Treatment Market Size and Trends

Global iron deficiency anemia treatment market is estimated to be valued at US$ 12.1 Bn in 2024 and is expected to reach US$ 21.6 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 8.6% from 2024 to 2031.

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Global iron deficiency anemia treatment market has significant growth potential over the forecast period  due to high prevalence of iron deficiency anemia worldwide, especially among pregnant women and children under five years of age in developing regions. The market growth will be driven by increasing healthcare expenditures and rising awareness about iron deficiency anemia screening and management. However, the market may face restraints from the availability of alternative medical therapies and dietary supplements. North America and Europe will continue to dominate the iron deficiency anemia treatment market, owing to rising incidence of IDA among elderly populations. However, Asia Pacific is expected to witness the fastest growth owing to high population density, growing geriatric demographic, and rising health consciousness. The market will witness numerous opportunities arising from new product launches, increasing healthcare access in emerging countries, and the growth of medical tourism in Asia.

Increasing Product Launches/Approval

Increasing adoption of inorganic growth strategies such as product launches approvals is expected to drive the market growth over the forecast period. For instance, in January 2021, Pharmascience Inc., a pharmaceutical company, announced the launch of pms-IRON SUCROSE, a generic drug with demonstrated bioequivalence to the brand name VENOFER for the treatment of iron deficiency anemia in patients with chronic kidney disease. 

Iron deficiency anemia affects millions of people globally every year. The condition is more prevalent among young children and women of childbearing age. Pregnancy associated blood loss along with poor nutrition rich in iron are major reasons for their increased vulnerability. Lack of adequate iron in diet can negatively impact cognitive development in children and energy levels in adults. Addressing this widespread public health concern through effective treatment options is crucial. With growing malnutrition and dietary changes in developing nations, more individuals are at the risk of falling short on iron intake. Even in developed countries, factors such as excessive blood loss during menstruation, blood donations or gastrointestinal disorders can potentially lead to iron deficiency anemia in otherwise healthy individuals. This rising disease prevalence indicates a clear clinical need for therapies that aid in restoring iron balance and hemoglobin levels in the body. Therefore, increased awareness and focus on diagnosing as well as treating iron deficiency anemia through innovation in products is anticipated to drive significant market growth.