North America to Walk the “Innovation-Centric” Talk in the Intravenous Iron Drugs market between 2020 and 2030
Iron is one of the most important mineral present inside the human body. It carries oxygen throughout the body via the blood, which is further utilized by cells and tissue to get energy for all vital biological processes. Moreover, deficiency of iron leads to severe health problems, such as anemia and also affects mental or other memory functions in youths. To overcome this problem, oral iron supplements are recommended to maintain the iron level in the body. However, in some cases, oral administrations are not capable of maintaining the iron level in the body. For these cases, IV iron therapy is used to as part of which iron is directly injected inside the body with a needle through a vein.
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The global market of IV iron drugs is categorized based on various product types and by therapeutic area. The product type segment is further sub-segmented in low molecular weight iron dextran, ferric gluconate, iron sucrose and ferric carboxyl maltose. Ferric carboxy maltose is the fastest growing sub-segment. Moreover, the therapeutic area segment includes nephrology, gynecology, gastroenterology, oncology, chronic heart failures and surgeries. Nephrology represents the largest segment for the use of IV iron drug and therapies. Under geographic analysis, North America is the largest market for IV iron drugs followed by Europe and Asia. In North America, the U.S. represents the largest market for IV iron drugs. In Europe, Germany, France and the U.K. covers the major share of IV iron drugs market.
Global IV iron drugs market is witnessing a significant growth due to it improves the quality of treatment outside the dialysis, increasing the number of dialysis patients, growing number of diabetic patients worldwide and growing aging population. Moreover, increasing cases of hypertension, rising investment in the healthcare sector, higher spending on medicine are also supporting in the growth of IV iron drugs market. In addition, dialysis clinics are gaining importance in IV iron drugs market, as they form a very significant customer group for intravenous iron drugs. These types of dialysis clinics also administer iron dosages and attract patients for reliable and safe IV iron drug administration.
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However, stringent regulations and side-effects associated with IV iron products impede the growth of the market. Several government associations, such as FDA and European Medicines Agency have stringent regulations for IV iron drugs approval and usage. These approval processes are complex and time taking, where every new drug is required to fulfill the mandatory stringent regulations. Moreover, nausea, muscle cramps, vomiting, constipation, joint pain, headache, back pain and cough are some of the major side-effects of IV iron drugs.
Some of the key players operating in the IV iron drugs market are Actavis, Inc., AMAG Pharmaceuticals, Inc., Galenica Ltd., Fresenius Medical Care AG & Co. KGaA, Vifor Pharma Ltd., American Regent, Inc., Luitpold Pharmaceuticals, Inc., Pharmacosmos A/S, Rockwell Medical Technologies, Inc., and Sanofi.
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