August 24, 2021
According to the research report titled ‘Global Iron Deficiency Anemia Therapy Market Size study, by Therapy Type (Oral Iron Therapy, Parenteral Iron Therapy, Red Blood Cell Transfusion, Other Therapy Types), by End User (Hospitals, Clinics, Home Healthcare), and Regional Forecasts 2021-2027’, available with Market Study Report, global iron deficiency anemia therapy market is expected to multiply with a CAGR of 7% over 2021-2027.
As per the findings of the report, increasing research & development activities related to the product and rising pervasiveness of anemia are the key factors fueling global iron deficiency anemia therapy market growth.
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Notably, anemia due to iron deficiency is a prevailing illness that primarily affects young women and children. The World Health Organization (WHO) cites that 40% of pregnant women and 42% of children are found to be anemic worldwide.
Furthermore, malaria and other worm infections lead to iron deficiency anemia in impoverished economies. In fact, as per Medicines for Malaria website, over 229 million cases of malaria were reported worldwide in 2019, with 94% of them being from the WHO African Region. Malaria caused over 409,000 deaths worldwide in 2019, with children under the age of five being most vulnerable to such disease.
Speaking of restraints, strict regulatory guidelines are likely to act as major challenge to businesses in this domain.
As per therapy type, worldwide iron deficiency anemia therapy industry is split into red blood cell transfusion, parenteral iron therapy, oral iron therapy, and others. Based on end user scope, the market is divided into home healthcare, clinics, and hospitals.
Elaborating on regional front, Latin America, North America, Asia Pacific, and Europe are the leading contributors to overall market development. Of these, North America currently leads the overall market share, owing to growing product approvals related to iron deficiency anemia therapy in the region.
Meanwhile, Asia Pacific industry is expected to witness considerable growth over the coming years, creditable to rising prevalence of iron deficiency anemia.