Hematinics Market
Number of pages: 100 | Report Format: PDF | Published date: April 06, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
|
Report Attribute |
Details |
|
CAGR |
8.6% |
|
Base Year For Estimation |
2022 |
|
Forecast Period |
2023-2031 |
|
Historical Year |
2021 |
|
Segments Covered |
Route of Administration, Drug Type, Application, Distribution Channel, and Region |
|
Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global hematinics market is expected to grow at a revenue CAGR of 8.6% from 2023 to 2031.
Hematinics Market Fundamentals
Hematinics are substances that help improve hemoglobin production in the body. Hemoglobin is a protein in red blood cells that carries oxygen from the lungs to the body's tissues. Hematinics are commonly used to treat anemia, a condition characterized by a low hemoglobin level in the blood. Examples of hematinics include iron supplements, vitamin B12, and folic acid. These substances can help to increase the production of red blood cells, improve the transportation of oxygen in the body, and alleviate symptoms associated with anemia.
The hematinics market outlook is positive, as the market is expected to grow in the coming years. Factors driving revenue growth include the increasing prevalence of anemia and other hemoglobin-related conditions, the growing demand for iron supplements and other hematinics in emerging economies, and the increasing awareness about the benefits of these products. Moreover, new and innovative products are developed that are more effective and easier to administer. These products are expected to gain popularity in the coming years, particularly among patients who have difficulty swallowing tablets or experience side effects from traditional iron supplements.
Another hematinics market trend is the growing use of personalized and precision medicine approaches. This involves tailoring treatment to each patient's needs based on their genetic and physiological characteristics. Personalized medicine is expected to increase in the coming years as new technologies and approaches become available.
The hematinics market is highly competitive and is dominated by key players such as Pfizer Inc., Sanofi S.A., Merck & Co., Inc., and GlaxoSmithKline plc. These companies have a strong presence in the global market and invest heavily in research and development to create new and innovative products. Several smaller players in the market specialize in specific types of hematinics.
Market Dynamics
The growing prevalence of anemia and other hemoglobin-related conditions globally boosts the demand for hematinics. According to the WHO, an estimated 42% of children under five years of age and 40% of pregnant women worldwide are anemic. As healthcare systems in emerging economies continue to improve, the demand for hematinics is expected to increase, particularly among women and children at a higher risk of developing anemia, boosting the hematinics market revenue growth. Personalized medicine approaches, tailoring treatment to an individual's genetic and physiological characteristics, are becoming increasingly popular in the hematinics market. As these approaches become more widely adopted, they are expected to drive demand for personalized hematinics products. Developing non-invasive administration methods for hematinics, such as oral iron sprays and patches, is a growing hematinics market trend. These methods offer improved patient outcomes and greater convenience than traditional supplements and are expected to gain popularity.
Moreover, growing awareness about the benefits of hematinics, such as improved hemoglobin levels and reduced risk of anemia-related conditions, propels the hematinics market revenue growth. The growing demand for combination products that contain multiple hematinic ingredients is becoming increasingly popular in the market. These products offer greater convenience and improved patient compliance and are expected to continue to gain hematinics market revenue share during the forecast period.
However, hematinics supplements can cause adverse side effects restricting the market revenue growth. The hematinics market is subject to stringent regulatory requirements, which can increase the time and cost of product development and cramp the hematinics market revenue growth.
Hematinics Market Ecosystem
The global hematinics market is analyzed from five perspectives: route of administration, drug type, application, distribution channel, and region.
Hematinics Market by Route of Administration
[88775]
Based on the route of administration, the global hematinics market is segmented into oral and parenteral.
The oral route of administration segment accounted for the largest hematinics market revenue share in 2022. The oral route of administration offers a high degree of convenience as they can be taken easily without any medical assistance, thereby making them more user-friendly. Additionally, oral hematinics are more cost-effective than other forms, such as injections, which enhances their accessibility to a larger patient population. Moreover, oral hematinics are widely available and can be purchased over the counter in many countries, ensuring a higher availability level. These products are highly effective in increasing hemoglobin levels and treating anemia in many patients, enhancing their efficacy. The preference of many patients for oral hematinics over other forms of treatment, due to their convenience and less invasive nature, further solidifies their position as the dominant segment in the hematinics market.
The parenteral segment accounted for a significant revenue share of the hematinics market. Parenteral hematinics are administered through injections or intravenous infusions, which rapidly affect the patient's hemoglobin levels, especially in cases of severe anemia. Parenteral hematinics have high bioavailability, meaning they are absorbed more efficiently by the body and are more effective in increasing hemoglobin levels than oral hematinics. Parenteral hematinics provide an alternative treatment option for patients who cannot take oral hematinics, such as those with gastrointestinal disorders that prevent proper absorption of nutrients. Parenteral hematinics are often given in higher doses than oral hematinics, which can benefit patients with severe anemia who require a more intensive treatment regimen.
Hematinics Market by Drug Type
Based on the drug type, the global hematinics market is segmented into iron supplements, maturation factors, and erythropoietin.
With the prominent hematinics market revenue share, the iron supplement segment dominated in 2022. Iron deficiency anemia affects a significant portion of the population worldwide. As a result, there is a high demand for iron supplements and other forms of iron-based hematinics. Iron-based hematinics are highly effective in increasing hemoglobin levels and treating iron deficiency anemia, which further drives their demand and dominance in the market. Iron-based hematinics are available in various forms, including tablets, capsules, injections, and infusions, which allows for greater flexibility in treatment options and can cater to a wider patient population. Iron-based hematinics are generally safe and well-tolerated by patients, with few reported side effects, making them a preferred choice among healthcare professionals. Iron-based hematinics are widely available and relatively affordable compared to other forms of hematinics, which increases their accessibility to a larger patient population.
The maturation factors segment accounts for a lucrative revenue growth rate in terms of the hematinics market. The maturation factors segment is further sub-segmented into vitamin B12 and folic acid. Maturation factors are primarily used to treat anemia associated with cancer chemotherapy. As the incidence of cancer continues to rise globally, there is a corresponding increase in the demand for maturation factors. Maturation factors are highly effective in increasing hemoglobin levels and reducing the need for blood transfusions in cancer patients undergoing chemotherapy, further driving their demand and market revenue growth. Anemia in cancer patients is often difficult to treat, and traditional forms of hematinics, such as iron supplements, may not be effective. Maturation factors provide a promising alternative for these patients. Advances in biotechnology have led to the development of newer and more effective maturation factors, further contributing to the segment's revenue growth.
Hematinics Market by Application
Based on the application, the global hematinics market is segmented into iron deficiency anemia, chronic kidney disease-related anemia, inflammatory bowel disease-related anemia, cancer-related anemia, and others.
The iron deficiency anemia segment accounted for a significant hematinics market share in 2022. Iron deficiency anemia is the most common type of anemia, affecting a significant portion of the population, particularly women and children. Iron supplements are generally inexpensive and widely available, making them a cost-effective option for patients and healthcare providers. Iron supplements effectively treat iron deficiency anemia by increasing hemoglobin levels and improving overall health outcomes. Iron supplements are available over the counter and do not require a prescription, making them easily accessible to patients. Iron supplements are generally well-tolerated and easy to take, leading to better patient compliance and adherence to treatment regimens.
Hematinics Market by Distribution Channel
Based on the distribution channel, the global hematinics market is segmented into hospital pharmacies, retail pharmacies, and online pharmacies.
The hospital pharmacies segment accounted for the largest revenue share of the hematinics market. Hematinics are often prescribed to hospitalized patients, particularly those who have undergone surgery or are suffering from chronic illnesses. Hospital pharmacies serve as the primary source of medication for such patients, leading to higher usage of hematinics in these settings. Hospital pharmacies may stock specialized formulations of hematinics that are not widely available in other settings, such as injectable forms of iron or maturation factors. This increases the demand for hematinics in these settings and contributes to the dominance of hospital pharmacies in the market. Hospital pharmacists have specialized training and expertise in the management of medication use in hospital settings, including the use of hematinics. This expertise helps to ensure that patients receive appropriate hematinic therapy and contributes to the dominance of hospital pharmacies in the market. Hospital pharmacies often have a higher purchasing power than retail pharmacies, allowing them to negotiate better prices and secure larger volumes of hematinics. This further contributes to the dominance of hospital pharmacies in the market in terms of revenue share.
Hematinics Market by Region
Geographically, the global hematinics market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America has the largest revenue in the global hematinics market. The rising prevalence of iron deficiency anemia in the region increases the demand for hematinics. According to the American Academy of Family Physicians, the prevalence of iron deficiency anemia in the U.S. is 2 percent in adult men, 9 to 12 percent in non-Hispanic white women, and nearly 20 percent in black and Mexican American women. North America is a hub for technological advancements in healthcare, with ongoing research and development in hematology. This has led to the development of new and innovative hematinics products that are widely used in the region, contributing to the dominance of North America in the market. North America has a highly advanced healthcare infrastructure with a well-established network of hospitals, clinics, and pharmacies.
Competitive Landscape of the Global Hematinics Market
The prominent players operating in the global hematinics market are:
Hematinics are substances that help improve hemoglobin production in the body. Hematinics are commonly used to treat anemia, a condition characterized by a low hemoglobin level in the blood.
The rising prevalence of anemia worldwide and the development of new and innovative products that are more effective and easier to administer are some of the driving factors of market revenue.
The prominent players operating in the global hematinics market are Pfizer Inc., Sanofi S.A., Merck & Co., Inc., GlaxoSmithKline plc, Novartis AG, and Teva Pharmaceutical Industries Ltd., among others.
The iron deficiency anemia segment dominates the global hematinics market in terms of revenue share.
The adverse side effects and stringent regulatory requirements are some of the restricting factors of the hematinics market revenue growth.
*Insights on financial performance are subject to the availability of information in the public domain