Deferasirox Market to Reach $4.6 Billion, Globally, by 2033 at 4.7% CAGR: Allied Market Research
Wilmington, Delaware, Sept. 25, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Deferasirox Market by Product Type (90 mg, 125 mg, 250 mg, 360 mg and Others), Application (Transfusional Iron Overload and NTDT Caused Iron Overload), and Distribution Channel (Hospital Pharmacies, Retail Pharmacies and Online Providers): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the deferasirox market was valued at $2.9 billion in 2023, and is estimated to reach $4.6 billion by 2033, growing at a CAGR of 4.7% from 2024 to 2033.
Prime determinants of growth
Increase in prevalence of iron overload disorders, increase in research and development activities, and rise in awareness and screening programs are the major factors that drive the deferasirox market growth. However, the side effects associated with drug may restricts the market growth. Moreover, growth avenues in emerging markets offer remunerative opportunities for the expansion of the global deferasirox market.
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Report coverage & details
| Report Coverage | Details |
| Forecast Period | 2024–2033 |
| Base Year | 2023 |
| Market Size in 2023 | $2.9 billion |
| Market Size in 2033 | $4.6 billion |
| CAGR | 4.7% |
| No. of Pages in Report | 230 |
| Segments Covered | Product Type, Application, Distribution Channel, and Region. |
| Drivers |
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| Opportunity |
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| Restraint |
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Segment Highlights
Rise in demand for diverse deferasirox dosages
By product type, the others segment is driven by the rise in demand for deferasirox dosages due to its efficacy in treating chronic iron overload in patients with transfusion-dependent anemias. In addition, advancements in pharmaceutical formulations have enhanced patient compliance and therapeutic outcomes. Furthermore, increased awareness and diagnosis of iron overload disorders, along with expanded healthcare access in emerging markets contributes towards the segment growth.
Rise in demand for deferasirox technology in transfusional iron overload
By application, the transfusional iron overload segment is driven by the growing prevalence of chronic conditions such as thalassemia and sickle cell anemia, which require frequent transfusions and thus pose a risk of iron overload. Additionally, advancements in treatment protocols and increasing awareness among healthcare providers contribute to segment growth. The transfusional iron overload segment is expected to see substantial market expansion owing to rise in incidence of transfusion-dependent anemias.
Rise in adoption of deferasirox in retail pharmacies
By distribution channel, the retail pharmacies segment held a substantial portion of the deferasirox market share, primarily driven by their accessibility and convenience for patients. Retail pharmacies offer direct, over-the-counter access to deferasirox, facilitating prompt treatment for chronic iron overload conditions. Their widespread presence ensures that patients can easily obtain their prescriptions without extensive wait times. The segment’s growth is further supported by increasing patient preference for convenient access to medications and the expanding network of retail pharmacies globally. This makes retail pharmacies a key distribution channel in the deferasirox market.
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Regional Outlook
North America Dominance by 2033
North America is expected to maintain its leadership in the deferasirox market owing to a well-established healthcare infrastructure and advanced medical research capabilities, which facilitate the development and distribution of deferasirox. In addition, rise in prevalence of conditions requiring iron chelation therapy is driving the demand for deferasirox. Furthermore, the presence of major pharmaceutical companies and increased awareness and better diagnostic capabilities contribute to higher rates of diagnosis and treatment, which thereby drives the market growth in this region.
Key Players
- Novartis AG
- Zydus Group
- Dr. Reddy’s Laboratories, Inc.
- Teva Pharmaceutical Industries Ltd.
- Sun Pharmaceutical Industries Ltd.
- MSN Laboratories
- Glenmark Pharmaceuticals Inc.
- NATCO Pharma Limited
- Taj Pharmaceuticals Limited
- Viatris Inc.
The report provides a detailed analysis of these key players in the global deferasirox market. These players have adopted different strategies such as agreement, product appeoval, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Recent Developments in Deferasirox Industry
- In June 2020, Zydus Cadila received the final approval from the U.S. FDA to market Deferasirox Tablets in the strengths of 90 mg, 180 mg and 360 mg.
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