Deferasirox Market Size, Share, Growth and Industry Analysis By Type (500 Mg/Tablet, 250 Mg/Tablet, 125 Mg/Tablet, And Others), By Application (Trans fusional Iron Overload and NTDT Caused Iron Overload), Regional Insights, and Forecast From 2023 To 2031

Updated On: 11 September 2023

Deferasirox Market REPORT OVERVIEW

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The global deferasirox market size is expected to grow from USD 2863 million in 2022 and market is projected to touch USD 4254.84 million by 2031, at a compound annual growth rate (CAGR) of 4.5% during the forecast period.

Deferasirox, which is mainly an iron chelator, is used for the purpose of reducing the overload and excess of chronic iron in the patients. This is mainly used for those patients who have been taking long term blood transfusions for serious conditions such as chronic anemias and beta- thalassemia. It has many other names and is known and marketed as Jadenu, Exjade, Defrijet, Desife, and Desirox. It helps in removing the excess iron by combining atoms of iron and removing them through fecal excretion.

Increasing research and development as well as the increase in the pipeline products will increase the market growth. The increasing chronic disease among people also act as a lucrative opportunity for the industrial development. However, the side effects of these drugs can hamper the growth of the market in the forthcoming years.

COVID-19 Impact: Decrease in Manufacturing Activity Reduced the Market Growth

The pandemic of COVID-19 brought down the global economy. Many industries were badly affected and deferasirox market was also not an exception. Because of the sudden lockdown and the restrictions that were imposed due to the pandemic, there was a significant decrease in the amount of production compared to the pre-pandemic level. The raw materials and the primary chemicals necessary for the production of deferasirox were not easily available.

With most laboratories and research centers prioritizing COVID-19 vaccine production, R&D related to deferasirox were hampered. The key operators were seen operating at only half of their capacity, which drastically brought down the deferasirox market share. As all the countries were extensively finding medicines and cures for COVID-19, other medications and pharmaceuticals saw a dip in sales. However, post the pandemic, there was a considerable increase in the demand which helped the market to recover faster. 

LATEST TRENDS

"Launch of New Products with Greater Shelf-Life to Increase the Market Growth"

A lot of research surrounding deferasirox and its potential applications is being carried out, which will bring promising opportunities for the market. Continuous R&D is also leading to product improvement and innovation. The half-life of deferasirox is usually between 8 to 16 hours. This permits once a day dosing. However, there has been extensive research in the past few years that has allowed an increase in the dosing period of this medicine which is now gradually getting implemented.

Scientists and chemists are now developing better products with greater shelf-life and extended expiry dates to increase the sustainability of deferasirox. This reduces the cost involved in the process of manufacturing and in turn decreases the burden on the final consumers. The extended shelf-life, expiry date, and reduced costs are attracting new investments in the market.

Deferasirox Market SEGMENTATION

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• By Type

The market can be divided on the basis of type into 500 mg/Tablet, 250 mg/Tablet and 125 mg/Tablet, and others.  The 500 mg/Tablet segment is projected to hold the dominant market share through 2028.

• By Application

Based on application, the market share is bifurcated into transfusional iron overload and NTDT caused Iron overload. The transfusional iron overload segment will dominate the market in the upcoming years.

DRIVING FACTORS

"Implementation of Organic and Inorganic Strategies by Players to Promote the Market Growth"

The key industry players are now focusing on implementing both organic and inorganic strategies which is contributing to the faster growth of the deferasirox market. The adoption of both the strategies by some companies is drastically increasing their sales and market share. Organic growth strategies include high-quality product launches, well-researched medications, product approvals, patents, and promotional events.

Companies are also adopting inorganic market strategies such as collaborations, partnerships, acquisitions and joint ventures with some of the top leading companies in the industry. These activities have exclusively made way for the expansion and broadening of the business and the market. There has also been a huge increase in the customer base of the key industry players. Continuous adoption of such strategies by leading players will boost the market growth in the forthcoming years.

"Increasing Product Demand Among Patients to Boost Market Growth"

Nowadays, many people are suffering from chronic diseases which involve excessive and frequent blood transfusions. While many others suffer from non-transfusion dependent thalassemia syndromes. It is very crucial to remove the excess iron content that is seen in the body of the patients. Deferasirox is one such product that is very often used to treat people with such diseases.

Over the past few years, there has been an increasing trend in the number of patients undergoing blood transfusions. Hence there has been a direct demand for the product from all over the world which has been the major driving factor for the increase in the deferasirox market growth. The market is also anticipated to have many lucrative development opportunities with the increasing demand for the product in the global market.

RESTRAINING FACTOR

"Serious Side Effects of the Medication to Bring Down the Market Share"

With the benefit of removing excess iron content, deferasirox also has some serious side effects that can lead to severe complications. This medication is not compatible for everyone and can sometimes cause certain reactions that are undesirable. Therefore, it is important for the patient to consult a doctor before trying the medication on.

Overuse may decrease the number of blood cells in the body which can lead to increased bleeding and other infections. Allergic reactions such as angioedema and anaphylaxis can be caused. These skin reactions are life-threatening and would require immediate medical attention. Nausea, vomiting, diarrhea and anxiety are other problems that can be noticed. The aforementioned factors can limit the market development in the future to some extent.

Deferasirox Market Regional Insights

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"North America to Dominate Market Share Owing to Increased Consumption"

The region that is observed to lead the market during the forecast period is North America. Followed by North-America is Europe. North America accounts for almost more than one- fourth of the market share. The consumption of this product is high in North America owing to the health problems faced by the people in that region. Therefore, the production is also high paving way to an increased market share.

According to WHO approximately more than 1.6 billion people suffer from anemia and a large part of this population belongs to North America and Europe. Another factor responsible for the growth of the market in North America is the support and the approval provided by government for the product.

Key Industry Players

"Leading Players adopt Acquisition Strategies to Stay Competitive "

Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.

List of Market Players Profiled

• Novartis (Switzerland)
• Cipla (India)
• Natco Pharma (India)
• Sun Pharma (India)

Report Coverage

The report provides an insight into the industry from both the demand and supply sides. Further, it also gives information on the impact of COVID-19 on the market, the driving and the restraining factors along with the regional insights. Market dynamic forces during the forecast period have also been discussed for the better understanding of the market situations