Boost In Iron Supplement Consumption For Reducing Iron Deficiencies
Iron supplement market is observing lucrative growth opportunity counter against prevalence of iron deficiencies (specifically among female population). Rising prevalence of iron deficiencies has resulted to boost the demand for iron supplement products such as tablets, powder, capsules, syrups and gels in the market. According to a 2017 based revised factsheet by British Nutrition Foundation, iron deficiency anaemia has been observed among the most common cause of anaemia across the globe. About 25% of global population suffers from anaemia as per World Health Organization (WHO) as of year 2017 that accounts to about 1.6 billion people. This has raised major concern among government and non-profit organization (such as WHO, Grameen foundation, American Society of Haematology and National Institute of Health) working to reduce the prevalence of the disease across the globe that possibly finds iron supplement based solutions to be a countering method against the disease. This has resulted to create rising demand of iron supplement based products in the market.
Moreover, developing countries are facing major problem for iron deficient diets as compared to developed nations. For instance, as per the study by World Health Organization on 3923 sample size in Jordan, anaemia prevalence was observed in among 27.4% pregnant women’s and 20.3% non-pregnant women’s along with 5.2% males. Furthermore, according to the study on National Guidelines for Prevention and Control of Iron Deficiency Anaemia in India by Indian Journal of Community Health, Anaemia prevails in more than 50% of vulnerable group that includes pregnant women’s, young children, infants and adolescents in the country. Moreover, as per the WHO South East Asia regional office, as of year 2016, about 315 million people suffered from anaemia with iron deficiency being a primary contributor.
In order to counteract rising concern for iron deficiency based anaemia prevention, governments and non-profit organizations across the globe have defined a guidelines and programs that are helping to promote iron supplement consumption. For instance, guidelines developed for the use of iron supplements to prevent and treat iron deficiency anaemia developed by WHO, International Nutritional Anaemia Consultative Group INACG, United Nations Children’s Fund (UNICEF) and a program by Government of India, Ministry of Health and Family Welfare, named as Weekly Iron and Folic Acid Supplementation (WIFS) Programme.
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Pharma and nutraceutical industries focusing towards safer iron supplements
Pharmaceutical industries are utilizing this lucrative opportunity by offering wide variety of multivitamin or direct iron salts and polysaccharide based products such as Ferrous Sulphate, Iron polysaccharide, Ferrous fumarate, ferric pyrophosphate, iron sucrose, heme iron polypeptide etc. Rising demand for side effects free supplement products is promoting pharma industries towards the development of safer and efficient products focused towards specific consumer class such as pregnant women, athletes, infants and children. According to the American Society of Haematology, possible iron supplement side effects includes nausea, abdominal discomfort, diarrhoea, vomiting, dark stool and constipation. These side effects can prove harmful in pregnant women and infants. In order to overcome this issue, pharma and nutraceutical industries are focusing majority of revenue for the development of safer and efficient products. High spending on research and development by pharmaceutical sector is expected to offer new and improved supplement based products in the market, thereby boosting the market revenue. According to the International Federation of Pharmaceutical Manufacturer & Associations, pharmaceutical industry funded over 149.8 billion in research and development in 2017.