How Has the Pegfilgrastim Biosimilars Market Evolved Historically and What is its Current Size?
The pegfilgrastim biosimilars market has seen considerable growth due to a variety of factors.
• The market size for pegfilgrastim biosimilars has experienced substantial growth recently. It is projected to escalate from $1.56 billion in 2024 to $1.8 billion in 2025, signifying a compound annual growth rate (CAGR) of 15.3%.
Factors driving growth during the historic period include the rising prevalence of cancer, governmental actions, enhanced spending on healthcare, increased R&D expenditure in the biopharmaceutical sector, affordable biosimilars costs, and significant penetration of biosimilar drugs.
What is the Forecasted Market Size and CAGR for the Pegfilgrastim Biosimilars Market?
The pegfilgrastim biosimilars market is expected to maintain its strong growth trajectory in upcoming years.
• In the next few years, the pegfilgrastim biosimilars market is projected to undergo a swift expansion, escalating to a market worth of $3.44 billion by 2029, with a Compound Annual Growth Rate (CAGR) of 17.5%.
This accelerated growth during the forecast period is anticipated due to factors such as the increasing incidence of cancer, an aging population, growing approval numbers, as well as targets and incentives. The forthcoming period is expected to witness trends such as the utilization of lenient regulations to create advanced biosimilars, heavy investment in R&D for the creation of effective and novel biologics, the emphasis on cultivating strategic alliances with prominent industry players to broaden their R&D efforts in new drug development as well as an augmented concentration on M&A strategies to boost their customer base and geographical markets. Moreover, the rising focus on biosimilar production for neutropenia will contribute to increased revenue and product diversity.
What Are The Essential Drivers Behind The Growth Of The Pegfilgrastim Biosimilars Market?
Efforts by governments towards the advancement of biosimilars are projected to fuel the growth of the pegfilgrastim biosimilars market. Owing to their cost-effectiveness, biosimilars are being prioritized for development by governments globally. The US Food and Drug Administration (FDA) initiated a Biosimilar Action Plan, aiming to enhance treatment alternatives. The Australian government, on the other hand, is firmly invested in the Biosimilar Awareness Initiative, and they bolstered this commitment by granting $5 million to the Generic and Biosimilar Medicines Association to welcome enhanced overall biosimilar education and activities that foster appropriate dispensing, prescription, and utilization of biosimilar medicines. Thus, these government-led developments in biosimilars contribute to boosting awareness and production, which directly aids in the expansion of the pegfilgrastim biosimilars market.
What Are The Principal Market Segments In The Global Pegfilgrastim Biosimilars Healthcare Industry?
The pegfilgrastim biosimilars market covered in this report is segmented –
1) By Application: Chemotherapy Treatment, Transplantation, Other Applications
2) By Distribution Channel: Hospital Pharmacies, Retail Pharmacies, Mail-Order Pharmacies
Subsegments:
1) By Chemotherapy Treatment: Supportive Care for Cancer Patients, Reduction of Chemotherapy-Induced Neutropenia
2) By Transplantation: Hematopoietic Stem Cell Transplantation, Peripheral Blood Stem Cell Transplantation
3) By Other Applications: Treatment of Chronic Neutropenia, Treatment of Severe Congenital Neutropenia, Other Supportive Therapies in Oncology
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Which Emerging Market Trends Are Altering The Pegfilgrastim Biosimilars Market?
Strategic collaborations are being used by companies in the pegfilgrastim biosimilar market to enhance their product innovation. With the market becoming more competitive, companies are taking innovative steps and sharing their knowledge and expertise with others to stay ahead. Collaboration with research institutes and academia, either through partnerships or out-licensing deals, has been a long-standing trend in this market, and it has been growing in popularity in recent years. A case in point is in May 2023, when Amneal Pharmaceuticals, a company specializing in generics and specialty pharmaceuticals based in the US, entered into collaboration with Kashiv Biosciences, another US-based integrated biosciences company. Their joint endeavor led to the creation and introduction of Fylnetra (pegfilgrastim-pbbk), a new biosimilar pegfilgrastim. Fylnetra is a preservative-free, clear solution that is provided in a single-dose prefilled syringe measuring 6 mg/0.6 mL. It is primarily used for reducing infection risks, particularly febrile neutropenia, in patients diagnosed with non-myeloid cancers who are receiving certain types of myelosuppressive anti-cancer treatments.
Who Are the Key Players in the Pegfilgrastim Biosimilars Market?
Major companies operating in the pegfilgrastim biosimilars market include:
• Amgen
• Mylan N.V.
• Sandoz (a Novartis division)
• Teva Pharmaceutical Industries Ltd.
• Biocon
• Pfizer
• Celltrion Healthcare
• Coherus BioSciences
• Gedeon Richter
• Fresenius Kabi
• Hetero Labs
• Intas Pharmaceuticals
• LG Chem
• Merck KGaA
• Zydus Cadila
• Aurobindo Pharma
• Apotex Inc.
• Dr. Reddy's Laboratories
• Stada Arzneimittel AG
• Reddy's Laboratories
• Shanghai Henlius Biotech
• Alvotech
• EirGenix
• Bharat Biotech
• Kye Pharmaceuticals
• CinnaGen
• Boryung Pharmaceutical
• Sinopharm
What are the Regional Insights into the Pegfilgrastim Biosimilars Market?
North America was the largest region in the pegfilgrastim biosimilars market in 2024. Middle East is expected to be the fastest growing region in the global pegfilgrastim biosimilars market share during the forecast period. The regions covered in the pegfilgrastim biosimilars market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
