Global Filgrastim Biosimilars Market Opportunities And Strategies
The global filgrastim biosimilars market is expected to decline from $511.15 million in 2019 to $445.04 million in 2020 at a compound annual growth rate (CAGR) of -12.93%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities resulting in operational challenges. The entire supply chain has been disrupted, impacting the market negatively. The market is then expected to recover and reach $751.96 billion in 2023 at a CAGR of 19.11%. Government initiatives for the development of biosimilars aids in increased production and awareness, which in turn supports the growth of the filgrastim biosimilars market. However, stringent regulations imposed on approvals of biosimilars is anticipated to hinder the growth of the market in the forecast period.
Filgrastim biosimilar treatment is used to stimulate the bone marrow to produce more neutrophils (white blood cells) to fight infection in patients undergoing chemotherapy for cancer treatment. Only goods and services traded between entities or sold to end consumers are included.
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The global filgrastim biosimilars market is further segmented based on type and geography.
By Application: Oncology, Chronic and Autoimmune Diseases, Blood Disorders, Growth Hormone Deficiency, Infectious Diseases, Others
By Distribution Channels: Hospital Pharmacy, Retail Pharmacy, Online Pharmacy.
By Geography: The global filgrastim biosimilars market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.
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Trends In The Filgrastim Biosimilars Market
Companies in the filgrastim biosimilar market are increasing their product innovation through strategic collaborations. To sustain in the increasingly competitive market, companies are developing innovative products as well as sharing skills and expertise with other companies. While companies have long collaborated with each other and with academic and research institutions in this market by way of partnerships, in- or out-licensing deals, this trend has been increasing over recent years.
Filgrastim Biosimilars Global Market Report 2020 is one of a series of new reports from The Business Research Company that provides filgrastim biosimilars market overviews, analyzes and forecasts filgrastim biosimilars market size and growth for the global filgrastim biosimilars market, filgrastim biosimilars market share, filgrastim biosimilars market players, filgrastim biosimilars market size, filgrastim biosimilars market segments and geographies, filgrastim biosimilars market trends, filgrastim biosimilars market drivers and filgrastim biosimilars market restraints, filgrastim biosimilars market’s leading competitors’ revenues, profiles and market shares. The filgrastim biosimilars market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.