Global Pegfilgrastim Biosimilars Market To Have Growth Rate Of Almost 37% Through 2023
The global pegfilgrastim biosimilar market is expected to decline from $534.43 million in 2019 to $453.11 million in 2020 at a compound annual growth rate (CAGR) of -15.22%. 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 $1,158.72 million in 2023 at a CAGR of 36.75%. Government initiatives for the development of biosimilars are expected to drive the pegfilgrastim biosimilars market. However, during the historic period, the pegfilgrastim biosimilar market was restrained by the low number of drug approvals by the FDA.
Pegfilgrastim is a version of filgrastim (Neupogen) and is used to increase the production of infection-fighting white blood cells for the treatment of cancer patients undergoing chemotherapy. Pegfilgrastim biosimilars find their applications in reducing infection for patients undergoing anticancer therapy.
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The global pegfilgrastim biosimilars market is further segmented based on type and geography.
By Application: Chemotherapy Treatment, Transplantation, Others
By Distribution Channel: Hospital Pharmacies, Retail Pharmacies, Mail-Order Pharmacies.
By Geography: The global pegfilgrastim biosimilars market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the North American pegfilgrastim biosimilars market accounts for the largest share in the global pegfilgrastim biosimilars market.
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Trends In The Pegfilgrastim Biosimilars Market
Companies in the pegfilgrastim 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 as well as 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.
Pegfilgrastim Biosimilars Global Market Report 2020 is one of a series of new reports from The Business Research Company that provides pegfilgrastim biosimilars market overviews, analyzes and forecasts pegfilgrastim biosimilars market size and growth for the global pegfilgrastim biosimilars market, pegfilgrastim biosimilars market share, pegfilgrastim biosimilars market players, pegfilgrastim biosimilars market size, pegfilgrastim biosimilars market segments and geographies, pegfilgrastim biosimilars market trends, pegfilgrastim biosimilars market drivers and pegfilgrastim biosimilars market restraints, pegfilgrastim biosimilars market’s leading competitors’ revenues, profiles and market shares. The pegfilgrastim biosimilars market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.