November 14, 2024
Pegfilgrastim Biosimilars Market

Pegfilgrastim Biosimilars Market is Estimated to Witness High Growth Owing to Increasing Uptake due to Cost Efficiency

The pegfilgrastim biosimilars market has witnessed significant growth over the past few years owing to increasing cases of cancer and growing adoption of biosimilars as a costeffective treatment option. Pegfilgrastim is a long-acting form of filgrastim used to stimulate the bone marrow to produce more white blood cells to reduce the duration of neutropenia in patients who are receiving chemotherapy to treat cancer. The demand for pegfilgrastim biosimilars is rising due to their comparable therapeutic efficacy as branded pegfilgrastim but at a fraction of the cost.

The global pegfilgrastim biosimilars market is estimated to be valued at US$ 1.69 Bn in 2024 and is expected to exhibit a CAGR of 9.8% over the forecast period from 2024 to 2031.

Key Takeaways

Key players operating in the pegfilgrastim biosimilars market are Coherus BioSciences,

Mylan N.V., Biocon, Sandoz (a Novartis division), Pfizer Inc., Apotex Inc., Cinfa Biotech,

Gedeon Richter, Stada Arzneimittel AG, Mundipharma, Aurobindo Pharma, Glenmark

Pharmaceuticals, Dr. Reddy’s Laboratories, Intas Pharmaceuticals, Biocad, Genor

Biopharma, Qilu Pharmaceutical, Henlius Biotech. Pegfilgrastim biosimilars offer significant cost savings over branded products, thereby expanding access to treatment for more patients globally. The increasing number of patent expiries of pegfilgrastim and growing demand from emerging markets is expected to further accelerate the adoption of pegfilgrastim biosimilars across major markets in the coming years.

Market Drivers

Pegfilgrastim Biosimilars Market demand is boosted by the rising incidence of cancer and increasing use of chemotherapy regimens. According to the National Cancer Institute, an estimated 1.9 million new cases of cancer were diagnosed in the US in 2021.

Moreover, increasing uptake of pegfilgrastim biosimilars owing to their cost-effectiveness as compared to branded products is expected to drive market growth over the forecast period. The patent expiry of pegfilgrastim in several regions has also enabled the commercialization of affordable biosimilars in the market.

PEST Analysis

Political: The pegfilgrastim biosimilars market is regulated by various agencies like the FDA in the US and EMA in Europe. Regulations regarding the approval of biosimilars have aided market growth over the past decade.

Economic: Rising healthcare costs have increased the demand for more affordable biosimilar drugs. The savings from using cheaper biosimilars have benefitted both patients and healthcare systems.

Social: The rising incidence of cancer and increasing acceptance of biosimilars as an affordable treatment option have boosted demand. Physicians are more confident in prescribing biosimilars owing to their demonstrated efficacy and safety levels.

Technological: Advancements in biologics production have enabled manufacturers to develop high-quality biosimilars. Robust analytical techniques allow for thorough characterization and comparison of biosimilars to their reference biologics.

Pegfilgrastim Biosimilars Market Regions Analysis reveals that the market in North America currently holds the largest value share globally. This can be attributed to factors such as the rising cancer prevalence, expanded FDA approvals, and favorable reimbursement policies supporting biosimilar adoption in the region. Developed markets in Europe also account for a sizable proportion of global market value due to the presence of universal healthcare systems and established guidelines promoting biosimilar usage.

However, the Asia Pacific region is expected to witness the fastest growth over the forecast period owing to increasing investments in healthcare infrastructure, rising cancer incidence, and growing demand for affordable treatment alternatives. Emerging economies like India and China serve as lucrative markets and manufacturing hubs for biosimilar producers looking to expand their regional footprint.

The Asia Pacific pegfilgrastim biosimilars market is projected to expand at the fastest CAGR through 2031. This growth can be credited to improving access to cancer care through public policy reforms and healthcare infrastructure developments across major Asian countries. Initiatives aimed at enhancing research capacity and streamlining regulatory pathways have also made the region conducive for biosimilar manufacturers. The rapidly growing patient populations, rising spending on pharmaceuticals, and burgeoning biologics industry in China, India, South Korea, and other Asia Pacific nations are creating extensive commercial opportunities. Additionally, the willingness of physicians and patients to adopt cost-effective biosimilars indicates continued market expansion prospects in the future.

*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it

About Author - Ravina Pandya
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.  LinkedIn Profile

About Author - Ravina Pandya

Ravina Pandya,  Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.  LinkedIn Profile

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