Autoimmune Disease Treatment Opportunities Provide Impetus to Pegfilgrastim Biosimilar Market: Fact.MR Study
Manufacturers in the pegfilgrastim biosimilar market are pushing for high-potential areas of HIV and cancer to provide affordable alternatives to a substantial consumer base
NEW YORK, NY / ACCESSWIRE / March 10, 2021 / The pegfilgrastim biosimilar market is projected to reflect a very impressive 10% CAGR rate of growth through the end of the assessment period in 2031. The demand for pegfilgrastim biosimilars has been largely driven by relatively faster approvals and efforts by manufacturers towards global expansion. Efforts towards research on radiation poisoning and chemotherapy in the healthcare sector is expected to generate key opportunities in the industry for the coming decade.
“Relatively high costs associated with the production and sales of pharmaceutical products for autoimmune diseases and the risk of neutropenia in cancer patients are key contributors to the long-term demand for pegfilgrastim biosimilars as cost-effective alternatives,” says the Fact.MR study.
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Pegfilgrastim Biosimilar Market – Leading Takeaways
- Hospital pharmacies remain the primary channels for distribution, accounting for approximately half of overall sales in the industry.
- United States holds the lead in the global pegfilgrastim biosimilar market, owing to favorable reimbursement policies, and spending on cancer treatment.
- India and China reflect high growth potential owing to government support and vast base of autoimmune disease patients.
- Concerns over chronic neutropenia are providing impetus to the market in Australia and New Zealand.
Pegfilgrastim Biosimilar Market – Growth Factors
- Vast patient base for autoimmune disease including HIV and cancer will support long term sales prospects.
- Cost benefits in comparison to pegfilgrastim will remain a major contributing factor to biosimilar adoption.
- Government investments in multiple countries for public healthcare options create a favorable environment for market players.
Pegfilgrastim Biosimilar Market – Constraints
- Challenges in terms of clinical trials and variables in large molecule formulations are a challenge for manufacturers.
- Potential for health risks faced by patients switching from branded products to biosimilar alternatives hurts adoption rates.
Expected Impact on Market by Coronavirus Outbreak
The covid-19 pandemic has had a moderately adverse impact on growth of the global pegfilgrastim biosimilar market. Restrictions on clinical trials and approvals, arising from government-restrictions on social distancing during the crisis period have hurt short term developments within the industry.
However, 2021 will has been reflecting relaxations on lockdown regulations and changes to business marketing strategies in developing countries during the pandemic, which is expected to generate key opportunities to aid faster recovery through 2021. Moreover, the vast number of cancer, and HIV cases globally will aid the market in sustaining long-term growth.
Explore data on the pegfilgrastim biosimilar market with 49 figures, 16 tables and the ToC. You will also find market segmentation on https://www.factmr.com/report/1494/pegfilgrastim-biosimilar-market
Competition Landscape
Some of the leading manufacturers participating in the pegfilgrastim biosimilar market are Mylan NV, Novartis AG, Coherus Biosciences, Mundipharma International, Biocon, Intas Pharmaceuticals Ltd., Pfizer Inc., Dr. Reddy Laboratories, Zydus Calida, Apotex Inc., Emcure Pharmaceuticals Pvt. Ltd., USV Pvt. Ltd., Lupin, Kashiv Biosciences, Fresenius Kabi, Green Cross Corp., Jiangsu Hengrui Medicine Co. Ltd. among others.
Product launches in emerging economies and strategic collaborations in the industry towards production and distribution remain common strategies employed by participants in the pegfilgrastim biosimilar market. For example, in March 2021, Biocon Biologics has announced collaborations with Viatris, Novartis, and Pfizer in an agreement to distribute offerings at subsidized prices. Fresenius Kabi announced a biosimilar launch program with the acceptance of its biologics license application by the European Medicines Association and the FDA for a pegfilgrastim biosimilar in May 2020. The American Cancer Society has entered an agreement with the Clinton Health Access Initiative for treatments in low and middle income countries including the distribution of pegfilgrastim biosimilars.
More on the Report
Fact.MR’s provides in-depth insights on the pegfilgrastim biosimilar market. The market is segmented in terms of distribution channel (hospital pharmacies, retail pharmacies, and mail-order pharmacies), across seven regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East & Africa).
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