Growing cases of neutropenia resulting due to surging cancer treatment cases is prompting government and private organizations to fund drug development programs to mitigate the global burden
Growing cases of neutropenia resulting due to surging cancer treatment cases is prompting government and private organizations to fund drug development programs to mitigate the global burden
Fact.MR, New York: Award winning market research company Fact.MR has conducted a recent study on the global pegfilgrastim biosimilar market for the upcoming decade. As per its findings, the market is poised to witness impressive growth following increase in cancer cases across the globe. Long-term expansion prospects are expected to remain positive.
The World Health Organization (WHO) estimates that over 10 million people succumbed to the cancer and around 1,806,590 new cases of cancer were recorded in December 2020 across United States. Among these, over 9.5% of people suffer from the side-effects of chemotherapy or radiotherapy, including neutropenia. Acknowledging this burden, healthcare providers have escalated their research & development for developing the novel biologics drugs for the treatment. Thereby, accelerating the growth of pegfilgrastim biosimilar market.
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According to Fact.MR, owing to the increase in cancer cases and thereby adoption of chemotherapy across the globe, there’s a high demand for pegfilgrastim biosimilars from hospital pharmacies. Based on these factors, the global pegfilgrastim biosimilars market will exhibit growth of 10% CAGR through 2021 and beyond.
“Manufacturers are highly investing in developing novel pegfilgrastim biologics drugs and improving accessibility with the help of real-time data to treat patients suffering from neutropenia,” says the Fact.MR analyst.
Key Takeaways
- In terms of distribution channel, hospital pharmacies are expected to hold around 54% of global market share
- With United States in the lead, North America is anticipated to hold 3/4th of the total market share through 2021
- Tier-1 companies such as Coherus Bio Sciences, Biocon, Novartis AG and Mylan holds the highest market share
- Lack of accessibility and limited product launches across India and Japan to exhibit sluggish growth across Asia Pacific
- Higher demand from the hospital pharmacies across Canada is providing growth opportunities for market players
Prominent Drivers
- Increasing demand for biosimilar drugs will drive the demand for pegfilgrastim biosimilars
- Increasing investment for research & development for developing novel pegfilgrastim biosimilars is likely to accelerate the growth
- Rising incidence of chronic diseases and demand for novel drugs is expected to improve the demand for pegfilgrastim biosimilars
- New indications and the patent expiry for biologic product will likely create growth opportunities for the key players
- Rising prevalence of cancer and advanced health care facilities is increasing the R&D activities to develop biologics drugs, improving the demand for pegfilgrastim biosimilars
Key Restraints
- Resistance from biologic manufacturers and complexities in the manufacturing of pegfilgrastim biosimilar is likely to restrict the growth
Discover more about the pegfilgrastim biosimilars market with figures, data tables and the table of contents.
https://www.factmr.com/report/1494/pegfilgrastim-biosimilar-market
Competitive Landscape
Prominent manufacturers operating in global pegfilgrastim biosimilar market listed by Fact.MR includes Coherus Biosciences, Mylan N.V., Biocon, Novartis AG, Pfizer Inc., Green Cross Corp, Accord Healthcare, Intas Pharmaceuticals Ltd., and Zydus Cadila. The market is significantly consolidates with tier-1 companies capturing the highest market share of global pegfilgrastim biosimilar market. Product launches, investment in research & development for developing novel biosimilar platforms and strategic collaboration remains the core strategy of the aforementioned players.
On June 11th 2020, Pfizer Inc. announced the approval from U.S. Food and Drug Administration (FDA) for NYVEPRIA (pegfilgrastim-apgf), a biosimilar to Neulasta® which is an oncology supportive care.
Also, in 2019, Apobiologix, a division of Apotex, launched its pegfilgrastim biosimilar in Canada as the first biosimilar pegfilgrastim to be approved in any highly regulated territory.
Likewise, Fresenius Kabi, a global healthcare company specialized in lifesaving medicines and technologies announced the first approval of Kabi’s first biosimilar regulatory submission for MSB11455, in May 2020, from FDA for a biosimilar candidate of Neulasta.
More Insights on the Pegfilgrastim Biosimilars Market
In its latest market research study, Fact.MR gives a detailed segmentation on the major market trends and challenges of global pegfilgrastim biosimilars for the upcoming decade. In order to understand the global market potential and scope, the market is segmented on the basis of distribution channel (hospital pharmacies, retail pharmacies, and mail-order pharmacies) across major key geographies such as North America, Latin America, Europe, South Asia, East Asia, Oceania and Middle East Asia & Africa.
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Source: Fact.MR