Pegfilgrastim Biosimilars Market Insights, Overview, Share And Forecast To 2033

The pegfilgrastim biosimilars market size has grown rapidly in recent years. It will grow from $1.59 billion in 2023 to $1.75 billion in 2024 at a compound annual growth rate (CAGR) of 10.0%. The growth in the historic period can be attributed to increase in cancer prevalence, government initiatives, increased healthcare expenditure, increase in biopharmaceutical r&d expenditure, low cost of biosimilars, and high penetration of the biosimilar drugs.

The pegfilgrastim biosimilars market size is expected to see strong growth in the next few years. It will grow to $2.32 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The growth in the forecast period can be attributed to increasing prevalence of cancer, aging population, increasing number of approvals, and targets and incentives . Major trends in the forecast period include taking advantage of the less stringent regulations to develop new and improved biosimilars, investing extensively in r&d activities for the development of effective and innovative biologics, focusing on establishing strategic partnerships with the large players to expand their research and developments activities in new drug developments and increasing their focus on m&a growth strategies to expand the customer base and their geographic markets, and increasing focus towards the production of biosimilars for neutropenia treatment to improve revenues and product offerings.

Market Overview -
Pegfilgrastim biosimilars refer to a biosimilar that is intended to be used in conjunction with supportive care for people with non-myeloid cancer. It can help prevent or treat infections brought on by myelosuppressive chemotherapy by promoting the formation of certain white blood cells.

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Government Initiatives Drive Growth In Pegfilgrastim Biosimilars Market
Government initiatives for the development of biosimilars are expected to drive the pegfilgrastim biosimilars market. Governments worldwide are focusing on the development of biosimilars due to their cost-effective nature. The US Food and Drug Administration (FDA) launched a Biosimilar Action Plan, to increase treatment options. The Australian government is committed to the Biosimilar Awareness Initiative, and they improved their commitment by supporting the Generic and Biosimilar Medicines Association through a grant of $5 million to accept increased general biosimilar education and activities that promote the suitable dispensing, prescription, and use of biosimilar medicines. Hence, the government initiatives for the development of biosimilars aid in the increased production and awareness that, in turn, support the growth of the pegfilgrastim biosimilars market.

Competitive Landscape -

Major companies operating in the pegfilgrastim biosimilars market report are Coherus BioSciences, Sandoz, Biocon/Mylan, Intas Biopharmaceuticals Ltd, Mundipharma GmbH, Dr. Reddy's Laboratories, Pfizer Inc., Emcure Pharmaceuticals, USV Private Limited, Apotex Pty Ltd, Kyowa Kirin Co. Ltd, Qilu Pharmaceutical, Gennova Biopharmaceuticals Limited, Lupin Limited, Coherus Biosciences Inc, Fresenius Kabi, Napp Pharmaceuticals, Boicon, Amega Biotech.

Strategic Collaborations Fueling New Launches In The Pegfilgrastim Biosimilar Market

Companies in the pegfilgrastim biosimilar market are increasing their product innovation through strategic collaborations. To sustain themselves 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 academic and research institutions in this market by way of partnerships or out-licensing deals, this trend has been increasing over the past few years. For instance, in May 2023, Amneal Pharmaceuticals, a US-based generics and specialty pharmaceutical company, partnered with Kashiv Biosciences, a US-based integrated biosciences company, to develop and introduce Fylnetra (pegfilgrastim-pbbk), a biosimilar pegfilgrastim. FYLNETRA is a preservative-free, clear solution offered in a 6 mg/0.6 mL single-dose prefilled syringe. It's used to reduce infection risks, specifically febrile neutropenia, in patients with non-myeloid cancers undergoing certain myelosuppressive anti-cancer treatments.

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Key Segments -

The pegfilgrastim biosimilars market covered in this report is segmented -

1) By Application: Chemotherapy Treatment, Transplantation, Other Applications
2) By Distribution Channel: Hospital Pharmacies, Retail Pharmacies, Mail-Order Pharmacies

Key highlights covered in the report -

1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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