Press release
Filgrastim Biosimilars Industry Outlook 2025-2029: Market Set to Cross $1.21 Billion Milestone
Filgrastim Biosimilars Market
What Is the Expected CAGR for the Filgrastim Biosimilars Market Through 2025?
In recent times, the filgrastim biosimilars market has experienced robust growth. It is projected to expand from $0.92 billion in 2024 to $0.98 billion in 2025, translating to a compound annual growth rate (CAGR) of 6.9%. Several factors have contributed to the growth observed in the historic period. These include the growth of emerging markets, the increase in patent expirations, various government initiatives, a rise in healthcare spending, lower costs of biosimilars, a formidable pipeline of drugs, and increased expenditure on biopharmaceutical research and development.
What's the Projected Size of the Global Filgrastim Biosimilars Market by 2029?
The market size for filgrastim biosimilars is projected to experience substantial growth in the coming years, reaching an estimated $1.21 billion in 2029 with a compound annual growth rate (CAGR) of 5.4%. The projected growth in this timeframe can be linked to a rise in the elderly population and an expansion in healthcare access. Key trends anticipated during the forecast period include a significant investment in research and development activities aimed at producing potent and innovative biosimilars, increased production of biosimilars for treating neutropenia to boost revenue, and a heightened focus on merger and acquisition strategies for growth.
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Top Growth Drivers in the Filgrastim Biosimilars Industry: What's Accelerating the Market?
The rise in neutropenia cases is anticipated to boost the advancement of the filgrastim biosimilar market. Neutropenia is a health issue characterized by a shortage of neutrophils, a crucial class of white blood cells tasked with combating infections. Filgrastim biosimilars function by triggering the formation of neutrophils in the bone marrow, thereby raising the neutrophil count and aiding in infection resistance. For example, data from the National Center for Biotechnology Information, a repository for biomedical literature based in the United States, indicated that in August 2022, neutropenia prevalence was 0.38% among Mexican-Americans, 0.79% among whites, and 4.5% among black participants. Therefore, the escalating incidence of neutropenia is fueling the expansion of the filgrastim biosimilar market.
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What Trends Will Shape the Filgrastim Biosimilars Market Through 2029 and Beyond?
Leading entities in the filgrastim biosimilar market are pioneering new product creations using cutting-edge techniques like recombinant DNA technology for biosimilar production. The procedure of recombinant DNA technology involves the generation of hybrid or chimeric DNA by incorporating an external sequence into an organism's DNA. For example, in May 2023, Amneal Pharmaceuticals, a pharmaceutical company based in the US, introduced FYLNETRA (pegfilgrastim-pbbk), a biosimilar to NEULASTA by Amgen, for the prevention and treatment of febrile neutropenia within the US. The product enhances the growth and specialization of neutrophils from specific progenitor cells, supporting their development, and enhancing the functionality and survival of completely matured neutrophils, resulting in dosage-dependent neutrophil count increases. Moreover, Fylnetra's introduction marks another step towards more affordable medication, promoting greater accessibility for payors, patients, and healthcare providers.
What Are the Main Segments in the Filgrastim Biosimilars Market?
The filgrastim biosimilars market covered in this report is segmented -
1) By Type Of Manufacturing: In-House Manufacturing, Contract Manufacturing organization
2) By Application: Oncology, Chronic And Autoimmune Diseases, Blood Disorders, Growth Hormone Deficiency, Other Applications
3) By Distribution Channel: Hospital Pharmacy, Retail Pharmacy, Online Pharmacy
Subsegments:
1) By In-House Manufacturing: Proprietary In-House Manufacturing Facilities, Company-Owned Production Plants, Vertically Integrated Manufacturing
2) By Contract Manufacturing Organization: Full-Service Contract Manufacturing, Fill and Finish Services, API (Active Pharmaceutical Ingredient) Manufacturing, Specialized Biosimilar Manufacturing Services
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Which Top Companies are Driving Growth in the Filgrastim Biosimilars Market?
Major companies operating in the filgrastim biosimilars market include Teva Pharmaceutical Industries Ltd, Novartis International AG, Biocon Limited, Intas Biopharmaceuticals, Dr. Reddy's Laboratories, Pfizer, Cadila Healthcare Ltd, Reliance Life Science Pvt. Ltd, Gennova Biopharmaceuticals (Emcure), Sandoz Pty Ltd, Mylan, Lupin Limited, Coherus Biosciences Inc., North China Pharmaceutical Corporation, Tonghua Dongbaoare, Beijing SL Pharmaceutical, Fuji Pharma, Adello Biologics, Apobiologix (Apotex), Hospira, Tanvex BioPharma, Eurofarma Laboratórios
Which Regions Will Dominate the Filgrastim Biosimilars Market Through 2029?
North America was the largest region in the filgrastim biosimilar markets market in 2024. Middle East is expected to be the fastest growing region in the global filgrastim biosimilar markets market during the forecast period. The regions covered in the filgrastim biosimilars market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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