Pegfilgrastim is a long-acting form of filgrastim used to help reduce the risk of infection by lowering the chances of getting an infection when the white blood cell count is low. Pegfilgrastim biosimilar products are considered an affordable treatment option and have thus gained significant market share. The global pegfilgrastim biosimilars market is mainly driven by increasing prevalence of cancer and rising demand for biosimilars. Biosimilars have shown strong growth prospects over the past few years owing to their similar efficacy in comparison to reference biologics and lower cost of treatment.
The global pegfilgrastim biosimilars market is expected to be valued at USD 1.69 Bn in 2024 and is projected to reach USD 3.07 Bn by 2031 , exhibiting a compound annual growth rate (CAGR) of 8.9% from 2024 to 2031.
Key Takeaways
Key players operating in the pegfilgrastim biosimilars market include Hexal AG, Intas Pharmaceuticals Ltd., Amgen Inc., Zydus Cadila, Mylan N.V., Pfizer Inc. Among these, Amgen Inc., Hexal AG and Mylan N.V. collectively dominate the global market.
The key opportunities in the Pegfilgrastim Biosimilars Market Demand include strong utilization of biosimilars in developing nations due to financial constraints and rising affordability of treatment. Additionally, favorable regulatory guidelines and increasing acceptability of biosimilars among patients and physicians is further supplementing market growth.
Globally, the pegfilgrastim biosimilar market is expanding rapidly with significant growth witnessed across major markets such as the US, Europe and Asia Pacific region. Growing incidence of cancer, rising healthcare expenditures and increasing demand for affordable treatment options are factors supporting the global expansion of pegfilgrastim biosimilars market during the forecast period.
Market Drivers
The increasing demand for pegfilgrastim biosimilars is mainly driven by growing cancer prevalence worldwide. According to WHO, cancer burden has risen to 19.3 million cases and 10 million cancer deaths in 2020. Additionally, rising healthcare costs associated with cancer treatment have enhanced focus on biosimilar adoption to reduce the cost of care. This, along with favorable government initiatives to promote affordability and accessibility of treatment have accelerated the growth of pegfilgrastim biosimilars market.
PEST Analysis
Political: Regulations around biosimilars approval and their pricing policies are favorable for growth of pegfilgrastim biosimilars.
Economic: Rising healthcare costs and focus on cost containment measures are driving adoption of affordable pegfilgrastim biosimilars.
Social: Increasing cancer incidence is leading to rise in demand for supportive care therapies like pegfilgrastim.
Technological: Advancements in biologics development and availability of proper analytical techniques allow demonstration of biosimilarity, favoring pegfilgrastim biosimilars market.
Geographical Regions of Concentration
Currently, North America accounts for the largest share of the global pegfilgrastim biosimilars market, primarily due to strong demand for cost-effective biosimilar drugs and presence of many local players. The US market holds majority of the North American market share. Europe also captures a significant portion of the global market due to favorable regulatory framework for biosimilars approval and high cancer prevalence.
Fastest Growing Regional Market
The pegfilgrastim biosimilars market in Asia Pacific region is expected to witness the highest growth over the forecast period. This is attributed to rising healthcare expenditure, growing generics market, and initiatives to increase biosimilar approvals in emerging economies like China and India. Favorable regulations, untapped market opportunities, and developing healthcare infrastructure will further support market growth in Asia Pacific.
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About Author:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
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