LONDON, Oct. 18, 2021 (GLOBE NEWSWIRE) — According to The Business Research Company’s research report, the global pegfilgrastim biosimilars market is highly concentrated, with few large players in the market. Nine competitors made up to 100% of the total market in 2020. Major players in the market include Coherus BioSciences, Biocon/Mylan, Sandoz (Novartis), Mundipharma GmbH, Dr. Reddy’s Laboratories, Pfizer Inc., Emcure Pharmaceuticals (Gennova Biopharmaceuticals Ltd.), and USV Private Limited.
The increasing number of approvals is expected to drive the growth of the pegfilgrastim biosimilars market in the coming years. Pegfilgrastim is a long-acting form of filgrastim (Neupogen), that is used to boost the generation of infection-fighting white blood cells in cancer patients receiving chemotherapy. Major companies operating in the pegfilgrastim biosimilars sector are focused on approvals to strengthen their position. For instance, in June 2020, Pfizer, a US based pharmaceutical and biotechnology company revealed that the US Food and Drug Administration (FDA) authorized NYVEPRIA, a biosimilar to Neulasta (pegfilgrastim). Additionally, in June 2021, Lupin, an India based pharmaceutical company stated that the US FDA approved the Biologics License Application (BLA) for its planned Neulasta (pegfilgrastim) biosimilar through the 351(k) pathway. Therefore, the increasing number of approvals drives the growth of the pegfilgrastim biosimilars market.
The global pegfilgrastim biosimilar market size is expected to grow from $0.8 billion in 2020 to $0.88 billion in 2021 at a compound annual growth rate (CAGR) of 10%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The pegfilgrastim biosimilars market is expected to reach $1.42 billion in 2025 at a CAGR of 13%.
The Business Research Company’s report titled Pegfilgrastim Biosimilars Global Market Report 2021 – By Application (Chemotherapy Treatment, Transplantation), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Mail-Order Pharmacies), COVID-19 Growth And Change covers major pegfilgrastim biosimilars companies, pegfilgrastim biosimilars market share by company, pegfilgrastim biosimilars manufacturers, pegfilgrastim biosimilars market size, and pegfilgrastim biosimilars market forecasts. The report also covers the global pegfilgrastim biosimilars market and its segments.
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Biosimilars are biological products which are being produced to be identical to a biologic already approved, known as reference drugs. Biosimilars should have similar safety and efficacy compared to the reference biologic product. Pegfilgrastim is a PEGylated form of the recombinant human granulocyte colony-stimulating factor (G-CSF) analogue filgrastim. Pegfilgrastim biosimilars are copies of Amgen’s Neulasta (pegfilgrastim), the originating medication, which was approved in January 2002 by the US Food and Drug Administration and in August 2002 by the European Medicines Agency (EMA).
The pegfilgrastim biosimilars market is segmented by application into chemotherapy induced neutropenia, transplantation, and others. The chemotherapy induced neutropenia was the largest segment of the pegfilgrastim biosimilars market segmented by application, accounting for 75.5% of the total in 2020. Going forward, the chemotherapy induced neutropenia segment is expected to be the fastest growing segment in the pegfilgrastim biosimilars market segmented by application, at a CAGR of 15.2% during 2020-2025. The pegfilgrastim biosimilars market is also segmented by distribution channel into hospital pharmacies, retail pharmacies and mail order pharmacies.
North America is the largest region in the pegfilgrastim biosimilars market, accounting for 52.3% of the total in 2020. It was followed by the Western Europe, Asia Pacific, and then the other regions. Going forward, the fastest-growing regions in the pegfilgrastim biosimilars market will be the Middle East and Asia Pacific where growth will be at CAGRs of 33.6% and 29.2% respectively.
Pegfilgrastim Biosimilars Global Market Report 2021 – COVID-19 Growth And Change is one of a series of new reports from The Business Research Company that provide market overviews, analyze and forecast market size and growth for the whole market, segments and geographies, trends, drivers, restraints, leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies. The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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