Major players in the pegfilgrastim biosimilars market are Mylan, Biocon, Mundipharma, Pfizer, Sandoz, Coherus, Intas Pharmaceuticals, and Fresenius Kabi. The global pegfilgrastim biosimilars market is expected to grow from $0.
New York, Sept. 27, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Pegfilgrastim Biosimilars Global Market Report 2021: COVID-19 Growth And Change To 2030" - https://www.reportlinker.com/p06151632/?utm_source=GNW
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 market is expected to reach $1.42 billion in 2025 at a CAGR of 13%.
The pegfilgrastim biosimilars market consists of the sales of pegfilgrastim biosimilars and related services offered by the companies that develop and manufacture them.Pegfilgrastim is a version of filgrastim (Neupogen), used to increase the production of infection-fighting white blood cells for the treatment of cancer patients undergoing chemotherapy.
Pegfilgrastim biosimilars find their applications in reducing infection for patients undergoing anticancer therapy.
The pegfilgrastim biosimilar market covered in this report is segmented by application into chemotherapy treatment, transplantation, others and by distribution channel into hospital pharmacies, retail pharmacies, mail-order pharmacies.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
During the historic period the pegfilgrastim biosimilar market was restrained by the low number of drug approvals by the FDA.The market currently only has 4 drugs approved for treatment, thus restraining the growth of the market.
This can be attributed to strict standards for manufacturing and high drug efficacy standards set by the regulatory bodies for approval of this therapy, thus increasing the time required for approval and limiting the growth of the market.
In October 2018, Mundipharma, a UK-based company engaged in manufacturing, developing, and commercializing high-quality biosimilars for inflammatory diseases and oncology acquired Cinfa Biotech.Mundipharma acquired all shares of Cinfa, Infarco including Pelmeg (pegfilgrastim, biosimilar).
This acquisition is projected to expand Mundipharma’s biosimilar product portfolio. Cinfa Biotech was founded in 2013 as a part of Cinfa Group and is a Spanish biotechnology company that focuses on the development of biosimilars.
Government initiatives for the development of biosimilars are expected to drive the pegfilgrastim biosimilars.Governments worldwide are focusing on the development of biosimilars attributing to their cost-effective nature.
The US Food and Drug Administration (FDA) launched a Biosimilar Action Plan, in July 2018 to increase treatment options.The Australian government is committed to the Biosimilar Awareness Initiative and in 2018 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 aids in the increased production and awareness which in turn supported the growth of the pegfilgrastim biosimilars market.
Companies in the pegfilgrastim biosimilar market are increasing their product innovation through strategic collaborations.To sustain 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 each other as well as academic and research institutions in this market by way of partnerships, in or out licensing deals, this trend has been increasing over the recent years. For instance, in July 2018, Fulphila, co-developed by Biocon Biologics and Mylan, was the first biosimilar pegfilgrastim to be approved by the FDA.
The countries covered in the market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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