2024 Global Pegfilgrastim Biosimilars Market Report: Key Drivers, Size, and Leading Segments
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What Growth Rate is Predicted for the Pegfilgrastim Biosimilars Market for 2024-2033?
Recent trends indicate a swift expansion in the pegfilgrastim biosimilars market size. The market is projected to surge from $1.59 billion in 2023 to $1.75 billion in 2024, representing a compound annual growth rate (CAGR) of 10.0%. Growth contributors during the historical period are seen as a surge in the occurrence of cancer, governmental strategies, heightened healthcare spending, amplified biopharmaceutical research and development expenditure, affordable biosimilars, and strong penetration of biosimilar drugs.
Expectations are high for significant expansion in the pegfilgrastim biosimilars market in the coming years. This market is projected to climb to $2.32 billion by 2028, maintaining a compound annual growth rate (CAGR) of 7.4%. An array of influences, such as a surge in cancer cases, an aging demographic, a rising number of approvals, and various targets and incentives, have been attributed to the predicted surge across the forecast period. Within the same timeframe, key trends will include capitalizing on more flexible regulatory measures to innovate enhanced biosimilars, hefty investment in research and development with the aim of creating efficacious and novel biologics, and focusing on forging strategic alliances with key industry figures to increase research and development activities in new drug creation. Attention is also being concentrated on mergers and acquisitions to broaden customer base and geographical market reach, as well as boosting biosimilar production for neutropenia treatment with the goal of revenue and product portfolio enhancement.
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What Drivers Are Enhancing the pegfilgrastim biosimilars Market’s Growth?
Initiatives launched by governments for the progression of biosimilars are set to bolster the pegfilgrastim biosimilars industry. Across the globe, the focus has been shifted to the enhancement of biosimilars given their cost-effective attribute. The US FDA introduced a Biosimilar Action Plan to extend the choices of treatment. Concurrently, the Australian government has fortified its commitment to the Biosimilar Awareness Initiative by augmenting support for the Generic and Biosimilar Medicines Association through a grant sum of $5 million. This fund is directed towards encouraging widespread education and activities that propagate the appropriate dispensing, prescribing and utilisation of biosimilar remedies. Consequently, these efforts made by governments contribute to the augmented production and recognition of biosimilars, thereby buttressing the pegfilgrastim biosimilars market.
What Segments Are Central to the Pegfilgrastim Biosimilars Market?
1) By Application: Chemotherapy Treatment, Transplantation, Other Applications
2) By Distribution Channel: Hospital Pharmacies, Retail Pharmacies, Mail-Order Pharmacies
What Emerging Trends Are Influencing Pegfilgrastim Biosimilars Industry Dynamics?
Firms within the pegfilgrastim biosimilar market are enhancing their product innovation through strategic partnerships. As the market grows more competitive, these companies are generating cutting-edge products and collaborating on skills and expertise with other firms. While associations with academic and research institutions have long been a part of this market through partnerships or out-licensing agreements, this phenomenon has seen a rise in recent years. For example, in May 2023, Amneal Pharmaceuticals, a US-based generics and specialty pharmaceutical company, collaborated with Kashiv Biosciences, a US-based integrated biosciences company, to create and launch Fylnetra (pegfilgrastim-pbbk), a biosimilar pegfilgrastim. FYLNETRA is a no-preservative, transparent solution provided in a 6 mg/0.6 mL single-dose prefilled syringe, used to mitigate the risk of infections, specifically febrile neutropenia, in patients suffering from non-myeloid cancers undergoing certain myelosuppressive anti-cancer treatments.
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Which Geographic Locations Are Critical to the Growth of the Pegfilgrastim Biosimilars Market?
North America was the largest region in the pegfilgrastim biosimilars market in 2023. The Middle East is expected to be the fastest growing region in the global pegfilgrastim biosimilars market share during the forecast period. The regions covered in the pegfilgrastim biosimilars market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The Pegfilgrastim Biosimilars Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the pegfilgrastim biosimilars market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Pegfilgrastim Biosimilars Market Include
1. Pegfilgrastim Biosimilars Market Executive Summary
2. Pegfilgrastim Biosimilars Market Segments
3. Pegfilgrastim Biosimilars Market Size And Template Market Growth Rate
4. Key Pegfilgrastim Biosimilars Market Trends
5. Major Pegfilgrastim Biosimilars Market Drivers
……
25. Key Mergers And Acquisitions In The Pegfilgrastim Biosimilars Market
26. Top Pegfilgrastim Biosimilars Companies
27. Pegfilgrastim Biosimilars Market Opportunities And Strategies
28. Pegfilgrastim Biosimilars Market, Conclusions And Recommendations
29. Appendix
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