by The pegfilgrastim biosimilars market comprises long-acting versions of filgrastim that are used to treat neutropenia, a common side effect of chemotherapy. Pegfilgrastim is primarily prescribed to reduce the risk of infection in cancer patients undergoing chemotherapy
The global pegfilgrastim biosimilars market is estimated to be valued at US$1.69 billion in 2024 and is expected to exhibit a CAGR of 9.8% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the pegfilgrastim biosimilars market are Coherus BioSciences,
Mylan N.V., Biocon, Sandoz (a Novartis division), Pfizer Inc., Apotex Inc., Cinfa Biotech,
Gedeon Richter, Stada Arzneimittel AG, Mundipharma, Aurobindo Pharma, Glenmark
Pharmaceuticals, Dr. Reddy’s Laboratories, Intas Pharmaceuticals, Biocad, Genor
Biopharma, Qilu Pharmaceutical, Henlius Biotech.
Market Key Trends:
Pegfilgrastim Biosimilars Market trends highlight that one of the key trends fueling the market is the increasing adoption of biosimilars by cancer patients and healthcare payers due to their comparable efficacy and significantly lower costs.
Biosimilars offer cost savings of 30–50% over their reference biologic drugs. This has prompted several countries and regulatory authorities to introduce reimbursement programs and policies supporting the use of biosimilars. With the patent cliff of major biologic drugs and increasing R&D investments of biosimilar manufacturers, this segment is poised for double-digit growth over the next few years.
Porter’s Analysis
Threat of new entrants: Low capital investment requirement for biosimilar drugs production. However, presence of established players poses a challenge for new entrants.
Bargaining power of buyers: Large buyers such as hospitals and Government groups can negotiate for lower prices. However, need for treatment restricts this power.
Bargaining power of suppliers: Established manufacturers of active ingredients dictate pricing and supplies. However, availability of substitutes keeps this power in check.
Threat of new substitutes: Constant R&D leads to new and better biological treatment options posing a threat.
Competitive rivalry: Intense competition due to low brand loyalty and interchangeability of biosimilar drugs.
Geographical Regions
Pegfilgrastim Biosimilars Market Regions Analysis shows that North America accounts for the largest share of the market in terms of value, owing to established healthcare systems and high treatment costs in the US.
Asia Pacific pegfilgrastim biosimilars market is poised to grow at the fastest pace during the forecast period. This is attributed to rising cancer incidence, increasing disposable income, and growing health insurance penetration in China and India.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
Ravina Pandya
Ravina Pandya,Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. LinkedIn
