Global Filgrastim Biosimilars Market Size 2024, Forecast To 2033
11 Mar, 2024
The filgrastim biosimilars market has exhibited strong growth, rising from $1.02 billion in 2023 to $1.1 billion in 2024, with a compound annual growth rate (CAGR) of 8.0%. The growth in the historical period is attributed to the growth of emerging markets, the expiration of patents, government initiatives, increased healthcare expenditure, the low cost of biosimilars, a robust pipeline of drugs, and an increase in biopharmaceutical research and development (R&D) expenditure. Looking ahead, the market is anticipated to experience rapid growth, reaching $1.66 billion in 2028, with a CAGR of 10.7%. The forecasted growth is associated with an aging population and increased healthcare access. Key trends for the forecast period include substantial investments in R&D activities for the development of effective and innovative biosimilars, the production of biosimilars for neutropenia treatment to improve revenues, and an increased focus on mergers and acquisitions as growth strategies.
Global Filgrastim Biosimilars Market Key Driver
The filgrastim biosimilar market is witnessing growth due to the increasing prevalence of neutropenia, a condition characterized by insufficient neutrophils, crucial white blood cells that combat infections. Filgrastim biosimilars stimulate neutrophil production in the bone marrow, elevating neutrophil counts to enhance infection resistance. As of August 2022, research from the National Center for Biotechnology Information reveals varying prevalence rates of neutropenia, with 0.38% among Mexican-Americans, 0.79% among whites, and 4.5% among black participants. This rising prevalence of neutropenia is a key driver for the growth of the filgrastim biosimilar market, influencing market dynamics in 2023 and expected to persist through 2024 and 2028.
Get A Free Sample Of The Global Filgrastim Biosimilars Market ReportGlobal Filgrastim Biosimilars Market Segments
The filgrastim biosimilars market covered in this report is segmented –
1) By Type Of Manufacturing: In-House Manufacturing, Contract Manufacturing organization
2) By Application: Oncology, Chronic And Autoimmune Diseases, Blood Disorders, Growth Hormone Deficiency, Other Applications
3) By Distribution Channel: Hospital Pharmacy, Retail Pharmacy, Online Pharmacy
By Geography:The regions covered in the filgrastim biosimilars market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain
North America was the largest region in the filgrastim biosimilar markets market in 2023. The Middle East is expected to be the fastest growing region in the global filgrastim biosimilar markets market during the forecast period. The regions covered in the filgrastim biosimilars market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Filgrastim Biosimilars Industry Players
Teva Pharmaceutical Industries Ltd, Novartis International AG, Biocon Limited, Intas Biopharmaceuticals, Dr. Reddy's Laboratories, Pfizer, Cadila Healthcare Ltd, Abbott Laboratories, Reliance Life Science Pvt. Ltd, Gennova Biopharmaceuticals (Emcure), Sandoz Pty Ltd, Apotex Pty Ltd, Mylan, Kyowa Kirin Co. Ltd, Lupin Limited, Biocon Biologics, Coherus Biosciences Inc., North China Pharmaceutical Corporation, Tonghua Dongbaoare, Beijing SL Pharmaceutical, Mochida Pharmaceutical, Fuji Pharma, Amgen (Europe) GmbH, Napp Pharmaceuticals, Adello Biologics, Apobiologix (Apotex), Hospira, Tanvex BioPharma, Eurofarma Laboratórios
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Filgrastim Biosimilars Market Overview
Filgrastim biosimilars refer to a biosimilar that is intended to treat patients who suffer bone marrow damage from extremely high radiation doses in a manner similar to how it helps cancer patients by stimulating the formation of white blood cells, making patients less susceptible to infections.
Filgrastim Biosimilars Global Market Report 2023 provides data on the global filgrastim biosimilars market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The filgrastim biosimilars market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.