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PEGFILGRASTIM BIOSIMILARS MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Pegfilgrastim Biosimilars Market, By Product (Pegfilgrastim Biosimilars and Pegfilgrastim Reference Product), By Application (Oncology, Chronic Neutropenia, Stem Cell Transplantation, Others), By Route of Administration (Subcutaneous and Intravenous), By Distribution Channel (Hospitals Pharmacies, Retail Pharmacies, Online Pharmacies), By Geography (North America, Latin America, Europe, Asia Pacific, Middle East & Africa)

  • Published In : Aug 2024
  • Code : CMI7242
  • Pages :165
  • Formats :
      Excel and PDF
  • Industry : Pharmaceutical

Pegfilgrastim Biosimilars Market Size and Trends

Global pegfilgrastim biosimilars market is estimated to be valued at USD 1.69 Bn in 2024 and is expected to reach USD 3.07 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 8.9% from 2024 to 2031.

Pegfilgrastim Biosimilars Market Key Factors

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The market  growth is driven by rising demand for cheaper biosimilar alternatives to the reference biologic drugs from patients struggling with healthcare costs. Biosimilars offer significant cost savings as compared to their reference biologics, and this boosts purchase of pegfilgrastim biosimilars by hospitals and cancer care centers. Rising incidence of cancer cases worldwide boosts the need for supportive care therapies such as pegfilgrastim. Moreover, the expiry of patents of major reference biologic drugs enable the commercialization of various novel biosimilars in the market. This can expand treatment access to more patients.

Increasing number of cancer cases

Rising incidence of cancer worldwide boosts  demand for supportive cancer care therapies. According to WHO, cancer burden has nearly doubled since 2000 and is expected to increase in the near future. Cancer chemotherapy often results in severely low white blood cell count in patients, making them vulnerable to life-threatening infections. Pegfilgrastim is administered to patients undergoing chemotherapy to boost white blood cell count and reduce chances of infections. As more cancer patients opt for chemotherapy globally each year, there will be huge demand for pegfilgrastim to protect them from neutropenia.

Patent Expiries of Pegfilgrastim Biosimilars

Several leading brands of pegfilgrastim have lost their patent protection in the recent past, thus, allowing for manufacturing and sale of affordable biosimilar versions. Neulasta, the pioneering pegfilgrastim therapy, lost exclusivity in the U.S. in 2018. This paved way for multiple biosimilar entrants with pegfilgrastim, which are significantly lower priced than the originator brand. Healthcare systems and patients now have access to cheaper biosimilar options without compromising on quality or efficacy. This has boosted overall adoption of pegfilgrastim and volume growth prospects appear promising as physicians and patients increasingly opt for more affordable biosimilars in place of originator versions. Lower prices ensuing from patent expiry of blockbuster brands can facilitate wider global access and uptake of pegfilgrastim biosimilars.

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