$880 Million Worldwide Filgrastim Biosimilars Industry to 2031 – Identify Growth Segments for Investment – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–The “Filgrastim Biosimilars Global Market Report 2022: By Application, By Distribution, By Type” report has been added to ResearchAndMarkets.com’s offering.

This report provides strategists, marketers and senior management with the critical information they need to assess the global filgrastim biosimilars market.

The global filgrastim biosimilars market is expected to grow from $0.75 billion in 2021 to $0.88 billion in 2022 at a compound annual growth rate (CAGR) of 17.2%. 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 $1.19 billion in 2026 at a CAGR of 8.0%.

Companies Mentioned

• Cadila Pharmaceuticals
• Dr. Reddy’s Laboratories
• Intas Biopharmaceuticals
• Sandoz
• Amgen inc.
• Dr. Reddy’s Laboratories Ltd.
• Intas Pharmaceuticals
• Emcure Pharmaceuticals Ltd.
• Biocon
• Aryogen Biopharma
• Claris Life Sciences
• Adello Biologics
• Hospira (Pfizer)
• Gennova Biopharmaceuticals
• Teva Pharmaceuticals Industries
• F.Hoffmann-La Roche Ltd.
• Lupin Limited
• Abbott Laboratories inc.
• Reliance Life Sciences Pvt. Ltd.
• Novartis AG

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The filgrastim biosimilars market consists of sales of filgrastim biosimilars and related services by entities (organizations, sole traders and partnerships) that manufacture filgrastim biosimilars. Filgrastim biosimilar treatment is used to stimulate the bone marrow to produce more neutrophils (white blood cells) to fight infection in patients undergoing chemotherapy for cancer treatment. Only goods and services traded between entities or sold to end consumers are included.

The main types of manufacturing in filgrastim biosimilar are in-house manufacturing and contract manufacturing organization. A contract manufacturing organisation, also known as a contract development and manufacturing organisation, is a corporation which provides entire services to other pharma firms on a contractual basis, from drug discovery to drug production. The different applications include oncology, chronic and autoimmune diseases, blood disorders, growth hormone deficiency, infectious diseases, others and is distributed through various channels such as hospital pharmacy, retail pharmacy, online pharmacy.

North America was the largest region in the filgrastim biosimilars market in 2021. Middle East is expected to be the fargest growing region in the forecast period. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

Government initiatives for the development of biosimilars are expected to drive the filgrastim biosimilars market over coming years. 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, to increase treatment options.

The Australian government is committed to the Biosimilar Awareness Initiative and 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 filgrastim biosimilars market.

Stringent regulations imposed on approvals of biosimilars is anticipated to hinder the growth of the filgrastim biosimilar market in the forecast period. The governments of different regions impose different rules regarding the production and use of biologics and biosimilars. Further, issues such as patent infringement or agreement issues restrict the manufacturers of biosimilars from commercializing the government-approved biosimilars. The US Food and Drug Administration requires a double regulatory approval for biosimilars, restricting the use of biosimilars as an interchangeable drug to biologics, whereas, in Europe, the European Medicines Agency (EMA) approves biosimilars as interchangeable products for biologics.

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 more information about this report visit https://www.researchandmarkets.com/r/195h5y

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