Dublin, Jan. 12, 2021 (GLOBE NEWSWIRE) -- The "Pegfilgrastim Biosimilars Global Market Opportunities and Strategies to 2030: COVID-19 Impact and Recovery" report has been added to ResearchAndMarkets.com's offering.
The global pegfilgrastim biosimilars market reached a value of nearly $876.0 million in 2019. The market is expected to grow from $876.0 million in 2019 to $1,119.2 million in 2023 at a rate of 6.3%. The growth is mainly due to an increased prevalence of cancer and increased adoption of the biosimilars. The market is expected to stabilize and reach $1,538.6 million in 2025 and $3,598.3 million in 2030.
Growth in the historic period resulted from government initiatives for biosimilars, increase in healthcare expenditure, and increase in pharmaceutical R&D expenditure and low costs of biosimilars. This growth was restricted by low rate of drug approvals, and lack of awareness on biosimilars among primary care physicians and specialists.
Going forward, aging population, increase in healthcare access and rising prevalence of chronic diseases are expected to drive the market. Effect of COVID-19, stringent regulations related to biosimilar approvals and prolonged production and approval time are major factors that could hinder the growth of the pegfilgrastim biosimilars market in the future.
The pegfilgrastim biosimilars market is segmented by application into chemotherapy induced neutropenia, transplantation and others. The chemotherapy induced neutropenia was the largest segment of the pegfilgrastim biosimilars market by application, accounting for 75.2% of the total market in 2019. Going forward, chemotherapy induced neutropenia segment is also expected to be the fastest growing segment in the pegfilgrastim biosimilar market, at a CAGR of 18.9%.
The pegfilgrastim biosimilars market is also segmented by distribution channel into hospital pharmacies, retail pharmacies and mail order/ online pharmacies. The hospital pharmacies was the largest segment of the pegfilgrastim biosimilars market by application, accounting for 89.8% of the total market in 2019. Going forward, the retail pharmacies segment is expected to be the fastest growing segment in the pegfilgrastim biosimilars market, at a CAGR of 30.4%.
North America was the largest region in the global pegfilgrastim biosimilars market, accounting for 51.1% of the total in 2019. It was followed by Western Europe, Asia Pacific and then the other regions. Going forward, the fastest-growing regions in the pegfilgrastim biosimilars market will be Middle East and Asia Pacific, where growth will be at CAGRs of 34.8% and 30.3% respectively.
The top opportunities in the pegfilgrastim biosimilars market segmented by application will arise in the chemotherapy induced neutropenia segment, which will gain $194.2 million of global annual sales by 2023. The top opportunities in the pegfilgrastim biosimilars market segmented by distribution channel will arise in the hospital pharmacies segment, which will gain $127.6 million of global annual sales by 2023. The pegfilgrastim biosimilars market size will gain the most in the USA at $120.2 million.
Market-trend-based strategies for the pegfilgrastim biosimilars market include taking advantage of the less stringent regulations to develop new and improved biosimilars, investing extensively in R&D activities for the development of effective and innovative biologics, focusing on establishing strategic partnerships with the large players to expand their research and developments activities in new drug developments and increasing their focus on M&A growth strategies to expand the customer base and their geographic markets.. Player-adopted strategies in the pegfilgrastim biosimilars market include investing in expanding operations in different geographies, improving infrastructure and in acquisitions and mergers to strengthen their service offerings.
To take advantage of the opportunities, the report recommends the pegfilgrastim biosimilars companies to focus on strategic partnerships, focus on research & development, expand in emerging markets, leverage e-commerce to maximize reach and revenues, leverage online pharmacies, provide competitively priced offerings in low-income countries to reach new users, companies should focus on creating awareness, and focus on creating awareness among patients and doctors.
Key Topics Covered:
1. Pegfilgrastim Biosimilars Market Executive Summary
2. Table of Contents
3. List of Figures
4. List of Tables
5. Report Structure
6.1.1. Segmentation by Geography
6.1.2. Segmentation by Application
6.1.3. Segmentation by Distribution Channel
7. Pegfilgrastim Biosimilars Market Characteristics
7.1. Market Definition
7.2. Market Segmentation by Application
7.2.1. Chemotherapy Induced Neutropenia
7.3. Market Segmentation by Distribution Channel
7.3.1. Hospital Pharmacies
7.3.2. Retail Pharmacies
7.3.3. Mail Order/Online Pharmacies
8. Pegfilgrastim Biosimilars Market Trends and Strategies
8.1. Revised FDA Regulations To Facilitate Biosimilar Drug Development
8.2. Robust Research & Development
8.3. Large Number of Strategic Partnerships
8.4. Growing Mergers and Acquisitions
9. Pegfilgrastim Biosimilars Market, COVID Impact Analysis
9.1. Impact of COVID-19 On Major Pegfilgrastim Biosimilar Market Player Biocon Biologics
10. Global Pegfilgrastim Biosimilars Market Size and Growth
10.1. Market Size
10.2. Historic Market Growth, 2015-2019, Value ($ Million)
10.3. Forecast Market Growth, 2019-2023, 2025F, 2030F Value ($ Million)
11. Global Pegfilgrastim Biosimilars Market Segmentation
11.1. Global Pegfilgrastim Biosimilars Market, Segmentation by Application, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, Value ($ Million)
11.2. Global Pegfilgrastim Biosimilars Market, Segmentation by Distribution Channel, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, Value ($ Million)
12. Pegfilgrastim Biosimilars Market, Regional and Country Analysis
12.1. Global Pegfilgrastim Biosimilars Market, by Region, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, Value ($ Million)
12.2. Global Pegfilgrastim Biosimilars Market, by Country, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, Value ($ Million)
Coherus Biosciences Inc.
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