Pegfilgrastim Biosimilar Market to Exhibit 10% CAGR through 2026, Finds Fact.MR
Pegfilgrastim biosimilar market players are investing in biomedical research with demand also arising from contract research organizations to enhance revenue streams.
"Improving healthcare facilities in developed economies like US presents key opportunities for the market players. Major participants have developed biosimilar to focus on cost-efficient cancer research and treatments,"
Pegfilgrastim Biosimilar Market- Key Takeaways
• Owing to extending cancer treatment measures in North America, this region remains the most lucrative amongst the others.
• Strategic collaborations and partnerships will help in product innovation and improved demand to supply ratio.
• Asia Pacific region will continue to remain the fastest growing market for pegfilgrastim biosimilars.
• Regions are currently focussing on reimbursements policies and FDA approvals to gain a prominent market position.
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Pegfilgrastim Biosimilar Market - Driving Factors
• Pegfilgrastim is an essential drug for cancer treatments and is used in chemotherapy and radiotherapy neutropenia.
• This medication stimulates the formation of white blood cells in the bone marrow to help the body fight infections.
• Pegfilgrastim biosimilars treats patients with hematopietic subsyndrome of acute radiation syndrome and fuels adoption in pharmaceuticals.
Pegfilgrastim Biosimilar Market - Major Restraints
• Higher costs limits its adoption in the Asia-Pacific region.
• Limited information and awareness regarding the drug acts as a key factor hindering market growth prospects.
COVID-19 Impact on Pegfilgrastim Biosimilar Market
COVID-19 has surely affected clinical trials, which led to delays in the approval process. Delays caused due to pandemic crisis also leads to a backlog of approvals, and eventually delays the product launches. COVID-19 might also increase the number of deaths caused due cancer as the attention is towards the patients affected by the pandemic. Studies show that 28% of COVID-19 patients died with cancer which is two to three times the rate of people without cancer. Advanced healthcare facilities in USA and Europe can drive the market growth there but it's uncertain due to rising number of COVID cases.
Market players are currently focussing on strategic collaborations and partnerships to strengthen their presence. Coherus Biosciences, Mylan N.V., Biocon, and Novartis AG (Sandoz) are few of the major companies that come into play. Pfizer Inc, Green Cross Corp, Accord healthcare, Intas Pharmaceuticals Ltd, and Zydus Cadila are key participants too.
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