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According to United Nations, by 2030, the proportion of global deaths due to chronic diseases is expected to increase to 70% of total deaths. The global burden of chronic disease is expected to reach about 60%. To curb the effects, extensive use of pegfilgrastim biosimilar is expected.
Biosimilars are referred to medical products that are similar to existing drug produced by well-established companies. Filgrastim is a drug widely used for the treatment of low levels of blood neutrophils, which can occur due to HIV/AIDS, chemotherapy, or others and used in order to reduce the infection risk and in protection from infections where the immune system is compromise. Pegfilgrastim Biosimilar has provided clear evidence of clinical benefit at preventing FN at reduced costs which is a serious complication of chemotherapy, which can cause significant morbidity and mortality and other issues.
PB offers opportunities to improve adherence and thus cancer survival, whilst offering economic benefits for countries using reference pegfilgrastim. This market is expected to grow at a more than healthy CAGR in the years to come.
The growth of this market is attributed to various pertaining factors including the rising prevalence of chronic diseases including cancer and HIV/AIDS, government initiatives for the development of biosimilars, increasing innovations, growing number of company collaborations, increased production and awareness etc.
Also, as there is an increase in diseases due to current lifestyles, such as long working hours, limited physical activity, unhealthy eating and drinking habits, the access to healthcare services which contribute to people’s suffering, the market is expected to improve in developing countries alongside. Effective and efficient implementation of government health plans is the pivotal reason for the improvement in healthcare access in many developing regions including as India, China and many Latin American countries. Many countries like Russia and Brazil are increasingly ocusing on improving their healthcare capabilities, which will further help drive the pegfilgrastim biosimilars market.
Similarly, in October 2018, Mundipharma, a UK-based company engaged in manufacturing, developing, and commercializing high-quality biosimilars for inflammatory diseases and oncology, acquired Cinfa Biotech. Mundipharma acquired all shares of Cinfa, including Pelmeg (pegfilgrastim, biosimilar). This acquisition is projected to expand Mundipharma’s biosimilar product portfolio. Cinfa Biotech was founded in 2013 as a part of Cinfa Group and is a Spanish biotechnology company that focuses on the development of biosimilars.
Moreover, Pegfilgrastim biosimilar are used in the treatment of low blood neutrophils levels and for fighting various infections in patients who go through radiation poisoning and chemotherapy. The products from pegfilgrastim biosimilar market are gaining immense traction across the world because of their cost-effectiveness than pegfilgrastim. Consequently, this depicts that the market for pegfilgrastim biosimilar will expand at a rapid pace in the coming years.
However, pegfilgrastim biosimilar market is anticipated to witness limitation in growth during the period of 2020 to 2030. This situation is attributed to several adverse effects of pegfilgrastim biosimilar. Acute respiratory distress syndrome, bone pain, and spleen rupture are included as some of the key adverse effects of pegfilgrastim biosimilar. This factor is further restraining the growth of the global pegfilgrastim biosimilar market.
Furthermore, the global pegfilgrastim biosimilar market has been seeing a substantial decline in 2020 due to the COVID-19 pandemic and the measures taken to contain its spread. The restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities resulted in operational challenges. The entire supply chain has been majorly disrupted, impacting the market negatively. Pegfilgrastim is an extremely competitive drug category.
Along with this, absence of appropriate reimbursement policies for biosimilar is one of the important factors contributing in the hindering of the expansion of the pegfilgrastim biosimilar market.
PEGFILGRASTIM BIOSIMILAR MARKET SEGMENTATION:
By Distribution Channel:
North America is one of the most significant regions of the market for pegfilgrastim biosimilar. It is due to the improved expenditure on healthcare, growing number of people living with cancer, and affordability of health services in this region.
On the other hand, pegfilgrastim biosimilar market is expected to grow prominently in Australia and the New Zealand. Increased number of people living with acute cancer, HIV/AIDS, chronic neutropenia is projected to drive market growth in the region.
FEW KEY PLAYERS IN PEGFILGRASTIM BIOSIMILAR MARKET:
Timeline Considered for Analysis:
- 2019: Base Year
- 2020: Estimated Year
- 2020 to 2025: Forecast Period
Research Scope and Deliverables
Overview & Executive Summary
Market Drivers, Trends, Challenges and Opportunities
Market Size and Forecast Projections
Macroeconomic Indicators of Various Countries Impacting the Growth of the Market
Extensive Coverage of Industry Players including Recent Product Launches and Market Activities
Porter’s Five Force Analysis
Market Segmentation Analysis:
Industry report analyses the global Pegfilgrastim Biosimilar market by the following segments:
- Distribution Channel
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Key Questions Answered in the Global Pegfilgrastim Biosimilar Market Industry Report
The report offers a comprehensive insight on the Pegfilgrastim Biosimilar Market share, competitor landscape, market trends, growth, revenue, and key driver’s analysis with coverage of key players, top geographies, product types and end user.
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