Categories: Market Research

Filgrastim Biosimilars Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Filgrastim Biosimilars by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Filgrastim Biosimilars, The filgrastim biosimilars market size has grown strongly in recent years. It will grow from $1.02 billion in 2023 to $1.1 billion in 2024 at a compound annual growth rate (CAGR) of 8.0%. The growth in the historic period can be attributed to emerging markets growth, increase in patent expiration, government initiatives, increased healthcare expenditure, low cost of biosimilars, strong pipeline of drugs and increase in biopharmaceutical r&d expenditure.

The filgrastim biosimilars market size is expected to see rapid growth in the next few years. It will grow to $1.66 billion in 2028 at a compound annual growth rate (CAGR) of 10.7%. The growth in the forecast period can be attributed to aging population, increase in healthcare access,. Major trends in the forecast period include investing extensively in r&d activities for the development of effective and innovative biosimilars, production of biosimilars for neutropenia treatment to improve revenues and increasing their focus on m&a growth strategies.

The increasing prevalence of neutropenia is expected to propel the growth of the filgrastim biosimilar market going forward. Neutropenia refers to a condition where the body does not have enough neutrophils, which are an important type of white blood cell that fights infections. Filgrastim biosimilars work by stimulating the production of neutrophils in the bone marrow, which increases the neutrophil count and helps fight infections. For instance, in August 2022, according to the National Center for Biotechnology Information, a US-based database for biomedical literature, the prevalence of neutropenia was 0.38% among Mexican-Americans, 0.79% among whites, and 4.5% among black participants. Thus, the increasing prevalence of neutropenia is driving the growth of the filgrastim biosimilar market.

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The filgrastim biosimilars market covered in this report is segmented –

1) By Type Of Manufacturing: In-House Manufacturing, Contract Manufacturing organization

2) By Application: Oncology, Chronic And Autoimmune Diseases, Blood Disorders, Growth Hormone Deficiency, Other Applications

3) By Distribution Channel: Hospital Pharmacy, Retail Pharmacy, Online Pharmacy

Major companies operating in the filgrastim biosimilar market are developing innovative products with advanced technologies such as recombinant DNA technology to produce biosimilars. Recombinant DNA technology is a process that involves the creation of hybrid or chimeric DNA by inserting a foreign sequence into the DNA of an organism. For instance, in May 2023, Amneal Pharmaceuticals, a US-based pharmaceutical company launched FYLNETRA (pegfilgrastim-pbbk), a biosimilar to Amgen’s NEULASTA, in the United States indicated for the treatment and prevention of febrile neutropenia. It promotes the expansion and specialization of neutrophils originating from dedicated precursor cells, triggers their maturation, and improves the viability and efficiency of fully developed neutrophils, leading to dosage-dependent rises in neutrophil counts. The launch of Fylnetra contributes to the next wave of affordable medicines and drives access across patients, providers, and payors.

The filgrastim biosimilars market report table of contents includes: