Filgrastim Market to Reach $745.90 Mn, Globally, by 2030 at 2.8% CAGR: Allied Market Research

Increase in demand for biosimilars for the treatment of neutropenia and shift of pharmaceutical companies toward biosimilar drug development drive the growth of the global filgrastim market.

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Allied Market Research

Nov 15, 2021, 08:20 ET

PORTLAND, Ore., Nov. 15, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Filgrastim Market by Drug Type (Biologic and Biosimilar), Indication (Chemotherapy-induced Neutropenia, Chronic Neutropenia and Others), and Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies): Global Opportunity Analysis and Industry Forecast, 2021–2030." According to the report, the global filgrastim market generated $562.50 million in 2020, and is estimated to reach $745.90 million by 2030, witnessing a CAGR of 2.8% from 2021 to 2030.

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Drivers, restraints, and opportunities

Increase in demand for biosimilars for the treatment of neutropenia and shift of pharmaceutical companies toward biosimilar drug development drive the growth of the global filgrastim market. However, complexities in manufacturing biosimilar and rise in use of pegfilgrastim biologic hinder the market growth. On the other hand, surge in awareness and rise in investment in R&D activities create new opportunities in the coming years.

Covid-19 Scenario

The Covid-19 pandemic made a disruptive impact on oncology clinical trials and treatments. There have been immediate and delayed consequences. As per the study carried out by the Cancer Research U.K. in July 2020, one in three cancer patients revealed that the pandemic impacted their treatments.
The hospital staff and resources were shifted to take care of Covid-infected patients. Moreover, trials for vaccines and potential treatments for Covid-19 have been conducted.
The reduction in recruitment for ongoing trials and delay in the launch of new oncology products would negatively impact the filgrastim market.

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The biosimilar segment to continue its lead position during the forecast period

Based on drug type, the biosimilar segment accounted for the largest share in 2020, contributing to nearly three-fifths of the global filgrastim market, and is expected to continue its lead position during the forecast period. Moreover, this segment is projected to manifest the largest CAGR of 3.4% from 2021 to 2030. This is attributed to low cost, ease in availability in developing countries, ongoing R&D activities, and strong pipeline drugs. The research also analyzes the biologic segment.

The chemotherapy-induced neutropenia segment to maintain its dominant share during the forecast period

Based on indication, the chemotherapy induced neutropenia segment contributed to the largest share in 2020, accounted for nearly three-fifths of the global filgrastim market, and is estimated to maintain its dominant share during the forecast period. Moreover, this segment is expected to portray the highest CAGR of 3.0% from 2021 to 2030. This is due to the association of this side effect with life-threatening infections. Moreover, this may alter the schedule for chemotherapy and impact the early and long-term outcomes. The report also analyzes the segments including chronic neutropenia and others.

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Europe, followed by North America, to continue its leadership status by 2030

Based on region, Europe, followed by North America, held the largest market share in 2020, accounting for around one-third of the global filgrastim market, and is projected to continue its leadership status by 2030. This is due to developed healthcare infrastructure, supportive reimbursement policies, increase in prevalence of infectious diseases, and availability of research grants and funding. However, Asia-Pacific is expected to register the fastest CAGR of 3.2% during the forecast period, owing to surge in the number of cancer patients, specifically in developing countries such as China and India.

Leading market players

Abbott Laboratories
Amgen
Apotex
Cadila Pharmaceuticals
Dr. Reddy's Laboratories
Kirin Holding (Kyowa Kirin)
Novartis
Pfizer
Teva Pharmaceutical Industries Ltd.
Toksöz Group (Arven)

Official Press Release: https://www.alliedmarketresearch.com/press-release/filgrastim-market.html

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