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Filgrastim Biosimilars Market Products Find Prominent Application In Oncology
Segments covered in the filgrastim biosimilars market report: By Application – Oncology, Chronic and Autoimmune Diseases, Blood Disorders, Growth Hormone Deficiency, Infectious Diseases, Others, By Distribution Channel –Hospital Pharmacy, Retail Pharmacy, Online PharmacyLONDON, Nov. 03, 2020 (GLOBE NEWSWIRE) -- According to The Business Research Company’s filgrastim biosimilars market report, oncology is the largest segment of the filgrastim biosimilars market by application, accounting for 61.3% of the total market in 2019. Going forward, oncology is expected to be the fastest growing segment in the filgrastim biosimilars market, at a CAGR of 6.0%. Filgrastim biosimilar treatment is used to stimulate the bone marrow to produce more neutrophils (white blood cells) to fight infection in patients undergoing chemotherapy for cancer treatment. The drugs may also be used to increase the number of hematopoietic stem cells in the blood before collection for use in hematopoietic stem cell transplantation. Filgrastim treatment is also used for treating other diseases such as chronic and autoimmune diseases, growth hormone deficiency and infectious diseases. Pharmaceutical companies are shifting towards biosimilar drug development. Pharma companies had focused on small molecules for decades, but the rate of innovation in that field has slowed dramatically, leading to the shift towards biosimilars. These research and development (R&D) activities have led to increasing success rates in clinical trials for biosimilars. R&D is being carried out by market leaders in the biosimilars market as they continuously strive to make breakthroughs in the form of new and effective biosimilars. The unmet needs with respect to chronic disease therapies help pharmaceutical companies to innovate and develop biologic molecules. For instance, Amgen and Kirin Holdings Company are developing a filgrastim biosimilar which stimulates the growth of white blood cells to treat neutropenia, a common adverse event in patients receiving chemotherapy for breast cancer. Currently, the drug is in Phase I/II clinical study for breast cancer patients. In June 2020, Pfizer, an American multinational pharmaceutical company, received approval from the US Food and Drug Administration to introduce its biosimilar drug for lowering the incidence of infection as manifested by febrile neutropenia in patients with non-myeloid malignancies receiving myelosuppressive anticancer drugs. This shift of course drives the biosimilars market. Other filgrastim biosimilars market trends that help its growth include big pharma companies investing in the biosimilar drugs market due to the potential for higher profits, as well as increased mergers and acquisitions to increase production capabilities and market reach.The Business Research Company’s report titled Filgrastim Biosimilars Global Market Report 2020-30: COVID-19 Growth and Change covers major filgrastim biosimilars companies, filgrastim biosimilars market share by company, filgrastim biosimilars manufacturers, filgrastim biosimilars infrastructure market size, and filgrastim biosimilars market forecasts. The report also covers the global filgrastim biosimilars market and its segments.Request For A Sample Of The Global Filgrastim Biosimilars Market Report:https://www.thebusinessresearchcompany.com/sample.aspx?id=3426&type=smpThe global filgrastim biosimilars market size reached a value of nearly $785.33 million in 2019, having increased at a compound annual growth rate (CAGR) of 12.13% since 2015. The market is expected to grow from $785.33 million in 2019 to $860.12 million in 2023 at a rate of 2.30%. The growth is mainly due to the patent expiration of filgrastim biologics and government initiatives. The market is expected to grow to $984.23 million in 2025 at a CAGR of 6.97% and then reach $1,279.86 million in 2030 with a CAGR of 5.39%.Although the filgrastim biosimilars industry sees growth, 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 disrupted, impacting the market negatively. Further, biopharmaceuticals and biosimilar manufacturers have shifted their resources towards finding a treatment for the coronavirus, which has delayed the production of new and existing filgrastim biosimilar products. Some biosimilar developers have also entered their non-biosimilar products into the development stage in efforts to find a treatment for COVID-19. The development of some filgrastim biosimilars in the pipeline are also halted as companies continue trying to develop biosimilars that can combat the virus. Some filgrastim biosimilars are also being used to treat COVID-19 infected patients.Besides this, due to lockdown measures, social distancing protocols and staff shortages, authorities such as the US FDA are delaying the approval of biosimilars, including filgrastim biosimilars. Additionally, primary care patient visits, preventive treatments, diagnostic interventions and nonurgent surgical procedures all trended downward during the pandemic, causing financial hurdles and potential long-term, negative clinical consequences, which will negatively affect the filgrastim biosimilars market.The overall redirection of resources from filgrastim biosimilars development towards coronavirus treatments is currently a hurdle, but one that can be overcome over the next few years.Filgrastim Biosimilars Global Market Report 2020-30: COVID-19 Growth and Change is one of a series of new reports from The Business Research Company that provide market overviews, analyze and forecast market size and growth for the whole market, segments and geographies, trends, drivers, restraints, leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies. The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.Here Is A List Of Similar Reports By The Business Research Company:Oral Biologics And Biosimilars Market - By Therapeutic Mechanism (Tumor Necrosis Factor-Alpha Inhibitors, Lymphocyte Modulators, Interleukin Inhibitors, GPCR (insulin, growth hormone, parathyroid hormone) Modulators, Immunostimulants, Others), By Disease (Diabetes, Arthritis & Chron`s Disease, Cancer, Infectious Diseases, Other Autoimmune Diseases, Others Diseases), By Molecule Type (Vaccines, Proteins & Peptides, Monoclonal Antibodies, Others), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online Pharmacies), And By Region, Opportunities And Strategies - Global Forecast To 2030Pegfilgrastim Biosimilars Global Market Report 2020-30: COVID-19 Growth and ChangeNeutropenia Biologic Drug Treatment Global Market Report 2020-30: COVID-19 Growth And ChangeInterested to know more about The Business Research Company? The Business Research Company is a market intelligence firm that excels in company, market, and consumer research. Located globally it has specialist consultants in a wide range of industries including manufacturing, healthcare, financial services, chemicals, and technology.The World’s Most Comprehensive DatabaseThe Business Research Company’s flagship product, Global Market Model, is a market intelligence platform covering various macroeconomic indicators and metrics across 60 geographies and 27 industries. The Global Market Model covers multi-layered datasets which help its users assess supply-demand gaps. CONTACT: The Business Research Company Europe: +44 207 1930 708 Asia: +91 8897263534 Americas: +1 315 623 0293 Email: info@tbrc.info Follow us on LinkedIn: https://in.linkedin.com/company/the-business-research-company Follow us on Twitter: https://twitter.com/tbrc_info
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2020-11-03 03:33:00Z
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