Significant surge in the prevalence of numerous diseases coupled with the increase in geriatric population across the globe is expected to increase the demand for filgrastim in the coming years.
Filgrastim Industry Overview:
Significant surge in the prevalence of numerous diseases coupled with the increase in geriatric population across the globe is expected to increase the demand for filgrastim in the coming years. In addition, stringent pressure on healthcare companies to limit its overhead expenditure, and rising demand for filgrastim to treat various diseases is expected to raise its demand. However, the presence of side-effects in the use of filgrastim is expected to impede its demand. Conversely, increase in demand for biosimilars in the treatment of neutropenia is further expected to increase the demand for filgrastim.
Moreover, numerous healthcare players of the market are incessantly devising strategies and considering investing heavily in innovative R&D activities for the development of creative and effective biosimilars. There has also been a significant growth in cancer prevention programmes and government-led campaigns over the last couple of years in industrialized countries. These factors are expected to create tremendous opportunities for the growth of the global filgrastim market. According to the report published by Allied Market Research, the global filgrastim market is expected to reach $745.90 million by 2030, registering a CAGR of 2.80% from 2021 to 2030.
Filgrastim is gaining immense popularity across the globe, owing to its immaculate use in healthcare to facilitate the growth of white blood cells and fight off perilous infections. Hence, they essentially help to increase the number of white blood cells and minimize the length time of fever in people suffering from acute myeloid leukaemia. Leukaemia is a type of cancer caused by the decrease in the number of white blood cells, hampering its production and function in the body. Its symptoms include frequent infections, weight loss, bone pain, swollen lymph nodes, bleeding, repetitive nose bleeds, and others.
However, the use of filgrastim also contributes to some common, adverse side effects such as chest pain, hair loss, diarrhoea, joint discomfort, constipation, dizziness, vomiting, and others. Filgrastim is recombinant version of indigenously occurring granulocyte colony stimulating factor (G-CSF) that activates neutrophil production. Thus, they are also commonly used to treat low blood neutrophils, significantly helping the body to increase the production of neutrophils.
Filgrastim was initially licensed for the treatment of low blood neutrophils back in United States of America in 1990, and hence the filgrastim was also declared in the List of Essential Medicines as risk-free and most effective medicine by The World Health Organization (WHO). AN effective filgrastim injection can appreciably increase the chances of survival among people who have experienced or exposed to a large amount of harmful radiation that can cause adverse and fatal damage to the bone marrow. Filgrastim is also used to prepare the blood for leukapheresis, which is a functional treatment that eliminates certain blood cells from the body.
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Top Leading Players:
The key market players profiled in the report include Abbott Laboratories, Amgen, Apotex, Cadila Pharmaceuticals, Dr. Reddy's Laboratories, Kirin Holding (Kyowa Kirin), Novartis, Pfizer, Teva Pharmaceutical Industries Ltd. and Toksöz Group (Arven).
Covid-19 Scenario-
Here, it’s worth mentioning that the outbreak of the Covid-19 pandemic gave way to adjournment of the majority of filgrastim across the world, which in turn resulted into a steep decline in demand for filgrastim, thereby impacting the market negatively, especially during the initial period. However, as the global situation is getting back to normalcy, the market is also projected to revive soon.
Some of the filgrastim injection products are also capable of treating some types of myelodysplastic syndrome, which is a peculiar condition in which bone marrow produces misshapen blood cells, and hence, is incapable of producing healthy blood cells. They are also sometimes used to treat aplastic anaemia, another condition where bone marrow is incapable of producing enough blood cells. Furthermore, filgrastim products are also elementally used to reduce the chances of infection among people having human immunodeficiency virus (HIV).