What is the market size of insulin biosimilars?

 

Insulin Biosimilars Market Highlights

A disease in which the body’s ability to produce or respond to the hormone insulin is impaired, resulting in abnormal metabolism of carbohydrates and elevated levels of glucose in the blood is termed diabetes. Biosimilar insulin is designed to be highly like the original, or reference, insulin product described in a patent. As patents for major branded insulin products start to expire, several biosimilar insulin markets are expected to launch in the coming years.

According to MRFR analysis, the Insulin Biosimilars Market was valued at USD 2311 Million in 2019 and is expected to register a CAGR of14.80% during the forecast period of 2022 to 2030.

The USFDA approved new insulin glargine Basilar, for type 1 and type 2 diabetes which is a biosimilar version of Sanofi’s basal insulin Lantus (insulin glargine). Additionally, Lilly and Boehringer Ingelheim’s biosimilar insulin glargine has got approval through the European Medicines Agency’s (EMA’s) Biosimilar pathway. Such ongoing approvals by the respective authorities are expected to drive the growth of the insulin biosimilars market. An analysis conducted by the FDA revealed that the US marketed biosimilars typically launched with 15% to 35% lower initial list prices than comparative list prices of reference products. Additionally, even with only 1 generic on the market, list prices can drop by 31% to 39%. The reduction in cost helps patients to adhere to the treatment, thereby increasing the preference for biosimilar products.

The global insulin biosimilars market is currently dominated by a few market players. The key players are involved in expansion, acquisition, and strategic collaborations to maintain their global footprint. For instance, India-based Biocon and US-based partner Mylan announced in October 2019 the launch of the first insulin glargine biosimilar in Australia available on the Pharmaceutical Benefits Scheme (PBS). Almost two million Australians have diabetes, with approximately 280 Australians developing diabetes every day.

Insulin Biosimilars Market Regional Analysis

The market has been divided, by region, into the Americas, Europe, Asia-Pacific, and the Middle East & Africa.

The Americas are anticipated to hold the largest market share owing to the higher number of diagnosed patients undergoing treatment, available healthcare infrastructure, and the presence of prominent players in this region. The insulin biosimilars market in the Americas has further been branched into North America and Latin America, with the North American market divided into the US and Canada.

The European insulin biosimilars market research report has been categorized as Western Europe and Eastern Europe. The Western European market has further been classified as Germany, France, the UK, Italy, Spain, and the rest of Western Europe. The insulin biosimilars market in Asia-Pacific has been segmented into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific. Due to the rising prevalence of diabetes and the expansion of healthcare facilities, the market in Asia-Pacific is expected to be the fastest-growing. The insulin biosimilars market in the Middle East & Africa has been divided into the Middle East and Africa.

Insulin Biosimilars Market Segmentation

The global insulin biosimilars market has been segmented based on type and indication.

The market, based on type, has been divided into rapid-acting biosimilars, long-acting biosimilars, and premixed biosimilars. The long-acting biosimilars are likely to hold maximum insulin biosimilars market share owing to its benefits in the treatment for diabetes. Pre-mixed insulins are pre-formulated combinations of rapid-acting and long-acting insulin; they provide an approximation of basal/bolus therapy with the advantage of fewer total injections.

Based on indication, the insulin biosimilars market has been bifurcated into type I diabetes and type II diabetes. The type II diabetes segment is anticipated to hold a larger share in the market due to many patients suffering from the condition as compared to type I diabetes

Insulin Biosimilars Market Players

The global insulin biosimilars market players are Sanofi S.A., Boehringer Ingelheim, Eli Lilly & Co., NOVO Nordisk A/S, Biocon, Merck & Co., Mylan N.V., Pfizer Inc., Sandoz, Fresenius Kabi, and others.

About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), & Consulting Services. MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients.

Contact us:

Market Research Future (part of Wantstats Research and Media Private Limited),

99 Hudson Street, 5Th Floor,

New York, New York 10013

United States of America

+1 628 258 0071

Email: sales@marketresearchfuture.com

Comments

Post a Comment

Popular posts from this blog

Cardiac Monitoring and Cardiac Rhythm Management Device Market Growth Opportunities, Demand and Forecasts, 2020-2027

  Market Highlights The increasing demand for minimally invasive surgeries drives the growth of this market. Advanced technologies in cardiac monitoring and cardiac rhythm management devices have also led to growth in this market.  However, factors such as stringent regulatory approval procedures, the high cost of cardiac devices, and lack of reimbursement policies in developing countries are hindering the growth of the market. Rising prevalence of cardiovascular diseases and the increasing number of unmet medical needs in undeveloped countries are leading to the growth of the  cardiac monitoring and cardiac rhythm management device market . Technical advancements in drug-eluting, MRI compatible pacemakers, and Holter monitors are some of the factors leading to the growth of this market. The growth of the global cardiac monitoring device market is driven by the high prevalence of cardiovascular disorders worldwide. Segmentation The global cardiac monitoring and  card...
Read more

Cancer Biological Therapy Market Demand, Business Strategies, Current Trends And Efficient Techniques, Forecast 2030

  Market Highlights Cancer is the leading and second largest cause of death across the globe. The disease is characterized by disordered and deregulated cellular and stromal explosion along with reduced cell death and growth factor deprivation, and such other factors. These various types of biological therapies, which are most of the times stated to biological modifier therapy or immunotherapy, but these types of therapies do not always target cancer cells directly. Further there are other biological therapies like sections of genetic material or antibodies which are commonly known as DNA or RNA, do aim at targeting cancer cells directly. There are also other types of biological therapies that inhibit specific molecules involved in development and growth of cancer tumor. Such therapies known as; cancer targeted therapies. Cancer Biological therapy market  treatment is done with the help of living organisms, parts of living organisms or laboratory manufactured version of such c...
Read more

Medical Imaging Software Market SWOT Analysis, Dynamics, Drivers, Key Indicators and Forecast to 2022-2030

  Medical Imaging Software Market Highlights Medical imaging software supports processing and producing high-resolution images of the internal body parts of a human for disease diagnosis and treatment. The emergence of 3D and 4D imaging technologies, increasing the prevalence of geriatric population and subsequent growth in the incidence of cardiac, and neurological diseases including cancer, growing government funding’s for development of medical diagnostics field are some factors that are anticipated to drive the market growth during the assessment period.  Additionally, a rise in the number of diagnostic centres and increased healthcare expenditure is likely to contribute to market growth. As per the data by the Office for National Statistics, in 2016, the gross domestic expenditure on research and development (R&D) was Euro 33.1 billion (USD 35.2 billion) in the UK. However, the high cost of equipment related to clinical validation and lack of skilled professionals m...
Read more