Insulin biosimilar are likely to enter the insulin landscape as patents for major branded insulin products start to expire in the next few years. Biosimilar insulins have the potential to reduce diabetes treatment costs, increase the accessibility of insulin treatment, and expand the number of insulin brands available for those with diabetes. However, they will have to overcome numerous regulatory hurdles, meet a variety of commercial demands, and effectively confront competition from both established and next-generation branded insulin products before they can succeed on the global market.
Axiom Market Research & Consulting™ added a report on global insulin biosimilars market which includes study on disease indication, biosimilar type across various countries of key regions across the globe. The global insulin biosimilars market was projected to grow at a CAGR of 9.80% for the forecast period 2020 to 2026. The global market is estimated and forecasted in terms of revenue (USD Million) generated by the insulin biosimilars market.
The report analyses the Global Insulin Biosimilar Market based on Disease Indication, Biosimilar Type and Geography. By Disease Indication, the market is segmented into Type I Diabetes and Type II Diabetes. Based on Biosimilar Type, the market is segmented into Rapid Acting Biosimilars, Long Acting Biosimilars and Premixed Biosimilars.
The Europe accounted for the largest market in global insulin biosimilars market which was recorded at around 40% in 2019. The prevalence of autoimmune Type 1 Diabetes is also rising in Europe, and as per sources, Europe has the highest number of children with Type 1 Diabetes. The European countries that are making the most significant contribution to the overall numbers of Type 1 Diabetes in children are the United Kingdom, the Russian Federation, and Germany.
Furthermore, Asia Pacific is prophesized to come up as a rapidly growing region in the market due to expanding pool of diabetic patients and changing lifestyle of the people. High competitiveness amongst the companies in the region is expected to further lower the price, thereby propelling the market toward growth.
Factors such as growing diabetes patient population, increasing population exposure to key risk factors leading to diabetes, rising market demand for human insulin analogs, technological advancements in the field of human insulin delivery devices, and favorable medical reimbursements are driving the growth of Long-acting biosimilars in global insulin biosimilars during the forecast period.
Among the disease indication, the type II diabetes segment accounted for the largest market, which is anticipated to grow at a CAGR of 9.74% during the forecast period. The demand for effective treatments for type 2 diabetes mellitus is increasing pervasively due to the rising occurrences of diabetes in various age groups.
The key companies in the insulin biosimilars market are Biocon, Boehringer Ingelheim International GmbH, Eli Lilly and Company, Gan & Lee Pharmaceuticals., Merck & Co., Inc., Mylan N.V, NOVO Nordisk A/S, Pfizer Inc., Sanofi S.A. and Wockhardt Limited.
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