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Biosimilar is a medicine developed on the original biological reference product. The production process of biopharmaceuticals vary from one manufacturer to another, thus every biosimilar product is unique from the other. Biosimilar manufactures use different culture conditions, master cell lines, purification techniques, and raw materials. This in turn, helps meet the rising prevalence of diabetes due to inadequate healthcare services, rising prevalence of obesity, For instance, According to 2013 American Society For Metabolic And Bariatric Surgery report, obesity was a major independent risk factor for developing the disease, and more than 90% of type 2 diabetics population are overweight or obese due to growing adoption of unhealthy lifestyle. Insulin is distributed and manufactured by small number of multinational companies in emerging economies, beyond the established biosimilar manufactures, and a handful of small players are developing insulin manufacturing capacities based on modern biotechnological methods in turn, boosting growth of the insulin biosimilars market size.
Increasing number of manufacturers are developing Biosimilar insulin to provide clinical aid and advancement in technology in insulin biosimilars are some of the major factors driving the insulin biosimilars market. Furthermore, the low cost of Biosimilar insulin for diabetes treatment is also the one of the factor driving the insulin biosimilars market. However, stringent regulatory requirements to adversely affect investments in biosimilars is one of the major factors hampering growth of the insulin biosimilars market globally.
Geographically, the market is segmented into Asia-Pacific, North America, Europe and RoW. the Europe accounted for the largest market in global insulin biosimilars market. 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.
The global insulin biosimilar market, by disease indication is segmented into type I diabetes and type II diabetes. Increasing prevalence of Type I diabetes, higher cost of existing insulin drugs are expected to drive growth of insulin biosimilars market. Government authorities are also focusing on the approval of insulin biosimilars owing to substantial financial burden in terms of reimbursements.
The biosimilar types studied in the report are rapid acting biosimilars, long acting biosimilars and premixed biosimilars. 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.
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. Foremost companies have invested huge capital in mergers & acquisitions and research & development activities to develop advanced products in the 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.
Geographically, the market is segmented into Asia-Pacific, North America, Europe and RoW. the Europe accounted for the largest market in global insulin biosimilars market. 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.
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