Seattle, WA -- (SBWIRE) -- 10/03/2019 -- Diabetes is caused by increase in blood sugar level due to inadequate secretion of insulin. Increased hunger, tiredness, weight loss, and excessive thirst and urination are some of the symptoms of the metabolic disease. High prevalence of diabetes is expected to propel growth of the insulin biosimilars market. For instance, according the World Health Organization (WHO) report in 2014, globally around 422 million adults were living with diabetes and 1.5 million people died due to the disease in 2012. Insulin biosimilar can increase access to treatment of diabetes mellitus and reduce expenditure of the treatment.
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A biosimilar is a biologic medical product that is almost an identical copy of an original product. The process of manufacturing biopharmaceuticals can vary from one manufacturer to another due to the use of different culture conditions, master cell lines, purification techniques, and raw materials, thereby offering a biosimilar product that has unique characteristics.
According to the American Society for Metabolic and Bariatric Surgery's 2013 report, obesity was a major independent risk factor for developing diabetes and over 90% of type 2 diabetes patients are overweight or obese. Presence of multinational companies that produce and distribute insulin biosimilars in emerging economies is expected to boost the market growth. Moreover, major market players are focused on developing insulin biosimilars using modern biotechnological methods, which is also expected to contribute to the market growth.
Insulin Biosimilars Market – Market Dynamics
Increasing approval and launch of novel insulin biosimilar products is expected to propel the market growth. Moreover, the patents of several insulin manufacturing companies are soon expected to expire, which offers lucrative growth opportunities for the market players. For instance, LEVEMIR, an insulin detemir by Novo Nordisk is going to lose its patent rights in 2019.
Insulin biosimilars are cheaper compared to original counterparts, which is expected to boost their demand for the treatment of patients suffering from diabetes mellitus. Several companies are focused on developing medical devices that allow less painful and safe delivery of the biosimilar insulin, thereby contributing to the market growth. Several government agencies are focused on funding research and development related to insulin biosimilar.
Furthermore, increasing geriatric population worldwide and high demand for rapid-acting insulin analogues is propelling growth of the insulin biosimilars market. For instance, according to a consensus report published in 2012 by the American Diabetes Association, over 25% of the U.S. population aged ?65 years suffered from diabetes.
However, stringent regulatory scenario for approval of insulin biosimilar products, strong opposition from branded manufactures regarding patent rights, high cost of production, manufacturing complexities, and various safety concerns associated with changes in drug formulations are some of the factors that hinder growth of the insulin biosimilars market.
Insulin Biosimilars Market – Competitive Insights
Key players in the market are focused on adopting strategies such as technology development and collaboration to enhance their market share. For instance, in 2018, Sandoz, a Norartis division, collaborated with Biocon for next generation biosimilars.
Key players operating in the global insulin biosimilars market include, Boehringer Ingelheim, Pfizer Inc., Biocon, Merck & Co., Mylan N.V., Eli Lilly & Co., Wockhardt Limited, NOVO Nordisk A/S, Sanofi S.A., Ypsomed AG, and others
Insulin Biosimilars Market – Regional Insights
On the basis of region, the global insulin biosimilars market is segmented into North America, Europe, Latin America, Asia Pacific, Middle East, and Africa. North America is expected to account for major market share in the global insulin biosimilars market. This is owing to increasing geriatric population and high prevalence of diabetes-related disorders in the region. Moreover, favorable government policies that support for diabetes-free states is further boosting the market growth in North America. For instance, the Centers for Disease Control and Prevention (CDC) runs a National Diabetes Prevention Program in various U.S states.
Europe is expected to follow North America in terms of market share. The market is driven by increasing number of primary approvals for biosimilar insulin. For example, in March 2018, European Commission (EC) approved Mylan and Biocon's biosimilar insulin—Glargine—for the treatment of diabetes. The market in Asia Pacific is expected to witness significant growth over the forecast period. This is owing to increasing government support, improving healthcare conditions, high prevalence of diabetes in the region. For instance, 2011 World Health Organization report shows that diabetes deaths will double between 20011 and 2030.
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Insulin Biosimilars Market - Taxonomy
On the basis of biosimilar type, the global insulin biosimilars market is segmented into:
- Rapid Acting Biosimilars
- Long Acting Biosimilars
- Premixed Biosimilars
On the basis of disease indication type, the global insulin biosimilars market is segmented into:
- Type 1 Diabetes
- Type 2 Diabetes
On the basis of geography, the global insulin biosimilars market is segmented into:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East
- Africa
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