Insulin Biosimilar Market accounted for US$ 2.14 billion in 2020 and is estimated to be US$ 3.65 billion by 2030 and is anticipated to register a CAGR of 5.52%. Biosimilars is a copy of another FDA approved biologic drug also known as reference product. Group of metabolic disease diabetes; is characterized by high blood sugar level owing to inadequate insulin secretion. Diabetes is a type of metabolic disease which has occurred in many individuals due to high blood sugar level owing to inappropriate secretion of insulin. Insulin Biosimilars are primarily used to balance sugar level of the blood. Biosimilars insulin is designed to be highly similar to the original insulin product but not identical manufacturing technique than what the original patent holder used. Insulin Biosimilars is similar to generic forms of small molecule drugs and is produced by companies other than the reference products patent holder.
The report "Global Insulin Biosimilars Market, By Product (Consumables and Services), By Disease Indication (Cancer, Cardiovascular disorders and Others), By Application (Risk assessment, Development of Molecular Diagnostics, Drug Discovery & Development and Others) and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Market Trends, Analysis, and Forecast till 2030”
Key Highlights:
· In July 2021, the U.S. Food and Drug Administration approved the first interchangeable Biosimilars insulin product, indicated to improve glycemic control in adults and pediatric patients with Type 1 diabetes mellitus and in adults with Type 2 diabetes mellitus.
· In 2021, the European Medicines Agency (EMA) announced the approval of Kixelle, Biocon’s Biosimilars of Novo Nordisk’s NovoRapid/Novolog (insulin aspart).
Analyst View:
Increasing prevalence of diabetes is major factor expected to propel growth of the insulin Biosimilarss market over the forecast period. Further, increasing investment by key players in manufacturing and developing the Biosimilars insulin to provide the similar clinical aid in cost effective way increases the demands of insulin Biosimilars in the market. In addition, increasing geriatric population globally, coupled with growing demand for rapid-acting insulin analogues are some among the major factors propelling growth of the target market. Moreover, increasing support of government for the diabetes-free states is a factor supporting growth of the global insulin Biosimilars market.
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Key Market Insights from the report:
The global Insulin Biosimilars market on the basis of Biosimilars type, disease indication type, and region.
· By Biosimilars Type, the market is segmented into rapid acting Biosimilars, long acting Biosimilars, and premixed Biosimilars.
· By Disease Indication Type, the market is segmented into type 1 diabetes, and type 2 diabetes.
· By Region, the Global Insulin Biosimilars Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America region is expected to be the largest insulin Biosimilars market.
Competitive Landscape:
Some of the prominent players operating in the global Insulin Biosimilars market include Boehringer Ingelheim GmbH, Pfizer Inc., Biocon Ltd., Merck & Co., Mylan N.V., Eli Lilly & Co., Wockhardt Limited, NOVO Nordisk A/S, Sanofi S.A., and Ypsomed Holding AG.
The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.
