Insulin Biosimilars Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2028
It is just handful of companies that are into the distribution and manufacturing of most of the insulin used in the developed countries. A number of new market players have developed its insulin making capacities and such a development is based on the methods of modern biotechnology.
The global insulin biosimilars market gathers its momentum from the increasing prevalence of diabetes. According to a report of World Health Organization (WHO), around 422 Mn adults are suffering from diabetes and around 1.5 million people have been killed by diabetes in the 2012. Insulin biosimilar can improve the access to treatment of diabetes mellitus amongst the diabetic patients. It also lessens the cost of treatment.
The global insulin biosimilars market has been segmented on the basis of type, disease indication, and region. The main objective of providing such a comprehensive report is to provide a deep insight into the market.
The global insulin biosimilars market has witnessed quite a few developments over the last few years. These market developments suggest a trend and give an idea about the growth factors of the global insulin biosimilars market. One such development is mentioned below:
Rapid Rise in the Prevalence of Diabetes Worldwide Accentuates its Demand
Biosimilar insulins are made in such a way that it remains extremely similar to the original product. With the rise in the number of biosimilar insulin manufacturers, the offering of clinical aid similar to the present analogs of insulin at a more reasonable price has become possible. In addition, many insulin manufacturing firms are likely to lose their patents quite soon, which is likely to offer ample growth opportunities for the global insulin biosimilars market.
Furthermore, low pricing of biosimilar insulin meant for the treatment of diabetes along with its effectiveness is anticipated to open up new vistas of growth for the global insulin biosimilars market. Several companies are emphasizing on the development of medical devices that enable less painful and self delivery of biosimilar insulin. Such a factor is expected to propel the growth of the global insulin biosimilars market.
Expanding pool of geriatric population with arthritis and growing demand for fast acting insulin analogues is another booster for the market. Increased investment by government agencies on the research and development activities pertaining to insulin biosimilars is providing ample scope of development for the market.
In terms of region, the global insulin biosimilar market is split into the key regions of Middle East and Africa, North America, Europe, Asia Pacific, and Latin America. Of all the geographical segments, it is expected that North America will reign over the global insulin biosimilar market in the forthcoming years. High demand for insulin biosimilars amidst increasing prevalence of diabetes is likely to propel growth of the market in years to come.
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 biosimilars market is segmented as:
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