Insulin Biosimilars Market Size Strategy, Regional Analysis and Growth Forecast to 2027
Insulin Biosimilars Market 2022
According to MRFR analysis, the Global Insulin Biosimilars Market is expected to register a CAGR of 5.4% during the forecast period of 2020 to 2027 to reach USD 3.3 Billion by 2027.
A disease in which the body’s ability to produce or respond to the hormone insulin is impaired, resulting in abnormal metabolism of carbohydrates and elevated levels of glucose in the blood is termed as diabetes. Biosimilar insulin is designed to be highly similar to the original, or reference, insulin product described in a patent. As patents for major branded insulin products start to expire, a number of biosimilar insulin are expected to launch in the coming years.
The USFDA approved new insulin glargine Basaglar, for type 1 and type 2 diabetes which is a biosimilar version of Sanofi’s basal insulin Lantus (insulin glargine). Additionally, Lilly and Boehringer Ingelheim’s biosimilar insulin glargine has got approval through the European Medicines Agency’s (EMA’s) Biosimilar pathway. Such ongoing approvals by the respective authorities are expected to drive the growth of the Insulin Biosimilars Market Size. An analysis conducted by the FDA revealed that the US marketed biosimilars typically launched with 15% to 35% lower initial list prices than comparative list prices of reference products. Additionally, even with only 1 generic on the market, list prices can drop by 31% to 39%. The reduction in cost helps patients to adhere to the treatment, thereby increasing the preference for biosimilar products.
FDA hopes to spur insulin biosimilar development with easier clinical trial requirements. In the draft guidance, the agency proposed guidelines reducing the need for clinical trials to test insulin biosimilars for the potential to provoke immune system reactions. Similarly, European regulators stopped recommending immunogenicity trials for insulin biosimilars since 2015.
Access Full Report Details and Order this Premium Report @ https://www.marketresearchfuture.com/reports/insulin-biosimilars-market-9775
Major Key Players:
Some of the key players in the global Insulin Biosimilars Market Size are Sanofi S.A., Boehringer Ingelheim, Eli Lilly & Co., NOVO Nordisk A/S, Biocon, Merck & Co., Mylan N.V., Pfizer Inc., Sandoz, Fresenius Kabi, and others.
Segment Analysis
The global Biosimilar Insulins Market has been segmented based on type and indication.
The market, based on type, has been divided into rapid-acting biosimilars, long-acting biosimilars, and premixed biosimilars. The long-acting biosimilars are likely to hold maximum market share in the global Insulin Biosimilars Market Size owing to its benefits in the treatment for diabetes. Pre-mixed insulins are pre-formulated combinations of rapid-acting and long-acting insulin; they provide an approximation of basal/bolus therapy with the advantage of fewer total injection.
Based on indication, the Insulin Biosimilars Market Size has been bifurcated into type I diabetes and type II diabetes. The type II diabetes segment is anticipated to hold a larger share in the market due to a large number of patients suffering from the condition as compared to type I diabetes.
Regional Analysis
The market has been divided, by region, into the Americas, Europe, Asia-Pacific, and the Middle East & Africa.
The Americas are anticipated to hold the largest market share owing to the higher number of diagnosed patients undergoing treatment, available healthcare infrastructure, and the presence of prominent players in this region. The Insulin Biosimilars Market Size in the Americas has further been branched into North America and Latin America, with the North American market divided into the US and Canada.
The European Insulin Biosimilars Market has been categorized as Western Europe and Eastern Europe. The Western European market has further been classified as Germany, France, the UK, Italy, Spain, and the rest of Western Europe. The Insulin Biosimilars Market Size in Asia-Pacific has been segmented into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific. Due to the rising prevalence of diabetes and the expansion of healthcare facilities, the market in Asia-Pacific is expected to be the fastest-growing. The Insulin Biosimilars Market Size in the Middle East & Africa has been divided into the Middle East and Africa.
NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.
About Market Research Future
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.
Contact Us:
Market Research Future (part of Wantstats Research and Media Private Limited),
99 Hudson Street, 5Th Floor,
New York, New York 10013
United States of America
+1 646 845 9312
Comments
Post a Comment