Insulin Biosimilars Market, by Biosimilar Type Rapid-acting Biosimilars, Long-acting Biosimilars, and Premixed Biosimilars
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Insulin Biosimilars Market – Dynamics
Increasing number of manufacturers are developing biosimilar insulin to provide clinical aid that are similar to current insulin analogs at the more affordable price. Moreover, the patents of several insulin manufacturing companies are soon expected to lose patent protection, For instance, LEVEMIR an Insulin detemir by Novo Nordisk is going to lose its patent rights in year 2019, which is influencing numerous pharmaceutical key manufacturers to develop alternatives to patents, referred as biosimilar. The low cost of biosimilar insulin for diabetes treatment and effectiveness is helping treat patients suffering from diabetes mellitus. Companies are also focusing on developing medical devices that allows for less painful and safe delivery of the biosimilar insulin treatment, which in turn, is boosting market growth. Government agencies are focusing on the endorsement of insulin biosimilar by funding research and development. Furthermore, rising geriatric population across the globe and increasing demand for rapid-acting insulin analogues is boosting growth of the insulin biosimilar market. For instance, according to a consensus report published in 2012 American Diabetes Association, showed over 25% of the U.S. population aged ≥65 years suffered from diabetes.
However, critical regulatory requirements for approval of insulin biosimilar products besides strong opposition from branded manufactures regarding patent rights, high cost of production, manufacturing complexities, and various safety concerns associated with changes in drug formulations pose as factors hampering growth of the insulin biosimilars market.
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 leads the global insulin biosimilar market, owing to rising geriatric population and high prevalence of diabetes-related disorders in the region. Moreover, government support for diabetes-free states is accelerating growth of the insulin biosimilar market in North America. For instance, Centers for Disease Control and Prevention (CDC) runs a National Diabetes Prevention Program in various U.S states.
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