Insulin Biosimilars Market Value Share, Supply Demand, share and Value Chain 2016-2026
Insulin Biosimilars Market: Drivers and Restraints
Increasing prevalence of Type I diabetes, higher cost of existing insulin drugs are expected to drive growth of insulin biosimilars market. Government authorities are also focusing on the approval of insulin biosimilars owing to substantial financial burden in terms of reimbursements. Recently, the U.S. FDA has approved new insulin glargine Basaglar, for type 1 and type 2 diabetes which is Biosimilar version of Sanofi’s basal insulin Lantus (insulin glargine). Additionally, Lilly and Boehringer Ingelheim's biosimilar insulin glargine has got approval through European Medicines Agency's (EMA's) Biosimilar pathway. Such ongoing approvals by the respective authorities are expected to drive the growth of insulin Biosimilar market. However, Insulin patent protection rights and strong retaliation from the branded manufactures has restricted the growth of insulin biosimilar development.
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Insulin Biosimilars Market: Segmentation
The global market for insulin Biosimilar is segmented on the basis of disease indication and geography.
On the basis of disease indication, the global insulin Biosimilar market is segmented as,
Type I Diabetes
Type II Diabetes
Insulin Biosimilars Market: Overview
Development of clinically proven insulin Biosimilar will pave the road for new entrants. The upcoming patent expiration of blockbuster insulin drugs will open a new avenue and unprecedented opportunities for biosimilar development and manufacturing companies. The cost of insulin biosimilar is currently high owing to stringent adherence requirements in terms of complex regulations and manufacturing and operations. Prices of biosimilar drugs are expected decreased by an average of 20% as compared to branded drugs.
Insulin Biosimilars Market: Region-wise Outlook
Geographically, the global insulin biosimilar market is segmented into regions namely, North America, Latin America, Western Europe, Eastern Europe, Asia-Pacific Excluding Japan, Japan, Middle East and Africa. Among all the regions, North America will continue to lead the global market for insulin biosimilars market due to high demand for insulin. Europe insulin market is expected to account for second largest share in global market primarily due to early approval for biosimilar which is expected to fuel the market growth. Asian companies are competing on the basis of price and has patient pool suffering diabetes. Hence, the Asia Pacific insulin biosimilar market is expected to witness fastest growth in overall market over the forecast period.
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Insulin Biosimilars Market: Key Players
Key players operating in the global insulin biosimilar market are Eli Lilly & Co., Boehringer Ingelheim, Merck & Co., Pfizer Inc., Biocon, Mylan N.V. and others
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