Over the horizon of the past decade, the global population is becoming more prone to suffer from diabetes. The World Health Organisation projected 537 million adults will be acquiring diabetes in 2021. The rising prevalence of diabetes, specifically Type I diabetes, and the cost of insulin medications have provided an impetus to insulin biosimilars market growth.
Such a scenario, and the huge financial burden relevant to payments, has coerced government authorities to approve insulin biosimilars. Almost one out of ten individuals is likely to develop the other forms of the disease, making it one of the most prominent chronic ailments. Moreover, obese, and aged people are more susceptible to chronic illnesses, framing a promising growth trajectory for the global insulin biosimilars market.
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Development of Biosimilar Versions of Biologics to Create Positive Impact on Market Growth
With an alarming rise in chronic ailments such as diabetes, advancements in insulin biosimilars have become imperative. Anticipating these trends, key businesses in the pharmaceutical and healthcare space have ramped up their research and development activities. These R&D endeavours are driven to develop biosimilar versions of biologics. By developing more advanced solutions, these players are eyeing to sustain an edge over the insulin biosimilars market. Emphasising M&A, collaborations, and partnerships, various biotech and pharmaceutical businesses are solidifying their positions in the global market. Aiming to acquire market leadership, these businesses are highly focused on devising customer retention strategies and expanding their current portfolios.
Biosimilars Patents Expiration and Use of Biosimilars in Treating Chronic Ailments to Create Lucrative Growth Environment for Market
Owing to stringent government norms and regulations, biosimilars require patents to be made fit to use. In the first half of the 20th century, patents for most of the early biologic medicines expired. Several other best-selling drugs are likely to witness patent expiration in the coming years. Projection points toward the lapse of almost 20 insulin biologics' patents by 2030. This is poised to unlock numerous opportunities on the insulin biosimilar medicines end, surging the number of biosimilars used in cancer.
Biosimilars find their application in the treatment of diverse illnesses and conditions, including type 1 and type 2 diabetes, problems with the growth hormone, and postmenopausal osteoporosis. Targeted therapeutic areas for which numerous biosimilars are being developed include oncology, diabetes, autoimmune diseases, and hepatitis. The use of biosimilars in the treatment of various chronic diseases is likely to augur well for the insulin biosimilars market.
North America to Reign Supreme with Rising Prevalence of Chronic Disease
North America demonstrated high growth prospects amid soaring incidence of disease and sustained demand for branded goods. In the US, the demand for biosimilars has risen significantly, and product approvals are also being granted. Moreover, the concentration of key players is further spearheading growth across the market. With exceptional commercialisation potential and biosimilar manufacturers, the region is set to sustain a dominant share of the market revenue. Conversely, with expanding geriatric and target population base, Asia Pacific has emerged as a lucrative market.
Key Market Players
Some of the most competitive players in the insulin biosimilars market include Momenta Pharmaceuticals, Inc., H. Boehringer Sohn AG & Ko. KG, Eli Lilly and Company, Wockhardt Ltd., Novo Nordisk A/S, and Ypsomed AG.
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