Report Code: A14003 | Pages: NA | Mar 2023 | 712 Views | ||
Author(s) : NA | Tables: NA | Charts: NA |
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Insulin Biosimilars Market
Request Now !Biosimilars are biological products that have active properties that are similar to those of a previously licensed drug and have no clinically relevant differences in terms of safety and effectiveness. Insulin biosimilars are biosimilars that are indistinguishable from the reference insulin product and have already been approved or licensed by the FDA. Biosimilars are made using similar manufacturing procedures to those used by the patented product, but not necessarily identical to those used by the patent holder.
Patents for insulin formulations were about to expire or had already expired due to an increase in insulin manufacturers from both developed and developing countries. This necessitated the need for biosimilar insulin approvals in highly regulated markets.
COVID-19 Impact analysis
Top Impacting Factors
The market is being propelled by an increase in elderly population, high prevalence of Type 1, Type 2, and gestational diabetes, and surge in need for fast-acting insulin analogs.
Government agencies' increased investment in R&D activities related to insulin biosimilars boosts the market growth.
Furthermore, the low cost of biosimilar insulin for diabetes treatment, combined with its efficacy, is expected to open up new growth opportunities for the global insulin biosimilars market.
Several firms are focusing on the development of medical devices that make biosimilar insulin delivery less painful and self-delivered. The global insulin biosimilars market is predicted to grow as a result of this aspect.
Furthermore, insulin manufacturing companies are expected to lose their patents in the near future, providing abundant development prospects for the global insulin biosimilars market.
However, generic manufacturers are likely to take a smaller chunk of the amount owing to their local presence which would restrain the growth of the market.
Market Trends
New product launches to flourish the market
Key Benefits of the Report
Questions answered in the Insulin Biosimilars Report
Insulin Biosimilars Market Report Highlights
Aspects | Details |
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Key Market Players | Sanofi S.A, Boehringer Ingelheim, Eli Lilly & Co., NOVO Nordisk A/S, Biocon, Merck & Co., Mylan N.V., Pfizer Inc, Sandoz, Fresenius Kabi, others. |
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