Insulin Biosimilars Market - Heightening Cases of Diabetes and Affordability to Enhance Growth Prospects of Market
The escalating prevalence of diabetes across the world and the existing high price of insulin drugs may prove as significant growth factors for the insulin biosimilars market during the forecast period of 2018-2028. According to the World Health Organization (WHO), approximately 422 mn individuals have diabetes across the world. These alarming statistics give rise to the demand for insulin biosimilars market.
Insulin biosimilars are available in various types such as long-acting biosimilars, rapid-acting biosimilars, and premixed biosimilars. They are available for type 1 diabetes and type 2 diabetes.
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Cost-Effectiveness to Serve as Prominent Growth Factor
Biosimilars are almost identical to the original and are available at affordable prices. This aspect makes insulin biosimilars a preferred choice for many. In addition, numerous insulin-producing companies are set to lose their patent soon, which further increases the growth rate of the insulin biosimilars market. The effectiveness of insulin biosimilars is the same as the original. Thus, this aspect may also bring promising growth opportunities for the insulin biosimilars market.
Geriatric Population May Bring Immense Growth Prospects
The geriatric population is most vulnerable to diabetes. The expanding geriatric population across the globe may bring good growth prospects for the insulin biosimilars market. Furthermore, intense research and development activities are bringing tremendous growth opportunities for the insulin biosimilars market. These activities enable the players to manufacture insulin biosimilars with novel formulations.
North America to Reign Supreme across Forecast Period
Among all the regions, North America may bring substantial growth for the insulin biosimilars market across the assessment period of 2018-2028. The extensive prevalence of diabetes across the region may serve as a significant growth factor.
Asia Pacific’s insulin biosimilars market may also generate commendable growth during the assessment period of 2018-2028 on the back of the expanding diabetic patients and the constantly changing lifestyle of the people in the region.
Key Players Analysis:
H. Boehringer Sohn AG & Ko. KG, Novo Nordisk A/S, Wockhardt Ltd., Momenta Pharmaceuticals, Inc., Ypsomed AG.
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