The global market for insulin biosimilars is expected to witness a notable growth in the near future. The reduction of cost and improvement in access to the treatment of diabetes mellitus amongst the diabetes patients is propelling the demand for the global insulin biosimilars market. The substantial rise in the geriatric population with arthritis and an increasing demand for fast acting insulin analogues are among the primary factors driving the growth of the global insulin biosimilars market.
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Among its five regional segments, the global insulin biosimilars market is currently dominated by the region of North America. The growth of the regional segment is primarily attributed to the presence population suffering from diabetes leading to an increase in the demand for insulin biosimilars in the region. The Asia Pacific region is progressing at a rapid pace owing to the changing lifestyle and a significant rise in the number of diabetic patients in this region.
Some of the key insights of the competitive landscape of the global insulin biosimilars market are given below:
- The competitive landscape of the global insulin biosimilars market is fragmented one due to the presence of several key players. The leading companies in the global insulin biosimilars market are striving to outpace their rivals. Thus, the global market is highly competetive.
- These companies in the global market are also adopting aggressive marketing strategies such as takeover, mergers, and joint ventures in order to stay ahead of the competitive curve.
- In 2016, Momenta Pharmaceuticals, a US based company formed a global collaboration agreement with the US-based Mylan N.V. The collaboration aimed to commercialize, manufacture, and develop six of Momenta Pharmaceutical’s present biosimilar candidates. It also comprised of a prominent biosimilar candidate known as ORENCIA and was used for the treatment of juvenile idiopathic arthritis, adult rheumatoid arthritis, and moderate to severe adult psoriatic arthritis.
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