Antidiabetic Biosimilars Market is expected to Grow in the Near Future as Danish Pharma Company Novo Nordisk Plans to Launch Biosimilar Version of its NovoLog and NovoLog Mix Insulin Products in the U.S.

 

Antidiabetic Biosimilars have become one of the most common solutions to the diabetes problem, providing significant advances in medical science and technology for the better treatment of Diabetes Type I and II patients. However, these innovations don't come without their own set of challenges. Many believe that Diabetes is manageable if the patient follows a proper diet, regular exercise, and engages in some form of physical activity. Unfortunately, the modern-day obese person finds it quite impossible to follow these dietary and exercise guidelines, not to mention the lack of any physical exercise in modern-day environments.

Increasing prevalence of diabetes is expected to drive growth of the global antidiabetic biosimilars market. According to the World Health Organization (WHO), the global prevalence of diabetes among adults aged 18 years and above increased from 4.7% in 1980 to 8.5% in 2014. According to the same source, in 2016, around 1.6 million deaths were directly caused by diabetes. High prevalence of diabetes is witnessed in both developed and emerging economies. According to the American Diabetes Association (ADA), in 2018, around 34.2 million U.S. citizens or around 10.5% of the population had diabetes. As a result of this, the use of antidiabetic biosimilars is increasing rapidly for the treatment of diabetes. Hence, these factors are expected to drive growth of the global antidiabetic biosimilars market. Furthermore, rising incidences of lifestyle disorders such as obesity are expected to boost the global antidiabetic biosimilars

However, a stringent regulatory framework in the developed countries is expected to hamper the global antidiabetic biosimilars market growth in the near future. Among regions, North America is expected to witness significant growth in the global antidiabetic biosimilars market. This is owing to the presence of robust healthcare infrastructure and growing patient awareness in the region. Furthermore, Asia Pacific is expected to register a robust growth rate, owing to growing patient disposable income combined with rising prevalence of type I and type II diabetes.

Key players involved in the global antidiabetic biosimilars market are Pfizer, Sanofi-Aventis, Halozyme Therapeutics, Takeda Pharmaceuticals, Bristol-Myers Squibb, Eli Lilly and Company, Novo Nordisk, Oramed Pharmaceuticals, Merck & Co. Inc., and Boehringer Ingelheim.

For instance, in October 2019, Novo Nordisk, a Denmark-based pharmaceutical company, introduced the biosimilar version of its NovoLog and NovoLog Mix insulin products in the U.S.