Companies In The Biosimilars Market Are Investing In The Development Of Insulin Biosimilars
Production of new insulin biosimilars is trending in the global biosimilars market. The key players operating in the biosimilars market are investing in creating a biosimilar of insulin. This is also promoting competition among various biosimilar manufacturers. For instance, in 2019, Mylan, a U.S-based pharmaceutical company, in partnership with Biocon, an Indian based biopharmaceutical company, launched a biosimilar insulin glargine named Semglee. Also, in 2019, Oramed Pharmaceuticals, a Jerusalem based pharmaceutical company, developed an oral insulin drug named ORMD-0801 to treat type 2 diabetes. Thus, companies in the biosimilars market are investing in the development of insulin biosimilar to gain profits.
Key players in the global biosimilars market include Pfizer, Amgen, Biocon, Celltrion, Dr. Reddy`s Laboratories, Boehringer Ingelheim, Elli Lilly and Company, Mylan N.V., Sanofi, STADA Arzneimittel, Sandoz International, Samsung Bioepis, Teva Pharmaceuticals, Apotex, AMEGA Biotech S.A., Bioton S.A., Innovent Biologics, International, Allergan plc, BioXpress Therapeutics, 3SBio, Intas Biopharmaceuticals, Lupin, Merck, Novartis (Sandoz), Ratiopharm, Wockhardt, Zydus Cadila, Allergan Plc., Hospira International., Actavis International., Johnson & Johnson, and Roche.
The biosimilars market consists of sales of biosimilars and related services that are used to treat chronic diseases such as diabetes, arthritis, and cancer. Biosimilars are pharmaceuticals that are manufactured using cell lines and offer no clinical difference as compared to biologics. Biosimilars are made once the patent of biologics is expired.
The global biosimilars market was worth nearly $8 billion in 2019. It is expected to grow at a compound annual growth rate (CAGR) of 31.70% and reach $23.63 billion by 2023.
The rising prevalence of chronic diseases such as arthritis, asthma, and cancer, is expected to be a major driver of the biosimilars market. Long working hours, limited physical activity, unhealthy eating and drinking habits contribute to the prevalence of chronic diseases, and biosimilars are increasingly used to treat these chronic diseases. Biosimilars activate the immune system response against cancer cells, thus helping the immune system to eliminate the cancer cells from the body. According to a United Nations article, by 2030, the proportion of global deaths due to chronic diseases is expected to increase to 70% of total deaths. The global burden of chronic disease is expected to reach about 60%. Therefore, the rise in the prevalence of chronic diseases is projected to propel the demand for biosimilars, thus driving the biosimilars market.
The biosimilars market is segmented by product into recombinant non-glycosylated proteins, and recombinant glycosylated proteins. It is also segmented by types into human growth hormone, erythropoietin, monoclonal antibodies, insulin, interferon, granulocyte-colony stimulating factor, and others. By application, the market is segmented into oncology, chronic and autoimmune diseases, growth hormone deficiency, infectious diseases, and others.