Antidiabetic Biosimilars Market is expected to Grow in the Near Future as Danish Pharma Company Novo Nordisk Plans to Launch Biosimilar Version
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.
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