Biosimilar Insulin Glargine & Lispro Market to Grow with a CAGR of 8.23% through 2028
Increasing commercialization of biosimilars and increasing expenditure
on healthcare is expected to drive the Asia Pacific Biosimilar Insulin Glargine
& Lispro Market growth in the forecast period, 2024-2028.
According to TechSci Research report, “Asia Pacific
Biosimilar Insulin Glargine & Lispro Market – Industry Size, Share,
Trends, Competition Forecast & Opportunities, 2028”, the Asia
Pacific Biosimilar Insulin Glargine & Lispro Market stood at USD
682.45 million
in
2022 and is anticipated to grow with a CAGR of 8.23% in the forecast period,
2024-2028. The rising prevalence of diabetes in the region, coupled with
increased awareness about the disease and its management, has significantly
fueled the demand for biosimilar insulin.
Furthermore, the growing geriatric population, who are
more prone to chronic diseases like diabetes, also contribute to the market's
expansion. The government's effort to reduce healthcare expenses, coupled with
the patent expiry of many branded insulin drugs, has paved the way for
biosimilar insulin, making them an economical and effective alternative.
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In Asia Pacific, the diabetes burden has escalated at
an alarming rate, with an estimated 60% of the global diabetic population
residing in this region. This surge has been attributed to lifestyle changes,
urbanisation, dietary habits, and increasing obesity levels. Countries such as
China, India, and Indonesia are among the top contributors to this escalating
epidemic.
As a result, the demand for insulin analogs, including
insulin glargine and lispro, has surged, fueling the market growth. In the Asia
Pacific region, the burden of diabetes has escalated at an alarming rate over
the years. With approximately 60% of the global diabetic population residing in
this region, the magnitude of the issue becomes evident. This surge in diabetes
cases can be attributed to various factors, including lifestyle changes, rapid
urbanization, dietary habits, and the increasing levels of obesity.Notably,
countries such as China, India, and Indonesia have emerged as significant
contributors to this escalating epidemic, grappling with the challenges it
presents. The impact of diabetes goes beyond the individual level, affecting
families, communities, and healthcare systems as a whole. The economic burden
of diabetes-related healthcare costs continues to rise, placing a strain on
limited resources.
As a consequence of this growing diabetes burden,
there has been a significant surge in the demand for insulin analogs, including
insulin glargine and lispro. These advanced insulin medications have played a
crucial role in managing the condition and have become essential for many
individuals living with diabetes. The precision and effectiveness of these
insulin analogs have provided patients with improved control over their blood
sugar levels, reducing the risk of complications associated with diabetes.
Furthermore, the surge in demand for insulin analogs
has fueled the overall growth of the market, as healthcare providers and
patients alike recognize the benefits of these innovative treatments. The
continuous advancements in insulin analog technology have resulted in improved
convenience, precision, and ease of use, empowering individuals to better
manage their diabetes and live healthier lives. As the prevalence of diabetes
continues to rise in the Asia Pacific region, the importance of effective
management and access to innovative treatments cannot be overstated. Addressing
the underlying causes, promoting healthy lifestyles, and ensuring widespread
availability of insulin analogs are crucial steps towards mitigating the impact
of this epidemic and improving the quality of life for those affected by
diabetes.
By focusing on preventive measures, early detection,
comprehensive care, and empowering individuals with knowledge and resources, we
can work together to combat this growing health crisis and create a brighter
future for all. With increased awareness, education, and collaborative efforts,
we can pave the way for a healthier and more resilient society. It is
imperative that governments, healthcare systems, and communities come together
to prioritize the prevention and management of diabetes, ensuring that no one
is left behind in the fight against this chronic disease. Together, we can make
a lasting impact on the lives of millions, fostering a world where diabetes no longer
poses a threat to the health and well-being of individuals and societies alike.
The Asia Pacific Biosimilar Insulin Glargine &
Lispro Market is end user, country distribution, and company.Based on end user, the incidence of Type 1 diabetes is
on the rise in the Asia Pacific region, exerting a significant influence on the
market for Biosimilar Insulin Glargine & Lispro. This can be attributed to
various factors, including lifestyle changes, genetic predisposition, rapid
urbanization, and increasing sedentary behavior. As urban areas expand and
populations grow, individuals face heightened stress levels and adopt
increasingly unhealthy dietary habits, characterized by processed foods and
high sugar content. These factors, combined with a lack of physical activity,
contribute to the increasing prevalence of Type 1 diabetes among the
population.Furthermore, the prevalence of Type 1 diabetes is
escalating in the Asia Pacific region, playing a dominant role in the
Biosimilar Insulin Glargine & Lispro Market. The availability of Biosimilar
Insulin Glargine & Lispro at a comparatively lower cost compared to other treatment
options has greatly improved accessibility, driving market growth. This cost
advantage not only makes insulin therapy more affordable but also encourages
timely treatment and management for individuals with this condition. Given the
multifaceted nature of these factors, addressing the growing burden of Type 1
diabetes and exploring innovative solutions for effective management and
treatment becomes increasingly important. This includes focusing on public
health initiatives that promote healthy lifestyle choices, raising awareness
about the significance of early diagnosis and intervention, and investing in
research and development for advanced and personalized treatment options. By
doing so, we can hope to mitigate the impact of Type 1 diabetes and enhance the
quality of life for individuals affected by this condition.
Based on country, Japan is emerging as a dominant
force in the Asia Pacific Biosimilar Insulin Glargine & Lispro market, and
this can be attributed to several key factors. Firstly, Japan boasts a
sophisticated healthcare system that is renowned for its high standards of care
and patient outcomes. This, coupled with a strong regulatory infrastructure,
ensures that the biosimilar market operates in a safe and regulated manner. Moreover,
Japan has a rich history of pharmaceutical innovation, with a long-standing
commitment to research and development. The country's robust capabilities in
this area have facilitated the growth of the biosimilar sector, allowing for
the development of high-quality and cost-effective therapeutic solutions.
Another contributing factor to Japan's dominance in
the biosimilar insulin market is its aging population. As the number of elderly
individuals increases, so does the demand for affordable and accessible healthcare
options. Biosimilar insulin, with its potential for cost savings, has gained
traction as a viable therapeutic solution, driving market growth in Japan. Furthermore,
the Japanese government has taken a proactive stance in streamlining the
approval process for biosimilars. By implementing efficient regulatory
measures, they have succeeded in expediting the availability and uptake of
these products. This initiative has not only benefited patients by providing
them with timely access to affordable treatments but has also created a
favorable environment for biosimilar manufacturers to thrive. With its
sophisticated healthcare system, strong regulatory framework, commitment to
innovation, aging population, and proactive government support, Japan continues
to lead the way in the Asia Pacific Biosimilar Insulin Glargine & Lispro
market.
Major companies operating in Asia
Pacific Biosimilar Insulin Glargine & Lispro Market are:
- Sanofi S.A.
- Biocon Limited
- Novo Nordisk A/S
- Wockhardt Ltd.
- Eli Lily and Company
- Julphar Diabetes LLC
- SAJA Pharmaceuticals
- Gan & Lee Pharmaceutical Ltd.
- Cipla Limited
- Merck & Co.
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“The future of the Asia Pacific Biosimilar Insulin
Glargine & Lispro Market appears promising, driven by an increasing
diabetic population, growing awareness about biosimilars, and favourable
regulatory policies. Biosimilar insulin products, like Glargine and Lispro, are
expected to become more commonplace due to their cost-effectiveness and
comparable efficacy to original biologics. As healthcare costs continue to
rise, the demand for affordable alternatives is anticipated to increase,
further propelling market growth.,” said Mr. Karan Chechi, Research Director
with TechSci Research, a research-based management consulting firm.
“Asia Pacific Biosimilar Insulin Glargine
& Lispro Market Segmented By End User (Type 1 Diabetes and Type 2 Diabetes), By Country, Competition, Forecast & Opportunities, 2018-2028F”, has evaluated
the future growth potential of Asia Pacific Biosimilar Insulin Glargine &
Lispro Market and provides statistics & information on market size,
structure and future market growth. The report intends to provide cutting-edge
market intelligence and help decision makers take sound investment decisions.
Besides, the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in Asia Pacific Biosimilar
Insulin Glargine & Lispro Market.
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