Antidiabetic Biosimilars Market - Global Industry Insights, and Opportunity Analysis, 2016-2024
Antidiabetics help control blood glucose levels in diabetic patients. Various types of antidiabetics include biguanides, thiazolidinediones, DPP-IV inhibitors, α-glucosidase Inhibitors, sulfonylureas, insulin, and GLP-1 receptor agonists such as exenatide. A biosimilar product is biological product that is approved on the basis that it is highly similar to a FDA approved biological product known as a reference product. Biosimilar manufacturers need to generate data from lab testing and clinical testing to demonstrate that the biosimilar developed provides the same therapeutic benefit to patients as the reference product.
Antidiabetics help control blood glucose levels in diabetic patients. Various types of antidiabetics include biguanides, thiazolidinediones, DPP-IV inhibitors, α-glucosidase Inhibitors, sulfonylureas, insulin, and GLP-1 receptor agonists such as exenatide. A biosimilar product is biological product that is approved on the basis that it is highly similar to a FDA approved biological product known as a reference product. Biosimilar manufacturers need to generate data from lab testing and clinical testing to demonstrate that the biosimilar developed provides the same therapeutic benefit to patients as the reference product.
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REPORT DESCRIPTION<br />
Constraints for growth of the antidiabetic biosimilars market<br />
<strong>Biosimilars</strong> would have to face stringent regulatory requirements that would focus on their production<br />
before entering into major markets such as the U.S. While biosimilars have marked successful entry in<br />
the European markets, entry in the U.S. market is still a challenge due to stringent regulatory norms.<br />
Furthermore, biosimilars would need to gain favorable reimbursement to gain market traction.<br />
Increasing number of diabetes patients driving the antidiabetic biosimilars market globally<br />
Increasing incidence of diabetes, complexities in alternative diabetic therapies, <strong>and</strong> government<br />
incentives for introduction of low cost therapies are collectively creating a conducive environment for<br />
growth of the market. According to the International Diabetes Federation (IDF), there were around<br />
59.8 million diabetic patients in Europe in 2015. The market for antidiabetic biosimilar is expected to<br />
be high in near future in Asia Pacific due to increase in research activities related to antidiabetic<br />
products <strong>and</strong> supportive government funding. North America region is projected to represent a<br />
lucrative market for antidiabetic biosimilar in the near future, as prevalence of diabetes is increasing<br />
in this region. According to the International Diabetes Federation, in 2015, over 29.1 million people in<br />
the U.S. suffered from diabetes.<br />
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