LONDON, June 19, 2020 /PRNewswire/ -- The production of new insulin biosimilars is trending in the biosimilars market, being produced to treat both type 1 and type 2 diabetes. As per reports in the Global Market Model, the key players operating in the biosimilars market are investing in creating biosimilars of insulin, which is promoting competition among various manufacturers. This is seen recently with the U.S. Food and Drug Administration approval of Biocon's insulin glargine injection to control high blood sugari, news of which was announced on June 11th. The drug, Semglee, will be the third biologic that Biocon will launch in the United States, and will be used to reach more patients through its partner, Mylan.i
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 biosimilars market consists of sales of biosimilars and related services that are used to treat chronic diseases such as diabetes, arthritis, and cancer. Long working hours, limited physical activity, unhealthy eating and drinking habits contribute to the prevalence of such chronic diseases, and biosimilars are increasingly being used to treat them. According to a United Nations article, the proportion of global deaths due to chronic diseases is expected to increase to 70% of total deaths by 2030. 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, driving the biosimilars market. Thus, the global biosimilars market is expected to grow from $7.79 billion in 2019 to $23.63 billion by 2023 at a significant rate of 31.7%.
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