The demand for Insulin Biosimilars Market is expected to reach US$ 1,468.6 million in 2022, rising at a CAGR of 14.9% to US$ 5,876.4 million from 2022 to 2032. Globally rising diabetic patient numbers are blamed for growth. A CAGR of 21.5% was recorded for the market for insulin biosimilars from 2016 to 2021.
Biosimilar insulin has the capacity of reducing treatment costs of diabetes, increasing insulin treatment’s accessibility, and expanding number of various insulin brands that are available for the ones contracting diabetes.
At the same time, they need to overcome regulatory hurdles over here, and address numerous demands at the commercial level. On the top of that, competition from next-generation as well as established branded insulin products needs to be confronted.
The International Diabetes Foundation has confirmed that atleast US$ 760 Bn were spent in the year 2019, which is 10% of overall spending on the adults. This factor is basically accelerating the insulin biosimilars market.
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The manufacturers are emphasizing on clinical trials for tabling insulin biosimilar products. On these grounds, LMC Diabetes & Endocrinology Ltd. is on the lookout of volunteers to enable phase 4 study entitled ‘The Effects of Soliqua on glucose variability in type 2 diabetes patients among South Asian population’.
There are rapid-acting biosimilars, which are administered within 15 minutes of having meals. They, as the names suggests, gets absorbed with immediate effect and starts lowering blood glucose. Long-acting biosimilars are capable of controlling blood sugar for whole of the day. They are preferred due to their ability of helping patients with Type 1 diabetes reach lower rates of hypoglycemia with better quality of life. There are premixed biosimilars, which ensure combination of two diverse kinds of insulin – the one controlling sugar between meals and the other at meals.
Future Market Insights has entailed these facts with future perspectives in its latest market study entitled ‘Insulin Biosimilars Market’, with its team of analysts and consultants to execute.
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Key Takeaways from Insulin Biosimilars Market
- North America holds the largest market share (~69%) due to spike in the number of diabetic patients in the US. As per the National Institute of Diabetes and Digestive and Kidney Diseases, close to 30.3 Mn people staying in the US are diabetic. Also, more than 30% of people all across the US have been diagnosed with prediabetes, as per the National Diabetes Statistics Report. These prediabetic conditions are estimated to increase the population of those getting diabetic.
- Europe stands second on this count. This could be attributed to early approvals of biosimilars. As per the IDF Diabetes Atlas, close to 61 Mn adults aged between 20 and 79 are diabetic in IDF Europe Region as of the year 2021.
- The Asia-Pacific is expected to grow at the fastest pace in the insulin biosimilars market due to advancements in infrastructure regarding diagnosing chronic diseases. The governments herein are also into easily utilizing insulin management system.
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Competitive Biosimilars
- GeneSys Biologics makes provisions for safe, high-quality, affordable, and effective insulin biosimilars all over. This start-up is expected to provide, safe, high-quality, affordable, and effective insulin biosimilars all over.
- Merck, in April 2022, updated its portfolio pertaining to bioprocessing by acquiring Lonza’s MAST (Modular Automated Sampling Technology) platform. This platform is an aseptic, automated bioreactor sampling system that has been developed in Bend (Oregon, US).
- Biocon’s BBL (Biocon Biologics Ltd.), in September 2021, did announce launching ‘Express Scripts’ (one of the leading pharmacy benefit management organizations all over the US). As such, Biocon Biologics interchangeable biosimilar Insulin Glargine (Semglee) would be commercialized by a preferred brand of glargine ‘Viatris’ on NPF (National Preferred Formulary), which is inclusive of over 28 Mn lives.
- Eli Lilly’s insulin glargine (Basaglar), which has been co-developed with Boehringer Ingelheim; which is available at a lower price as compared to Lantus (Sanofi); the reference brand.
“With the branded insulin products slated to expire in the upcoming period, the global insulin biosimilars market is expected to grow on an astounded note in the near future”, says an analyst from Future Market Insights.
What does the Report Cover?
- The research study is based on biosimilar type (rapid acting biosimilar, long acting biosimilar, and premixed biosimilar) and by disease indication (insulin biosimilar for Type I diabetes and insulin biosimilar for Type II diabetes).
- With growing prevalence of diabetes all across, the demand for insulin biosimilars is bound to witness growth on an irrevocable note going forward.
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Key Segments Profiled in the Insulin Biosimilars Industry Survey
Global Insulin Biosimilar Market by Biosimilar Type:
- Rapid Acting Biosimilar
- Long Acting Biosimilar
- Premixed Biosimilar
Global Insulin Biosimilar Market by Disease Indication:
- Insulin Biosimilar for Type I Diabetes
- Insulin Biosimilar for Type II Diabetes
Global Insulin Biosimilar Market by Region:
- North America Insulin Biosimilar Market
- Latin America Insulin Biosimilar Market
- Europe Insulin Biosimilar Market
- Asia Pacific Insulin Biosimilar Market
- Middle East & Africa Insulin Biosimilar Market
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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