The future looks bright for the Insulin Biosimilars Market, driven by increasing adoption and a growing diabetic population. A recent analysis predicts the market will reach a substantial US$3.01 billion in 2024, reflecting a significant year-over-year jump of 7.2%. This momentum is expected to continue, with the market projected to reach a staggering US$5.38 billion by 2034, fueled by a healthy Compound Annual Growth Rate (CAGR) of 6.2% over the next decade.
Transforming Diabetes Management with Cost-Effective Solutions
This robust growth highlights insulin biosimilars’ transformative role in revolutionizing diabetes management. The estimated market value of US$1.51 billion in 2023 signifies more than just a financial figure – it represents the increasing global reliance on biosimilars as a cost-effective and reliable option for diabetic patients.
Biosimilar insulin can reduce treatment costs of diabetes, increase insulin treatment’s accessibility, and expand the number of various insulin brands that are available for the ones contracting diabetes.
At the same time, they need to overcome regulatory hurdles over here and address numerous demands at the commercial level. On top of that, competition from next-generation as well as established branded insulin products needs to be confronted.
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The International Diabetes Foundation has confirmed that at least US$ 760 Bn was spent in the year 2019, which is 10% of overall spending on adults. This factor is basically accelerating the Global Insulin Biosimilars Industry
The manufacturers are emphasizing clinical trials for tabling insulin biosimilar products. On these grounds, LMC Diabetes & Endocrinology Ltd. is on the lookout for volunteers to enable a 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 name suggests, get absorbed with immediate effect and start lowering blood glucose. Long-acting biosimilars are capable of controlling blood sugar for the whole of the day. They are preferred due to their ability to help patients with Type 1 diabetes reach lower rates of hypoglycemia with better quality of life. There are premixed biosimilars, which ensure a 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 ‘Global Insulin Biosimilars Industry ’, with its team of analysts and consultants to execute.
Key Takeaways from the Insulin Biosimilars Market
- North America holds the largest market share (~69%) due to a 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 living 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 the 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 systems.
Insulin Biosimilars Market 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.
- In April 2022, Merck updated its bioprocessing portfolio 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, announced 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; 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 Industry is expected to grow on an astounded note shortly”, 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 disease indication (insulin biosimilar for Type I diabetes and insulin biosimilar for Type II diabetes).
- With the growing prevalence of diabetes, 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 Market Survey
Insulin Biosimilars Market by Biosimilar Type:
- Rapid Acting Biosimilar
- Long Acting Biosimilar
- Premixed Biosimilar
Insulin Biosimilars Market by Disease Indication:
- Insulin Biosimilar for Type I Diabetes
- Insulin Biosimilar for Type II Diabetes
Insulin Biosimilars 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
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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