The global Insulin Biosimilars Market is worth US$ 1.47 Bn as of now and expected to reach US$ 5.88 Bn by the year 2032 at a stellar CAGR of 21.5% between 2022 and 2032.
The second-largest market share for insulin is anticipated for Europe, primarily as a result of the early approval of biosimilars, which is anticipated to drive market expansion. 12.5% of the global market for insulin biosimilars is accounted for by the European market.
Biosimilar insulin has the potential to lower diabetes treatment costs, improve accessibility to insulin therapy, and increase the variety of insulin brands that are readily available to people who develop diabetes. In addition, they must meet several commercial needs while navigating regulatory obstacles in this country. Additionally, it is necessary to deal with competition from both incumbent and next-generation branded insulin solutions.
According to the International Diabetes Foundation, at least US$ 760 billion was spent in 2019, accounting for 10% of all adult spending. This element is essentially speeding up the market for insulin biosimilars.
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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.
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.
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.
Key Companies Profiled
Eli Lilly & Co.
Boehringer Ingelheim
Merck & Co
Pfizer Inc.
Biocon
Mylan N.V.
Wockhardt Limited
NOVO Nordisk A/S
Sanofi S.A
Ypsomed AG
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