The global insulin biosimilar market is on track for significant expansion, with an estimated valuation of approximately USD 3,008.0 million in 2024. Exhibiting a year-on-year growth rate of 7.2%, the market is expected to continue its upward trajectory, with overall sales of insulin biosimilars projected to rise at a compound annual growth rate (CAGR) of 6.2% throughout the assessment period. By 2034, the market size is anticipated to reach an impressive USD 5,379.5 million.
Key Growth Drivers
The insulin biosimilar market’s robust growth can be attributed to several factors:
- Increasing Prevalence of Diabetes: The global rise in diabetes cases has heightened the demand for effective and affordable insulin therapies, paving the way for biosimilars.
- Cost-Effectiveness: Insulin biosimilars provide a more cost-effective alternative to reference biologics, making diabetes management more accessible to patients worldwide.
- Improved Market Awareness: Growing awareness among healthcare professionals and patients regarding the benefits of biosimilars is driving market adoption and acceptance.
- Advancements in Technology: Ongoing advancements in biomanufacturing and regulatory processes are enhancing the availability and quality of insulin biosimilars.
Future Outlook
As the healthcare landscape continues to evolve, the insulin biosimilar market is poised for substantial growth. With increasing investments in research and development and the rising emphasis on cost-effective treatment options, stakeholders in the pharmaceutical industry are well-positioned to meet the surging demand for insulin biosimilars.
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.
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 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
Author By:
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 areas such as 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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