Press release
Insulin Biosimilars Market 2024-2033: Size, Share & Competitive Landscape Analysis
The insulin biosimilars market size is expected to see rapid growth in the next few years. It will grow to $5.41 billion in 2028 at a compound annual growth rate (CAGR) of 15.2%. The growth in the forecast period can be attributed to global diabetes burden, emerging markets and access expansion, biosimilar adoption policies, patient preference for affordability, collaborations and partnerships in biopharmaceutical industry. Major trends in the forecast period include diversification of insulin product portfolios, global market penetration, technology integration in insulin delivery, regulatory support for biosimilars development, patient-centric approaches in product development.
Market Overview -
Insulin biosimilars refer to biological products that are similar in terms of quality, safety, and efficacy to an existing reference insulin product that has already been approved and marketed. It is commonly used to manage blood glucose levels and it is essential for people with diabetes to maintain healthy glucose levels.
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Surge In Diabetes Drives The Market Growth Of Insulin Biosimilars
The increasing prevalence of diabetes is expected to propel the growth of the insulin biosimilars market going forward. Diabetes refers to a group of chronic metabolic disorders characterized by high blood sugar levels over a prolonged period. Biosimilars play a crucial role in the treatment of diabetes by providing an alternative option for insulin therapy, as a result, the increasing prevalence of diabetes increases the demand for insulin biosimilars market. For instance, in December 2021, according to the International Diabetes Federation (IDFT), a Belgium-based federal agency, the number of people with diabetes would increase to 643 million by 2030 and 783 million by 2045. Additionally, over 1.2 million children and adolescents (aged 0-19 years) are currently living with type 1 diabetes. Therefore, increasing the prevalence of diabetes drives the insulin biosimilar market.
Competitive Landscape -
Major companies operating in the insulin biosimilars market report are Eli Lilly and Company,Boehringer Ingelheim GmbH,Merck & Co Inc.,Pfizer Inc.,Biocon Ltd.,Mylan N.V.,Wockhardt Limited,NOVO Nordisk A/S,Sanofi S.A,Ypsomed AG,Fresenius Kabi AG,Sandoz International GmbH,Novartis International AG,Aurobindo Pharma Ltd.,Intas Pharmaceuticals Ltd.,Dr. Reddy's Laboratories Ltd.,Amgen Inc., Samsungbioepis Co. Ltd.,Coherus BioSciences Inc .,Teva Pharmaceutical Industries Ltd.,Stada Arzneimittel AG,Celltrion Inc.,Biogen Inc., AstraZeneca plc,Fujifilm Kyowa Kirin Biologics Co. Ltd.,Mochida Pharmaceutical Co. Ltd.,Daiichi Sankyo Company Limited,LG Chem Ltd.,JCR Pharmaceuticals Co. Ltd.,Green Cross Corporation,Lupin Limited,Torrent Pharmaceuticals Ltd.,Zydus lifescience Ltd.
Industry Players Drive Innovation In The Insulin Biosimilar Landscape
Product innovation has emerged as a key trend gaining popularity in the insulin biosimilar market. Major market players are concentrating their efforts on creating innovative products to strengthen their position in the market. For instance, in July 2021, Biocon Biologics, an India-based company manufacturing insulin biosimilars in collaboration with Viatris Inc., a US-based pharmaceutical company, received approval for the first Interchangeable Biosimilar Semglee (insulin glargine-yfgn injection) for the treatment of diabetes from The U.S. Food and Drug Administration (FDA), a US-based government agency. This product is a significant breakthrough in the treatment of diabetes, as it is indicated for adults and pediatric patients aged 6 years and older with both type 1 and type 2 diabetes and is a crucial milestone that holds the potential for cost savings and improved access to affordable treatment options for individuals suffering from diabetes.
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Key Segments -
The insulin biosimilars market covered in this report is segmented -
1) By Biosimilars Type: Rapid Acting biosimilars, Long Acting biosimilars, Premixed Acting biosimilars
2) By Disease Indication Type: Type I Diabetes, Type II Diabetes
3) By Distribution Channel: Hospital Pharmacies, Retail Pharmacies, Online Pharmacies
4) By End User: Hospitals, Ambulatory Surgical Centers, Other End Users
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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