PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1629167
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1629167
Biosimilar insulin market size was valued at USD 2,690.87 Million in 2023, expanding at a CAGR of 16.44% from 2024 to 2032.
Biosimilar insulin is a type of insulin product that closely resembles an already approved "reference" insulin in terms of structure, safety, and effectiveness but is typically offered at a lower cost. Developed to treat diabetes, biosimilar insulins undergo rigorous testing to confirm their similarity to existing insulin types, ensuring comparable performance. These products provide diabetic patients with more affordable treatment options, expanding access to vital, life-sustaining insulin therapies globally.
Biosimilar Insulin Market- Market Dynamics
Increasing prevalence of diabetes worldwide to propel market demand
The increasing prevalence of diabetes is driving demand for the global biosimilar insulin market. As investments in diabetes R&D rise and original insulin patents expire, biosimilar insulin is gaining traction. With over 500 million people worldwide affected by diabetes, the need for cost-effective insulin options has soared. However, regulatory challenges and limited clinical acceptance pose barriers to wider adoption in the long term. On the contrary, patent expirations of long-established originator insulin products are expected to drive demand for innovative new biosimilar insulins, creating growth opportunities for manufacturers.
Biosimilar Insulin Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 16.44% over the forecast period (2024-2032)
Based on type segmentation, fast-acting insulin was predicted to show maximum market share in the year 2023
Based on indication segmentation, diabetes type 2 was the leading segment in 2023
On the basis of region, North America was the leading revenue generator in 2023
The Global Biosimilar Insulin Market is segmented on the basis of Type, Indication, Distribution Channel, and Region.
The market is divided into three categories based on type: long-acting insulin, intermediate-acting insulin, and fast-acting insulin. The fast-acting insulin sector dominates the market. This growth is driven by its effectiveness in managing postprandial glucose spikes and the cost-effectiveness of biosimilars, appealing to diabetic patients.
The market is divided into two categories based on indication: Diabetes Type 1 and Diabetes Type 2. The diabetes type 2 sector dominates the market and is likely to maintain its dominance during the forecast period. This is partly due to the rising global incidence of type 2 diabetes, which has made the biosimilar insulin market more appealing.
Biosimilar Insulin Market- Geographical Insights
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
Driven by rising demand for cost-effective diabetes treatments, manufacturers are expanding their product portfolios to address diverse patient needs. Companies are focusing on efficient regulatory navigation for faster approvals while adopting partnerships and collaborations to strengthen research, development. Collaborative agreements with local pharmaceutical firms enable strategic market entry in emerging regions, enhancing their competitive edge by tailoring products to regional market demands and improving accessibility.
In December 2023, USV and Biogenomics launched INSUQUICK, India's first biosimilar Insulin Aspart, to enhance diabetes care. Developed with 100% indigenous technology, it meets global quality standards through rigorous clinical testing.