PUBLISHER: The Business Research Company | PRODUCT CODE: 1414322
PUBLISHER: The Business Research Company | PRODUCT CODE: 1414322
“Insulin biosimilars Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on insulin biosimilars market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for insulin biosimilars? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The insulin biosimilars market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Insulin biosimilars denote biological products that closely resemble an existing reference insulin product in terms of quality, safety, and efficacy, which has already received approval and been introduced to the market. Widely employed to regulate blood glucose levels, insulin is indispensable for individuals managing diabetes to sustain healthy glucose levels.
The primary types of biosimilar insulin include rapid-acting biosimilars, long-acting biosimilars, and premixed-acting biosimilars. Rapid-acting biosimilars constitute a category of insulin biosimilar products engineered for swift onset of action and a relatively brief duration of activity. These biosimilars address various disease indications such as type I diabetes and type II diabetes, and they are distributed through diverse channels, including hospital pharmacies, retail pharmacies, and online pharmacies. The end-users encompass hospitals, ambulatory surgical centers, and other entities.
The insulin biosimilars market research report is one of a series of new reports from The Business Research Company that provides insulin biosimilars market statistics, including insulin biosimilars industry global market size, regional shares, competitors with an insulin biosimilars market share, detailed insulin biosimilars market segments, market trends and opportunities, and any further data you may need to thrive in the insulin biosimilars industry. This insulin biosimilar market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The insulin biosimilars market size has grown rapidly in recent years. It will grow from $2.64 billion in 2023 to $3.08 billion in 2024 at a compound annual growth rate (CAGR) of 16.3%. The expansion observed in the historical period can be ascribed to a heightened prevalence of diabetes, the escalation of healthcare costs, the widening accessibility to diabetes treatment, market competition, and price pressures, as well as regulatory support and streamlined approval pathways.
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 anticipated growth in the forecast period can be linked to the global burden of diabetes, the emergence of markets and expansion of access, policies favoring the adoption of biosimilars, patient preference for affordability, and increased collaborations and partnerships in the biopharmaceutical industry. Key trends expected in the forecast period encompass the diversification of insulin product portfolios, global market penetration, the integration of technology in insulin delivery, regulatory backing for biosimilars development, and the implementation of patient-centric approaches in product development.
The anticipated rise in the prevalence of diabetes is poised to drive the growth of the insulin biosimilars market in the future. Diabetes, a group of chronic metabolic disorders characterized by prolonged high blood sugar levels, has created a growing demand for insulin biosimilars as a crucial alternative for insulin therapy. For example, as of December 2021, the International Diabetes Federation (IDFT) projected an increase in the number of people with diabetes to 643 million by 2030 and 783 million by 2045. Additionally, there are currently over 1.2 million children and adolescents (aged 0-19 years) living with type 1 diabetes. This surge in diabetes prevalence serves as a driving force for the insulin biosimilars market.
The upward trajectory of healthcare expenditure is expected to fuel the growth of the insulin biosimilars market. Healthcare expenditure, representing the total spending on healthcare goods and services within a specific timeframe, is significantly influenced by insulin biosimilars, offering cost-effective alternatives and contributing to overall cost savings. For instance, according to the Centers for Medicare & Medicaid Services in September 2023, the projected average growth in National Health Expenditure (NHE) between 2022 and 2031 is expected to surpass the average GDP growth rate. This projected growth will result in an increased health spending share of Gross Domestic Product (GDP) from 18.3 percent in 2021 to 19.6 percent in 2031, thus driving the insulin biosimilars market.
Innovation in product development stands out as a prominent trend gaining traction in the insulin biosimilar market. Major market players are channeling their efforts into creating innovative products to solidify their market positions. For instance, in July 2021, Biocon Biologics, in collaboration with Viatris Inc., received approval from The U.S. Food and Drug Administration (FDA) for the first Interchangeable Biosimilar Semglee, a breakthrough product for the treatment of diabetes. This approval is significant as it covers both type 1 and type 2 diabetes in adults and pediatric patients aged 6 years and older, marking a crucial milestone for cost savings and improved access to affordable treatment options for diabetes sufferers.
Strategic partnerships have become a notable trend in major companies operating in the insulin biosimilar market, aiming to develop new products and fortify their market positions. Strategic partnerships involve companies leveraging each other's strengths and resources for mutual benefits and success. For instance, in September 2023, Meitheal Pharmaceuticals partnered with Tonghua Dongbao Pharmaceutical to commercialize three insulin biosimilars, including insulin lispro, insulin glargine, and insulin aspart. This collaboration enables Meitheal Pharmaceuticals to broaden its product portfolio and enhance its global reach.
In November 2022, Biocon Biologics acquired Viatris' global biosimilars business for an undisclosed amount, taking over the portfolio of approved and pipeline biosimilar products, as well as dedicated R&D and manufacturing facilities. This strategic acquisition marked a significant milestone for Biocon Biologics, further consolidating its position in the biosimilars market. Viatris, a US-based pharmaceutical company specializing in insulin biosimilars, was the acquired entity.
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.
North America was the largest region in the insulin biosimilars market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global insulin biosimilars market report during the forecast period. The regions covered in the insulin biosimilars market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the insulin biosimilars market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The insulin biosimilar market consists of sales of a variety of insulin types such as intermediate insulin, insulin glargine, and insulin analog. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.