The Insulin biosimilars market comprises synthetic human insulin and animal insulin biosimilars used for the management of diabetes. Insulin biosimilars provide identical or near identical active ingredients as branded insulin medicines at much lower costs, offering affordable treatment options. The global Insulin Biosimilars Market is estimated to be valued at US$ 1,507.7 Mn in 2023 and is expected to exhibit a CAGR of 3.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rapidly aging global population is contributing significantly to the rising prevalence of diabetes. As per estimations, more than 463 million people suffered from diabetes worldwide in 2019, with the figure projected to rise to over 700 million by 2045. The geriatric population, aged 65 years or older, is more prone to develop type 2 diabetes due to gradual weakening of pancreas and reduced sensitivity to insulin. Further, rising healthcare expenditure in developing nations is making insulin biosimilars more accessible to diabetes patients. This is expected to drive the demand for biosimilar insulin as an affordable treatment option.
Given Market Name- Insulin Biosimilars Market; CAGR: 3.4%; Forecast period is: 2023 to 2030; Market Size for 2023 is US$ 1,507.7 Mn; Key players: Eli Lilly and Company, H. Boehringer Sohn AG & Ko. KG, Novo Nordisk A/S, Wockhardt Ltd., Momenta Pharmaceuticals, Inc., and Ypsomed AG
SWOT Analysis
Strength: Insulin biosimilars offer an affordable alternative to branded analog insulin, increasing accessibility for patients. Cost savings potential for healthcare systems is significant.
Weakness: Manufacturing process is complex requiring specialized infrastructure and know-how. Intra-patient variability in insulin absorption and effect can occur with biosimilars.
Opportunity: Large diabetic patient populations globally represent sizable addressable markets. Patent expiries of blockbuster insulin brands create opportunities for biosimilars entry and market share gains.
Threats: Regulatory hurdles for approval process can delay market entry. Manufacturing challenges and quality issues can impact brand perception and uptake if not addressed properly. Established brands enjoy strong patient and physician loyalty limiting rapid uptake of biosimilars.
Key Takeaways
The global insulin biosimilars market is expected to witness high growth over the forecast period of 2023 to 2030. Regional analysis indicates North America currently dominates due to favorable regulatory and reimbursement policies supporting adoption. However, Asia Pacific region is expected to emerge as the fastest growing market due to rising diabetes prevalence and growing healthcare investments.
Key players operating in the insulin biosimilars market are Eli Lilly and Company, H. Boehringer Sohn AG & Ko. KG, Novo Nordisk A/S, Wockhardt Ltd., and Momenta Pharmaceuticals, Inc. Eli Lilly and Boehringer Ingelheim’s Basaglar has captured a significant share of the glucagon-like peptide-1 receptor agonist market in the U.S. Novo Nordisk has a strong product portfolio and global commercial infrastructure to effectively market its insulin biosimilar products. Wockhardt and Momenta Pharmaceuticals are well positioned with biosimilar insulin programs under development focusing on emerging market opportunities in Asia and Latin America.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
