Insulin biosimilars are generated to be therapeutically equivalent to insulin drugs available with minor differences in clinically inactive components. Insulin biosimilars help in treatment of diabetes by controlling blood sugar levels in a patient's body. They are more cost-effective alternatives to their branded counterparts. 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 rising prevalence of diabetes across the globe is a major driver for the insulin biosimilars market. As per the International Diabetes Federation, around 537 million adults were living with diabetes in 2021 worldwide and the number is expected to rise to 643 million by 2030 and 783 million by 2045. Higher availability and affordability of biosimilar insulin products compared to branded versions is encouraging more patients to opt for biosimilar treatment options. This is expected to propel the demand for insulin biosimilars during the forecast period.
Segment Analysis
The global insulin biosimilars market is dominated by the long-acting insulin sub-segment. This is because long-acting insulin helps reduce hypoglycemia risk and provides continuous glucose control throughout the day. It is preferred over short-acting and rapid-acting insulin owing to its longer duration of action without major side effects.
Key Takeaways
The global insulin biosimilars market is expected to witness high growth in the forecast period of 2023 to 2030 on account of increasing prevalence of diabetes, lack of access to branded analog insulin, and patent expiry of several branded insulin products.
The European region currently dominates the market and is expected to continue its dominance in the coming years. This is because of increasing focus on developing biosimilars by major players and rising geriatric population suffering from diabetes in countries like Germany, France and UK.
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., Momenta Pharmaceuticals, Inc., and Ypsomed AG. Eli Lilly and Company leads the market with its glargine and determir biosimilars approved and marketed in several European and Asian countries.
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