Insulin Biosimilars Market Report, Key Trends, Competitive Scenario, Current and Future Players 2032
Insulin Biosimilars Market Highlights
According to MRFR analysis, Insulin
Biosimilars Market size is expected to reach USD 1.68 billion by 2032
at a CAGR of 14.6% during the forecast period of 2023 to 2032.
The
USFDA approved new insulin glargine Basilar, for type 1 and type 2 diabetes
which is a biosimilar version of Sanofi’s basal insulin Lantus (insulin
glargine). Additionally, Lilly and Boehringer Ingelheim’s biosimilar insulin
glargine has got approval through the European Medicines Agency’s (EMA’s)
Biosimilar pathway. Such ongoing approvals by the respective authorities are
expected to drive the growth of the insulin biosimilars market. An analysis
conducted by the FDA revealed that the US marketed biosimilars typically
launched with 15% to 35% lower initial list prices than comparative list prices
of reference products. Additionally, even with only 1 generic on the market,
list prices can drop by 31% to 39%. The reduction in cost helps patients to
adhere to the treatment, thereby increasing the preference for biosimilar
products.
The
Insulin Biosimilars Market is a rapidly growing sector within the
pharmaceutical industry. It involves the development and commercialization of
biosimilar versions of insulin, a critical hormone for managing diabetes. These
biosimilars are designed to have similar efficacy and safety profiles to
existing insulin products, offering more affordable alternatives for patients.
With the increasing prevalence of diabetes worldwide, the demand for insulin is
surging, driving the need for cost-effective options. The market is highly
competitive, with various pharmaceutical companies striving to gain a share of
this expanding market. Regulatory approvals and advancements in biotechnology
are key factors influencing its growth.
Insulin Biosimilars Market Regional Analysis
The
market has been divided, by region, into the Americas, Europe, Asia-Pacific,
and the Middle East & Africa.
The
Americas are anticipated to hold the largest market share owing to the higher
number of diagnosed patients undergoing treatment, available healthcare
infrastructure, and the presence of prominent players in this region. The
insulin biosimilars market in the Americas has further been branched into North
America and Latin America, with the North American market divided into the US
and Canada.
The
European insulin biosimilars market has been categorized as Western Europe and
Eastern Europe. The Western European market has further been classified as
Germany, France, the UK, Italy, Spain, and the rest of Western Europe. The
insulin biosimilars market in Asia-Pacific has been segmented into Japan,
China, India, South Korea, Australia, and the rest of Asia-Pacific. Due to the
rising prevalence of diabetes and the expansion of healthcare facilities, the
market in Asia-Pacific is expected to be the fastest-growing. The insulin
biosimilars market in the Middle East & Africa has been divided into the
Middle East and Africa.
Insulin Biosimilars Market Players
The global
insulin biosimilars market players are Sanofi S.A., Boehringer Ingelheim, Eli
Lilly & Co., NOVO Nordisk A/S, Biocon, Merck & Co., Mylan N.V., Pfizer
Inc., Sandoz, Fresenius Kabi, and others.
Insulin Biosimilars Market Segmentation
The
global insulin biosimilars market overview has been segmented based on type and
indication.
The
market, based on type, has been divided into rapid-acting biosimilars,
long-acting biosimilars, and premixed biosimilars. The long-acting biosimilars
are likely to hold maximum market share in the global insulin biosimilars
market owing to its benefits in the treatment for diabetes. Pre-mixed insulins
are pre-formulated combinations of rapid-acting and long-acting insulin; they
provide an approximation of basal/bolus therapy with the advantage of fewer
total injections.
Based
on indication, the insulin biosimilars market has been bifurcated into type I
diabetes and type II diabetes. The type II diabetes segment is anticipated to
hold a larger share in the market due to many patients suffering from the
condition as compared to type I diabetes
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