The global market for insulin biosimilars is poised for significant expansion, with an estimated value of USD 2.6 billion in 2021 and a projected compound annual growth rate (CAGR) of 5.2%, according to a recent market analysis. The increasing prevalence of Type 1 diabetes and the high cost of current insulin medications are driving the demand for biosimilar versions. With diabetes emerging as one of the fastest-growing chronic illnesses globally, the World Health Organization estimates that 537 million adults will have diabetes in 2021, with a significant number developing additional forms of the disease. Government authorities are also prioritizing the approval of insulin biosimilars to address the financial burden associated with diabetes treatment.
Read More: https://www.fairfieldmarketresearch.com/report/insulin-biosimilars-market
The market is witnessing a surge in research and development (R&D) efforts by major pharmaceutical and healthcare companies to develop biosimilar versions of biologics. Long-term growth strategies are centered around R&D, as companies focus on mergers and acquisitions, partnerships, and collaborations to enhance customer retention and expand their product lines. For example, the strategic alliance between Biogen and Samsung Biologics resulted in the establishment of Samsung Bioepis, which has introduced multiple biosimilar versions of drugs in Europe.
The combination of the efficacy of biosimilar insulin in diabetes treatment and affordable prices is expected to create new growth opportunities worldwide. Many companies are also investing in the development of medical devices that facilitate the less painful self-administration of biosimilar insulin. In a groundbreaking development, Semglee, an insulin medication created by India's Biocon, received clearance from the United States in July 2021. Semglee is interchangeable with and biosimilar to Lantus, a long-acting insulin product that has already been approved in the US. This achievement is anticipated to drive the demand for insulin biosimilars globally.
The COVID-19 pandemic had a significant impact on the insulin biosimilars market, causing disruptions in the supply of medications due to measures implemented to curb the spread of the virus. Individuals with Type 1 diabetes are particularly vulnerable to COVID-19, as the disease can compromise their weakened immune systems. Moreover, hospitals reported a decline in insulin prescriptions during the pandemic. However, as the impact of COVID-19 subsides in several countries, the market is showing signs of recovery.
Key Market Drivers:
- Increased Diabetes Prevalence Worldwide: The rising rates of Type 1 diabetes, especially in emerging economies in Asia and North America, are driving the demand for insulin. Sedentary lifestyles and increased diabetes awareness contribute to the growing prevalence of the disease.
- Expired Biosimilars Patents and New Indications: The expiration of patents for several biologic medicines, including insulin, opens up opportunities for the development of biosimilar versions. Research is also being conducted to explore new indications for insulin biosimilars, such as cancer treatment.
Market Restraints:
- Complexity in Biosimilar Production: The production of biosimilars is a complex and expensive process that requires significant investments in clinical trials, quality control, and adherence to regulatory standards. Variability during the manufacturing process poses challenges to ensuring the safety and efficacy of biosimilars.
Segment Overview:
Long-Acting Biosimilars to Lead the Market: Long-acting insulin biosimilars, which offer prolonged release formulations, are expected to dominate the market. These biosimilars provide continuous blood sugar control without peaking, leading to improved glucose management and a better quality of life for individuals with Type 1 diabetes.
Type 1 Diabetics to Drive Market Growth: Type 1 diabetes is projected to witness the highest growth rate. The increasing number of type 1 diabetes diagnoses, particularly among children, is a major factor contributing to this segment's growth.
Regional Landscape:
North America Holds Major Market Share: North America currently leads the global insulin biosimilars market, driven by the dominance of branded products and the high prevalence of diabetes in the region. The United States, in particular, has witnessed numerous product approvals and is a favorable market for biosimilar manufacturers.
Asia Pacific Shows Significant Growth Potential: The Asia Pacific region is expected to experience substantial growth, supported by the growing geriatric population, increasing collaborations for biosimilar development, government involvement, and the presence of key market players. India, in particular, has a thriving biosimilars market due to the need for affordable medications and strong R&D capabilities.
Competitive Landscape:
Key players in the insulin biosimilars market include Eli Lilly and Company, H. Boehringer Sohn AG & Ko. KG, Novo Nordisk A/S, Wockhardt Ltd., Momenta Pharmaceuticals, Inc., and Ypsomed AG. Noteworthy collaborations include the partnership between the Juvenile Diabetes Research Foundation and Civica, aimed at driving affordability and accessibility of insulin for all Americans.
As the global demand for insulin biosimilars continues to grow, manufacturers are striving to address the complexity of production processes, gain regulatory approvals, and develop innovative solutions to improve patient experience and outcomes.
For further details, please visit www.fairfieldmarketresearch.com
Contact
Fairfield Market Research
London, UK
UK +44 (0)20 30025888
USA (Toll-free) +1 (844) 3829746
Email: [email protected]
